Global Molybdenum Market – Segmented by Type, Product Type, and Geography (2019 to 2024)market covers in-depth analysis of the market on the basis of product, end-user industry, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2019-2024. The report has segmented the global molybdenum market by product (molybdenum concentrate, molybdenum oxide, molybdenum powder, molybdenum plates, and others), end-user industry (Steel, oil and gas, chemical, automotive, energy and power, building and construction, aerospace and defense, and others), and by geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). Molybdenum is a valuable alloying agent as it contributes to the hardening and toughness of quenched and tempered steels. It improves the strength of the steel at high temperature. Growing demand for steel in various industries is driving the demand for molybdenum. Rapid urbanization in emerging economies is leading to increased infrastructure development that is augmenting the demand for steel. This is creating a positive environment for the molybdenum market to flourish in the upcoming years. Thus, the market is expected to grow at a good rate over the forecast period owing to burgeoning steel industries in countries such as China, Japan, Europe, etc.
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Molybdenum Oxide holds a significant share in the market
Molybdenum oxide holds a significant share in the market as it is widely used for glass, optic, and ceramic applications. The market is expected to grow at a steady pace owing to its increasing usage in modern displays such as OLED (Organic Light Emitting Diodes).
Steel industry holds a major share in the market
Steel industry holds a major share in the market as molybdenum is widely used to produce steel alloys and stainless steels for various industries such as chemical processing, power generation, building and construction etc.
The Asia Pacific holds a significant share and is expected to grow at a good rate over the forecast period.
The Asia pacific molybdenum market holds a significant share owing to widespread demand for steel in industries on account of growing industrialization and urbanization in the region. Growing Chinese steel industry is driving the demand for molybdenum in the country. The demand for steel in China has increased at a rate of approximately 18% during the period 2000-2017.
Some of the major players discussed in the reports are CODELCO, KGHM, China Molybdenum Co., Ltd., Centerrra Gold Inc., Climax Molybdenum, Rio Tinto, Collahuasi, Jinduicheng molybdenum group co., ltd., Jinzhou new hualong molybdenum industry Co., Ltd., and Antamina.
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