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Top Factor Driving Molybdenum Market Growth in 2025: Rising Steel Production Fuels Molybdenum Market Growth
Molybdenum Global Market Report 2025
In the past few years, the molybdenum market has been experiencing consistent growth. Its size is set to increase from $4.87 billion in 2024 to $5.11 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.9%. This growth during the historical period can be linked to an increase in steel production, its use in a myriad of industrial operations, rapid urbanization, a surge in demand for military hardware, and more stringent environmental regulations which promotes the use of high-performance materials.
The molybdenum market is projected to experience consistent expansion in the coming years. By 2029, it is forecasted to reach $6.14 billion with a Compound Annual Growth Rate (CAGR) of 4.7%. The increase estimated during this forecasted period is credited to factors such as the escalation in construction and infrastructure programs, the rise in automotive manufacturing, greater recycling of products containing molybdenum, and the increasing use of molybdenum in medical apparatus. Furthermore, the capital invested in new or upgraded mining initiatives also contributes to this growth. Notable trends predicted for this period encompass advancements in mining and processing methods, an enhanced focus on sustainability and recycling, increased investment in research and innovation, emerging applications and shifts in regional demand patterns.
What Are the Primary Growth Drivers for the Molybdenum Market?
The expansion of the molybdenum market is anticipated to be stimulated by the growing production of steel. This rise in steel production is motivated by escalating demand in the global construction, automotive, and infrastructure development sectors. Molybdenum, which improves the strength, toughness, and corrosion resistance of steel, is particularly suitable for high-stress applications. It also enhances alloy steels' hardness and weldability. For example, in April 2024, the World Steel Association, a non-profit organisation based in Belgium, reported that Africa's steel production had grown to 1.9 million tons in March 2024, up 1.1% from 2023. Moreover, in 2024, the Middle East produced 4.8 million tons of steel, indicating a 4.0% increase on a year-on-year basis. Hence, the rising steel production serves as a key driver for the growth of the molybdenum market.
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Who Are the Dominant Companies Influencing Molybdenum Market Trends?
Major companies operating in the molybdenum market are BHP Group Limited, Rio Tinto Group, Anglo American plc, Freeport-McMoRan Inc., Teck Resources Limited, Codelco, Grupo México, CMOC Group Limited, Southern Copper Corporation, Sumitomo Metal Mining Co. Ltd., KGHM Polska Miedz S.A., Antofagasta PLC, China Daye Non-Ferrous Metals Mining Limited, Lundin Mining Corporation, Ivanhoe Mines Ltd., Hudbay Minerals Inc., Jinduicheng Molybdenum Co. Ltd., Zangezur Copper Molybdenum Combine CJSC, Centerra Gold Inc., Taseko Mines Limited, Copper Mountain Mining Corporation, Sierra Metals Inc., Imperial Metals Corporation, Amerigo Resources Ltd., Thompson Creek Metals Company Inc., Avanti Kitsault Mine Ltd., Erdene Resource Development Corp., General Moly Inc., Highland Copper Company Inc
How Is the Molybdenum Market Evolving?
Leading firms in the molybdenum market are turning to strategic collaborations as a strategy to increase their production potential and expand their market influence. Strategic collaborations involve companies utilizing each other's assets and strengths to gain shared benefits and accomplishment. For example, in August 2023, Univar Solutions Inc., a US-based chemical and ingredient supplier, established a partnership with Clim*ax Molybdenum Company, a Sweden-based mining equipment firm, to bolster their footprint in the Latin American molybdenum market, specifically for products like Molysulfide that are commonly used in greases and coatings. This alliance allows Univar Solutions to widen its assortment of products, providing clientele with a diverse array of molybdenum-derived solutions indispensable in sectors such as automotive and aerospace. It further guarantees more dependable access to vital materials for metalworking applications and lubricants.
What Are the Different Segmentations in the Molybdenum Market?
The molybdenummarket covered in this report is segmented -
1) By Product Type: Steel, Chemicals, Foundries, Mo-Metals, Nickel Alloy, Other Product Types
2) By Application: Full Alloy, Stainless-Steel, Cast Iron, Catalysis
3) By End-User Industry: Oil And Gas, Chemicals And Petrochemicals, Automotive, Mechanical Engineering, Industrial Usage, Power Generation, Aerospace And Defense, Electronics And Medical, Process Industry, Other End User Industries
Subsegments:
1) By Steel: Stainless Steel, Alloy Steel, Carbon Steel, Structural Steel, Other Steel Products
2) By Chemicals: Molybdenum Trioxide (MoO3), Ammonium Molybdate, Molybdenum Disulfide (MoS2), Molybdenum Oxybromide, Other Molybdenum Chemicals
3) By Foundries: Cast Iron, Non-Ferrous Castings, Investment Castings, Sand Castings, Die Castings
4) By Mo-Metals: Molybdenum Rods, Molybdenum Sheets, Molybdenum Plates, Molybdenum Tubes, Molybdenum Wire, Molybdenum Powders
5) By Nickel Alloy: Molybdenum-Rich Nickel Alloys, Inconel Alloys, Monel Alloys, Hastelloy Alloys, Nickel-Copper Alloys, Other Nickel-Based Alloys
6) By Other Product Types: Electronics and Electrical Applications, Aerospace Applications, Medical Applications, Catalysts, Miscellaneous Products
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Which Region Is at the Forefront of the Molybdenum Market?
Asia-Pacific was the largest region in the molybdenum market in 2024. The regions covered in the molybdenum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Molybdenum Global Market Report?
- Market Size Analysis: Analyze the Molybdenum Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Molybdenum Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Molybdenum Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Molybdenum Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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