Press release
Molybdenum Market Poised for Steady Growth: Global Industry Analysis
Molybdenum Market
The global molybdenum market is projected to experience consistent growth, driven by its extensive applications across various industries and significant regional developments.
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Market Overview
The molybdenum market is anticipated to reach approximately USD 338.72 billion by 2030, up from USD 294.88 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 2% during the forecast period. This growth is attributed to molybdenum's properties, such as high strength, corrosion resistance, and a low coefficient of thermal expansion, making it indispensable in sectors like steel manufacturing, oil and gas, and chemicals.
Competitive Landscape
The molybdenum market is characterized by strategic mergers and acquisitions, enhancing the positions of key players. Notably, CMOC Group Limited has expanded its global footprint through significant acquisitions, including assets in Brazil, China, and the Democratic Republic of Congo.
Regional Insights
United States: Molybdenum Market Growth and Trends
In the United States, molybdenum production increased by 25% in 2023, reaching 44,600 tonnes with an estimated value of USD 800 million. This surge is driven by rising energy demands and the metal's extensive use in steel and specialty chemical applications.
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Asia Pacific: Molybdenum Market Opportunities and Consolidation
The Asia Pacific region presents substantial growth opportunities for the molybdenum market, primarily due to increasing industrialization and infrastructure development. China's dominance in molybdenum production, accounting for 40% of global supplies, has led to strategic export controls on specific molybdenum powders used in missile parts production, impacting global supply chains.
Europe: Molybdenum Market Trends and Updation
Europe's molybdenum market is influenced by advancements in medical technology. A recent shutdown of a nuclear reactor in the Netherlands, one of the major producers of molybdenum-99 (a crucial isotope for medical imaging), led to significant shortages and highlighted the need for stable molybdenum supplies in the healthcare sector.
Middle East and Africa: Molybdenum Market Opportunities and Consolidation
The Middle East and Africa region is witnessing increased interest in molybdenum due to its applications in oil and gas industries. CMOC Group Limited's acquisition of an 80% stake in the Tenke Fungurume Mine in the Democratic Republic of Congo underscores the region's potential in contributing to global molybdenum supplies.
Recent Developments
Lundin Mining's Strategic Acquisitions: In March 2023, Lundin Mining acquired a 51% interest in the Caserones copper-molybdenum mine from JX Nippon Mining & Metals for $950 million, later increasing its ownership to 70% for an additional $350 million.
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