Press release
Rising Steel Production Fuels Molybdenum Market Growth Driver: A Crucial Influence on the Molybdenum Market's Transformation in 2025
Molybdenum Market Share
Expected growth in the molybdenum market is largely due to expanding steel production. Several factors are driving the surge in steel production, including a rising demand in areas such as construction, automotive sectors, and infrastructure projects worldwide. Molybdenum's properties of enhancing strength, toughness, and corrosion resistance of steel make it indispensable in high-stress applications. It also sharpens the hardenability and weldability of alloy steels. For instance, Africa recorded a 1.9 million tons steel production in March 2024, signifying a 1.1% increase from 2023 as per data from the Belgium-based World Steel Association. Similarly, a 4.0% rise in steel production was witnessed in the Middle East in 2024, reaching 4.8 million tons, compared to 2023 levels. Hence, it is evident that rising steel production significantly contributes to the growth of the molybdenum market.
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How will the growth rate of the molybdenum market shape industry trends by 2034?
In the past few years, the molybdenum market's size has been demonstrating consistent growth. It is projected to reach $5.11 billion in 2025 from the $4.87 billion recorded in 2024, marking a compound annual growth rate (CAGR) of 4.9%. The market expansion during the historic period can be credited to factors such as a rise in steel production, its usage in diverse industrial applications, soaring urbanization, an upswing in demand for military equipment, and stricter environmental regulations prompting the need for materials of high performance.
In the forthcoming years, the molybdenum market is anticipated to experience consistent growth, anticipated to reach $6.14 billion in 2029, with a compound annual growth rate (CAGR) of 4.7%. The predicted growth within this time frame emanates from factors such as the increase in construction and infrastructure projects, expansion in automotive production, elevated recycling rates of molybdenum-based products, increased utilization in medical equipment, and substantial investments in new or pre-existing mining projects. Innovations in mining and processing technologies, a heightened focus on sustainability and recycling, a heightened investment in R&D, emerging applications, and alterations in regional demand patterns are all significant trends projected to occur in the forecasted period.
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What are the most significant trends transforming the molybdenum market today?
Significant corporations engaged in the molybdenum market are utilizing the method of strategic partnerships to bolster their production capacity and broaden their market coverage. The notion of strategic partnerships involves companies mutually leveraging each other's advantages and assets for shared benefits and accomplishments. For example, Univar Solutions Inc., a chemical and ingredient provider from the US, formed a partnership in August 2023 with Clima*x Molybdenum Company, a mining equipment firm based in Sweden, aiming to strengthen their foothold in the Latin American molybdenum product market, especially for Molysulfide used in greases and coatings. This alliance allows Univar Solutions to extend its product range, delivering customers a more diverse array of molybdenum-based solutions which are vital in industries such as automotive and aerospace. It also guarantees more dependable access to crucial materials for lubricants and metalworking applications.
Which primary segments of the molybdenum market are driving growth and industry transformations?
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 geographical regions are pioneering growth in 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.
Who are the influential players reshaping the molybdenum market landscape?
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
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What Is Covered In The Molybdenum Global Market Report?
•Market Size Forecast: Examine the molybdenum market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the molybdenum market for a structured understanding.
•Key Players Overview: Analyze major players in the molybdenum market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the molybdenum market.
•Segment Contributions: Evaluate how different segments drive overall growth in the molybdenum market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the molybdenum market.
•Industry Challenges: Identify potential risks and obstacles affecting the molybdenum market.
•Competitive Landscape: Review strategic developments in the molybdenum market, including expansions, agreements, and new product launches.
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