Molybdenum Market to Hit $11.1 Billion by 2031 | CAGR 4.0% Driven by Steel & Energy Demand

The global molybdenum market is projected to grow significantly, rising from USD 8.2 billion in 2022 to USD 11.1 billion by 2031, registering a steady CAGR of 4.0% during the forecast period. The surge in demand is largely driven by the metal's critical applications in the steel, energy, aerospace, and chemical industries.

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☛ Key Highlights from the Report

✔ Global market expected to reach USD 11.1 billion by 2031.

✔ Steel segment accounts for nearly 49% of global molybdenum demand.

✔ Asia-Pacific dominates regional consumption with over 40% market share.

✔ Renewable energy and aerospace sectors present new growth avenues.

✔ Leading players are investing in sustainability, technology, and diversification.

☛ Market Drivers and Opportunities

The growth of the molybdenum market is fueled by several key factors:

✦ Increased steel production, where molybdenum improves strength, hardness, and corrosion resistance.

✦ Expanding use in clean energy sectors, including catalysts in petroleum refining, solar cells, and hydrogen production.

✦ Rising demand from aerospace and defense industries due to its high-temperature strength and durability.

✦ Growth in infrastructure and construction, particularly in emerging economies.

◘ Opportunities lie in further integration of molybdenum in renewable technologies and advanced battery systems, as well as its role in producing next-generation alloys for high-performance applications.

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☛ Market Segmentation Overview

The molybdenum market is segmented based on end products, end-user industries, and regions:

➠ By End Products: The steel segment holds the largest share, accounting for nearly 49% of the total market. Molybdenum is widely used in stainless steel, engineering steels, and tool steels. Chemical applications, including lubricants and catalysts, are also significant contributors. Foundries and MO-metals serve niche but growing markets, while nickel alloys benefit from their use in marine and chemical environments.

➠ By End-User Industry: The oil & gas sector dominates the end-use industry share, driven by molybdenum's role in corrosion-resistant pipelines and drilling equipment. The automotive industry is adopting molybdenum-based steel for lighter and stronger components. Aerospace & defense, building & construction, and the chemical industry are notable segments experiencing robust demand growth.

➠ By Region: Asia-Pacific leads the global market, accounting for over 40% of total consumption, with China and India driving demand through large-scale steel manufacturing and infrastructure projects. North America follows with advanced applications in aerospace and defense. Europe shows steady growth fueled by the automotive sector. Latin America and the Middle East & Africa are emerging regions with strong future potential in construction and industrial sectors.

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☛ Key Players and Strategic Developments

Leading companies in the global molybdenum market are taking strategic steps to strengthen their position:

» Grupo México

Expanded mining capabilities to increase annual molybdenum output.

Focused on sustainable mining practices and community engagement.

» Codelco

Upgraded processing technologies to improve molybdenum recovery rates.

Signed new long-term supply contracts with major Asian buyers.

» Freeport-McMoRan

Diversified its production portfolio with value-added molybdenum products.

Enhanced efficiency through AI-driven mine planning and logistics.

» Teck Resources Limited

Launched new R&D initiatives to improve alloy-grade molybdenum.

Committed to reducing carbon emissions across all mining operations.

» Rio Tinto

Invested in expansion projects targeting high-purity molybdenum production.

Formed strategic partnerships with technology providers for digital mining.

◘ Additional major players include Antofagasta PLC, KGHM, Jiangxi Copper Corporation, Jinduicheng Molybdenum Co. Ltd., and China Molybdenum Co. Ltd., all contributing to the global supply chain through extensive production networks and international trade operations.

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☛ Conclusion: Challenges and Future Outlook

Despite strong growth projections, the molybdenum market faces challenges such as volatility in raw material prices, geopolitical risks affecting mining operations, and tightening environmental regulations. However, technological advancements in alloy design, catalytic applications, and sustainable mining offer promising avenues for innovation and growth.

As industries worldwide pivot toward cleaner energy and more durable materials, molybdenum's role as a critical alloying element and catalyst positions it for sustained demand and strategic importance in the coming decade.

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