Press release
Molybdenum Market Size Forecasted To Achieve $6.13 Billion By 2029 With Steady Growth
Molybdenum Market
What Is the Molybdenum Market Size and Projected Growth Rate?
The molybdenum market size will grow from $4.87 billion in 2024 to $5.11 billion in 2025, at a CAGR of 4.9%. Growth is driven by rising steel production, demand for high-performance materials, urbanization, demand for military equipment, and stricter environmental regulations.
The molybdenum market is expected to reach $6.14 billion by 2029, at a CAGR of 4.7%. Growth is attributed to increased construction and infrastructure projects, automotive production growth, molybdenum recycling, adoption in medical equipment, and investments in mining projects. Trends include mining and processing innovations, sustainability emphasis, increased R&D investment,
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What Are the Major Segments 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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What Are The Driving Molybdenum Market Evolution?
The rising steel production is expected to fuel the growth of the molybdenum market. The increased demand for steel, primarily driven by the construction, automotive, and infrastructure sectors, is boosting the need for molybdenum, which enhances steel's strength, toughness, and corrosion resistance. Molybdenum also improves alloy steels' hardenability and weldability. For instance, Africa's steel production increased by 1.1% to 1.9 million tons in March 2024, and the Middle East saw a 4.0% increase to 4.8 million tons in 2024. As a result, the growing steel production is driving the molybdenum market.
Which Firms Dominate The Molybdenum Market Segments?
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
What Molybdenum Market Trends Are Gaining Traction Across Different Segments?
Companies in the molybdenum market are forming strategic partnerships to enhance production and expand market reach. Univar Solutions, in August 2023, partnered with climax* Molybdenum to enhance their presence in Latin America and offer molybdenum-based solutions for industries such as automotive and aerospace.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Molybdenum Market?
2. What is the CAGR expected in the Molybdenum Market?
3. What Are the Key Innovations Transforming the Molybdenum Industry?
4. Which Region Is Leading the Molybdenum Market?
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