Molybdenum Market to Reach 389.22 Million Tons by 2030 Driven by Steel Applications and Alloy Demand

Mordor Intelligence has published a new report on the "Molybdenum Market" offering a comprehensive analysis of trends, growth drivers, and future projection

Introduction

The Molybdenum Market size is estimated at 317 million tons in 2025 and is projected to reach 389.22 million tons by 2030, registering a CAGR of 4.19% during the forecast period (2025-2030). Molybdenum is essential in modern industrial processes due to its high melting point, tensile strength, and resistance to corrosion. It plays a critical role in alloying steel and producing superalloys used in demanding environments such as oil and gas pipelines, refineries, aerospace, and automotive manufacturing.

Its widespread use in strengthening stainless steel, coupled with robust demand from Asia-Pacific's manufacturing sector, continues to support market growth. Furthermore, industrial development and energy investments across emerging economies are expected to sustain consumption growth in the coming years.

Report Overview: https://www.mordorintelligence.com/industry-reports/molybdenum-market?utm_source=openpr

Key Trends

Strong Demand from the Steel Industry

Steel production remains the leading application segment for molybdenum, accounting for a significant share of global consumption. The addition of molybdenum enhances steel's strength, hardness, weldability, and resistance to corrosion. Its usage is critical in stainless steel grades for pipelines, chemical tanks, desalination plants, and construction equipment. Rising infrastructure spending and industrialisation, particularly in Asia-Pacific, will maintain this demand trajectory.

Expanding Applications in Chemical and Petrochemical Sectors

The chemical and petrochemical industries are major consumers of molybdenum, where it serves as a catalyst in hydrodesulfurisation processes to remove sulfur from crude oil. With refiners upgrading capacity and adopting stricter environmental regulations to produce cleaner fuels, molybdenum catalysts will see consistent demand.

Growth in Automotive and Aerospace Alloys

In the automotive sector, molybdenum enhances steel strength in structural components, drive shafts, and engine parts, supporting lightweighting and performance requirements. The aerospace sector relies on molybdenum-based superalloys for engine components and turbine parts due to their high-temperature stability and strength-to-weight ratio. As aircraft production and electric vehicle adoption expand, molybdenum usage in alloys will continue rising.

Mining Output Stability and Recycling Initiatives

Mining companies are optimising operations to stabilise supply amid fluctuating prices. Furthermore, recycling molybdenum from spent catalysts and allo is gaining importance, aligning with sustainability goals while ensuring supply security for end-user industries.

Asia-Pacific as the Leading Regional Market

Asia-Pacific dominates molybdenum consumption, led by China, Japan, South Korea, and India. Strong industrial manufacturing, construction activities, and investments in petrochemicals and energy projects underpin regional demand. The region's steel sector remains a key driver, and future growth is supported by urbanisation and infrastructure expansion initiatives.

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Market Segmentation

The molybdenum market is segmented based on end product, product form, end-use industry, and geography, reflecting its diverse industrial applications:

By End Product

Steel

Chemical

Foundry

Other End Products

Steel holds the dominant market share due to molybdenum's alloying properties enhancing performance under extreme conditions.

By Product Form

Molybdenum Concentrates

Roasted Molybdenum

Ferromolybdenum

Other Forms

Ferromolybdenum remains critical in alloy production, while roasted molybdenum and concentrates cater to chemical and catalyst applications.

By End-Use Industry

Oil & Gas

Chemical & Petrochemical

Automotive

Industrial

Building & Construction

Other Industries

Oil & gas leads demand due to pipeline and refinery component requirements, followed closely by chemical and automotive industries.

By Geography

Asia-Pacific

North America

Europe

Rest of the World

Asia-Pacific remains the largest regional market, driven by high steel production and industrial consumption.

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Key Players

The global molybdenum market is moderately consolidated, with major mining and refining companies operating globally to ensure stable supply to steel, chemical, and alloy manufacturers. Key players include:

Antofagasta plc
A Chile-based mining group with significant molybdenum production as a copper by-product, supplying global steel and chemical sectors.

China Molybdenum Co. Ltd.
One of the world's leading molybdenum producers, with mining and refining operations catering to domestic and export markets.

Codelco
Chile's state-owned mining company remains a major global supplier of molybdenum, produced as a by-product from its copper operations.

Freeport-McMoRan
With extensive mining operations in North and South America, Freeport-McMoRan is a key supplier to alloy and steel industries globally.

GRUPO MÉXICO
This diversified mining company produces molybdenum from its copper mining operations, focusing on efficient production and supply continuity.

These companies are investing in process optimization, sustainability initiatives, and capacity expansions to cater to growing demand from steel, energy, automotive, and chemical industries.

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Conclusion

The molybdenum market outlook remains robust, anchored by strong steel industry demand and expanding applications in chemical, automotive, and aerospace sectors. Asia-Pacific will continue to dominate consumption due to its large manufacturing base and infrastructure investments, while North America and Europe maintain steady demand driven by alloy and chemical processing industries.

As the market progresses, mining output stability, recycling initiatives, and efficient resource management will remain crucial to meeting industry needs. Companies with strategic production capabilities and sustainability-focused operations are well-positioned to support global molybdenum demand growth over the forecast period.

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