Press release
Global Molybdenum Market Projected to Grow at 4.6% CAGR, Reaching $6.13 Billion by 2029
Molybdenum Market
What Is the Expected CAGR for the Molybdenum Market Through 2025?
In recent times, there has been consistent growth in the size of the molybdenum market. The market is projected to expand from a figure of $4.87 billion in 2024 to $5.11 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.9%. This growth during the historical period can be linked to a rise in steel production, its use in a plethora of industrial processes, swelling urbanization, soaring demand for military hardware, and stricter environmental rules leading to an increased requirement for high-performance materials.
What's the Projected Size of the Global Molybdenum Market by 2029?
Anticipations reveal that the molybdenum market is set to experience consistent expansion in the upcoming years, reaching $6.14 billion by 2029 at a 4.7% CAGR. The projected growth within this period is linked to an increase in construction and infrastructure development, the expansion of the automotive industry, an uptick in molybdenum recycling, rising utilization of molybdenum in medical equipment, and capital funding in new and ongoing mining ventures. The foreseeable significant trends include enhancements in mining and processing methodologies, a heightened focus on sustainability and recycling, more emphasis on research and development, the surfacing of new applications and shifts in regional demand dynamics.
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Top Growth Drivers in the Molybdenum Industry: What's Accelerating the Market?
The growth of the molybdenum market is anticipated to be driven by the escalating production of steel. This surge in steel production is fueled by the escalating demand from construction, automotive, and infrastructure projects worldwide. The utilization of molybdenum improves the durability, resilience, and ability to resist corrosion of steel, thus making it perfect for applications under high-stress. Additionally, it accentuates the hardenability and weldability in alloy steels. For instance, as reported by the World Steel Association, a non-profit organization based in Belgium, the steel production in Africa achieved a total of 1.9 million tons in March 2024, showing an increase of 1.1% compared to 2023. Furthermore, the Middle East recorded the production of 4.8 million tons of steel in 2024, indicating a 4.0% growth in comparison to the previous year. Consequently, the increasing production of steel is propelling the molybdenum market.
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What Trends Will Shape the Molybdenum Market Through 2029 and Beyond?
Key firms in the molybdenum industry are forming strategic alliances in an effort to amplify their production capabilities and broaden their market influence. Such alliances typically involve companies utilizing each other's unique strengths and available resources to realize mutual advantages and victories. For instance, Univar Solutions Inc., a chemical and ingredients provider based in the US, formed a collaboration with Clima*x Molybdenum Company, a Swedish mining equipment business, in August 2023. This was aimed at expanding their footprint in the Latin American molybdenum product market, including items like Molysulfide used in greases and coatings. The collaboration has allowed Univar Solutions to diversify its product portfolio and offer clients a more expansive suite of molybdenum-centric solutions, pivotal in sectors like automotive and aerospace. Furthermore, it guarantees more consistent access to vital materials vital for lubricants and metalworking applications.
What Are the Main 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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Which Top Companies are Driving Growth in the Molybdenum Market?
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
Which Regions Will Dominate the Molybdenum Market Through 2029?
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.
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