Global Molybdenum Market - Industry Trends and Forecast to 2031

Global Molybdenum Market, By Product Type (Steel, Chemicals, Foundries, Mo-Metals, Nickel Alloy, and Others), Application (Full Alloy, Stainless-Steel, Cast Iron, and Catalysis), End-Use (Steel, Oil and Gas, Chemical, Automotive, Energy and Power, Medical, Aerospace, and Transportation) - Industry Trends and Forecast to 2023 to 2031.

Molybdenum Market Analysis and Size

In chemical processing, molybdenum plays a vital role as a catalyst in various reactions crucial for refining and synthesizing chemicals. Molybdenum catalysts are particularly valued for their ability to facilitate specific chemical transformations with high efficiency and selectivity. They are utilized in processes such as petroleum refining, where they help convert crude oil into valuable products such as gasoline, diesel, and petrochemicals. Molybdenum catalysts are employed in the production of polymers, fertilizers, and specialty chemicals, enabling the manufacture of a wide range of industrial and consumer products.

The global molybdenum market size was valued at USD 4.92 Billion in 2023 and is projected to reach USD 5.99 Billion by 2031, with a CAGR of 2.50% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Molybdenum is a metallic element with the chemical symbol Mo and atomic number 42. It is commonly found in various minerals and is known for its high melting point, strength, and resistance to corrosion. Molybdenum is widely used as an alloying agent in steel production, enhancing its strength and toughness. It also finds applications in electronics, catalysts, and lubricants, among other industries.

Molybdenum Market Dynamics

Drivers

• Growing Infrastructure Development

Molybdenum alloys impart desirable properties such as increased strength, corrosion resistance, and durability to structural components such as bridges, buildings, and transportation infrastructure. The demand for molybdenum-containing materials remains robust, as countries invest in expanding and modernizing their infrastructure to accommodate population growth and economic development. Infrastructure projects often require materials capable of withstanding harsh environmental conditions, further driving the need for molybdenum. This sustained demand makes infrastructure development a key factor influencing the growth of the molybdenum market globally.

• Increasing Environmental Regulations

Governments implement stricter environmental standards to combat air and water pollution, and industries are compelled to adopt technologies that minimize environmental impact, thus boosting the demand for molybdenum-based catalysts. In addition, molybdenum's use in catalytic converters for gasoline and diesel engines helps reduce harmful emissions, aligning with stringent emission regulations. The molybdenum market benefits from these regulatory-driven shifts toward sustainable and environmentally friendly industrial practices.

Opportunities

• Growing Advancements in Technology

In electronics manufacturing, molybdenum is essential for producing high-performance semiconductor devices and integrated circuits. As technological innovations continue to push the boundaries of miniaturization and efficiency, the demand for molybdenum as a thin film material for wiring, electrodes, and contact layers grows correspondingly. Molybdenum's exceptional electrical conductivity and thermal stability make it indispensable in the rapidly evolving field of electronics. As consumer electronics, telecommunications, and emerging technologies such as 5G and the Internet of Things (IoT) continue to expand, the demand for molybdenum in technological applications remains robust, driving growth in the market.  

• Expansion of the Aerospace Industry

Molybdenum's high strength, resistance to corrosion, and ability to withstand extreme temperatures make it indispensable for producing critical components in aircraft and spacecraft. These include engine parts, structural components, and heat shields. Growth of aerospace industry is driven by increased air travel demand, space exploration missions, and military aviation requirements, the demand for molybdenum-enhanced alloys escalates. This sustained demand fuels innovations in molybdenum-based materials, further solidifying its position as a key material in aerospace manufacturing and contributing to the growth of the molybdenum market.

Restraints/Challenges

• Fluctuations in Molybdenum Prices

Molybdenum price fluctuations are influenced by various factors, including changes in global economic conditions, supply-demand dynamics, and geopolitical tensions. High price volatility can deter investment in molybdenum projects and lead to uncertainty in sourcing and pricing for end-users, thereby hindering market growth. Price spikes may prompt users to seek alternatives or adjust production processes to minimize reliance on molybdenum, further dampening demand stability in the market.

• High Availability of Molybdenum Alternatives

Materials such as vanadium, tungsten, and chromium can often substitute molybdenum in steel alloys, offering similar benefits in terms of strength and corrosion resistance. Additionally, advancements in composite materials and ceramics provide high-performance alternatives in sectors such asaerospace and electronics. The potential for cost savings and tailored properties with these alternatives can reduce demand for molybdenum.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In June 2022, Kennecott Exploration (KEX), a subsidiary of Rio Tinto, collaborated with Alderan Resources to drill for copper and molybdenum at the Copper Gulch prospect within the Frisco copper project in Utah. KEX invested USD 30 million in the project and secured a 10-year exploration right, which grants them 70% ownership of the Frisco project. This investment highlights the strategic importance of exploring and developing new sources of copper and molybdenum

Molybdenum Market Scope

The market is segmented on the basis of product type, end-use, and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.

Product Type

• Steel
• Chemicals
• Foundries
• Mo-Metals
• Nickel Alloy
• Others

Application

• Full Alloy
• Stainless-Steel
• Cast Iron
• Catalysis

End-Use

• Steel
• Oil and Gas
• Chemical
• Automotive
• Energy and Power
• Medical
• Aerospace
• Transportation

Molybdenum Market Analysis/Insights

The market is analyzed and market size, volume information is provided by product type, end-use, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa.

Asia-Pacific dominates the market due to a growing adoption of molybdenum and its alloys in electrical and electronic devices, driven by technological advancements and increasing demand for high-performance materials. Government initiatives in the region prioritize the development of green and efficient industrial capacities, which often rely on molybdenum for its role in producing specialty steel. This combination of technological demand and governmental support positions Asia-Pacific as a key player in the global molybdenum market.

North America is expected to see significant growth in the market due to increasing demand from key sectors such as oil and gas, as well as aerospace and defense industries. Molybdenum is a critical component in high-strength steel alloys, which are extensively used in drilling equipment and pipelines for the oil and gas sector. Additionally, molybdenum's exceptional heat resistance and strength make it indispensable in aerospace and defense applications, further driving demand in the region. This sustained demand is expected to fuel growth in North America's molybdenum market throughout the forecast period.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Molybdenum Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are

• Freeport-McMoRan (U.S.)
• China Molybdenum Co., Ltd. (China)
• BHP (U.K.)
• Compania Minera Dona Ines De Collahuasi S.C.M. (Chile)
• Antamina (Peru)
• Centerra Gold Inc (Canada)
• Antofagasta plc (U.K.)
• American CuMo Mining (U.S.)
• Grupo México, S.A.B. de C.V. (Mexico)
• Shaanxi Non-ferrous Metals Holding Group Co., Ltd. (China)
• Moly Metal L.L.P (Luxembourg)
• ENF Ltd. (U.K.)
• Jinduicheng Molybdenum Co., Ltd. (China)
• CODELCO (Chile)
• Southern Copper Corporation (U.S.)