According to the latest report by IMARC Group, “Global Molybdenum Market Overview, Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global molybdenum market reached a volume of 5,400 Tons in 2021. Looking forward, IMARC Group expects the market to reach a volume of 6,429 Tons by 2027, exhibiting a CAGR of 2.80% during 2022-2027.
Molybdenum represents a silvery-white, highly ductile, and corrosion-resistant metal that offers excellent mechanical stability as well as strength at high temperatures. It is extensively used in rotating X-ray anodes that further find application in clinical diagnostics, glass melting furnace electrodes, sprayed coatings of automotive piston rings, machine components to reduce friction, etc. In line with this, molybdenum is widely utilized across various sectors, such as oil and gas, chemical, construction, aerospace, defense, etc., across countries.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Molybdenum Market Trends and Drivers:
The escalating product demand in the steel industry for increasing the hardenability, toughness, and tensile strength of steel is primarily driving the molybdenum market. In addition to this, the growing adoption of molybdenum in electronic devices, including TVs, computers, remote controls, etc., owing to its optimal expansion under high-temperature conditions, is further catalyzing the market growth across the globe.
Besides this, the rising product utilization to stabilize control surfaces for ailerons, elevators, and rudder sections of aircraft, helicopter rotor blades, cockpit equipment, etc., is acting as another significant growth-inducing factor. Apart from this, the inflating popularity of molybdenum as a catalyst in petroleum refineries to assist in refining petroleum products and removing sulfur from natural gas is anticipated to fuel the molybdenum market over the forecasted period.
Global Molybdenum Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABSCO Limited, American CuMo Mining Corporation, Centerra Gold Inc., China Molybdenum Co. Ltd., China Rare Metal Material Co. Ltd., Codelco, Freeport-McMoRan Inc., Grupo México, Jinduicheng Molybdenum Co. Ltd, KGHM Polska Mied? S.A., Molten Corporation and Moly Metal L.L.P.
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The report has segmented the market on the basis of region, product type, sales channel and end use.
Breakup by Product Type:
- Molybdenum Metal
- Nickel Alloy
Breakup by Sales Channel:
Breakup by End Use:
- Oil and Gas
- Heavy Machinery
- Aerospace and Defence
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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