The molybdenum market size is projected to be valued at USD 316.0 Billion in 2023 and is expected to rise to USD 500 Billion by 2033. The sales of molybdenum are expected to grow at a significant CAGR of 4.7% during the forecast period. Various factors propelling the demand for molybdenum are:
Key factors driving the market include increasing demand for molybdenum in the steel industry to improve the hardenability, toughness, and tensile strength of steel. Besides, due to its expansion under high-temperature conditions, molybdenum is increasingly being used in electronic devices.
Increasing the use of molybdenum as a catalyst in petroleum refining to help refine hydrocarbons and remove Sulphur from natural gas is driving the market growth.
Molybdenum is being used more frequently in the aerospace sector to lessen vibration and enhance pilot and passenger comfort. Additionally, it is utilized to stabilize the control surfaces of the cockpit, helicopter rotor blades, and the ailerons, elevators, and rudder parts of the aircraft.
The growing use of molybdenum in the production of high-quality warheads, nozzles, and shaped charge liners in the defense sector is having a significant impact on the market.
In order to increase their customer base, major market participants are also launching new primary and byproduct operations. Additionally, these firms are emphasizing capacity expansions and mergers and acquisitions (M&A), which are expected to increase their overall sales and profitability.
| Attributes | Details |
|---|---|
| Molybdenum Market CAGR (2023 to 2033) | 4.7% |
| Molybdenum Market Valuation (2023) | USD 316 Billion |
| Molybdenum Market Valuation (2033) | USD 500 Billion |
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Molybdenum in Industrialization Continues to Offer Opportunities
Molybdenum prices are expected to be supported by the supply of molybdenum from China, Chile, and the USA. In addition, the continued development and adoption of better-performing, easy-to-use, and environmentally friendly products will also increase demand. Analysts are optimistic that the overall performance of the metal will improve over the coming years as a result of strong demand for renewable energy technologies and an improving steel market.
The long-term outlook on the demand for molybdenum remains positive, with the market in terms of volume expected to increase at a CAGR of 4.7% during the forecast period (2023 to 2033).
Molybdenum is used in various sectors such as in the industrial, aerospace, consumer, medical, energy, agricultural, and transportation sectors. Molybdenum is a silvery-white hard metal and possesses the sixth highest melting point of any metal, and is commonly used in creating high-strength alloys and super alloys. When molybdenum is added to steel and cast iron, it brings many desirable properties to them, such as improved hardness, strength, and weldability.
It also elevates the temperature strength of steel and makes it corrosion-resistant. When molybdenum is added to nickel-based alloys, it brings high-temperature deformation and gives a high resistance to corrosion.
As the demand for molybdenum bearings in the steel and chemicals sector is high, the prices of molybdenum are increasing, which is likely to benefit the market. As the energy sector in North America is expanding, the demand for molybdenum is expected to increase further and put this element in a strong position. Moreover, an acceleration in industrial activities and an expansion in infrastructure growth in countries such as China is likely to generate more demand for steel, and this is likely to give a boost to the molybdenum market. However, the drop in demand from the Chinese oil and gas sector has led to a fall in exploration and production activities where molybdenum steel bearings are widely used, which is likely to affect the molybdenum market in an adverse manner.
Molybdenum is also used in the field of chemicals. For instance, it is used in the production of refined petroleum products and as a catalyst. Molybdenum helps to remove sulfur from natural gas.
This process is known as hydrodesulfurization, in which heat and pressure are applied along with catalysts such as cobalt, alumina, and molybdenum. In some of the instances in this process, in order to treat difficult feedstock, molybdenum, and nickel are used in place of cobalt.
Such low-sulfur-containing fuels are clean and produce fewer emissions. Few countries have mandated the use of ultra-low sulfur diesel fuel in road vehicles. Molybdenum is also used as a catalyst in the production of polymers and plastics.
Molybdenum is used as a lubricant in bullets, bicycle coaster brakes, two-stroke engines, and many more. Molybdenum, when mixed with sulfur, gives molybdenum disulfide, which is used for lubrication purposes and used as greases for roller and ball bearings in industries such as transportation, manufacturing, mining, etc.
Molybdenum disulfide is geothermal in origin and hence can withstand pressure and heat. It also protects engines against wear and tear, corrosion, and oxidation.
Other application of Molybdenum includes pigments and fertilizers. Production of paints and dyes also uses Molybdenum as a raw material. For instance, zinc molybdate is used as a paint primer to protect the paint against corrosion and in order to stabilize the color. Lead chromate, lead, lead, lead sulfate, and molybdate are used to make Molybdenum oranges. This chemical combination produces paint that does not fade in light and weather over time.
The ores that can be extracted from scarce minerals such as antimony, molybdenum, and zinc may get exhausted within several decades to a century if they are extracted at the same rate. Hence, if the conservation of such scarce minerals is left to market forces, it is not certain that such scarce minerals will be timely and sufficiently conserved for future generations.
Hence, it is recommended by several scholars to prepare international policy measures so that the price of such scarce mineral resources is increased in order to ensure that substation and recycling processes start and such scarce minerals can be conserved.
Governments in developing economies, such as Japan, South Korea, and China, are investing heavily in the construction of roads, trains, power plants, and water systems, raising demand for energy production. Furthermore, the rising demand for steel alloys in the region as a result of urbanization and the expansion of residential and commercial construction is expected to support molybdenum market growth. Furthermore, stainless steel's sustainability allows for its use in the development of green cities and buildings, which is expected to fuel market growth.
| China Market Size (USD million/Billion) by End of Forecast Period (2033) | USD 35.9 Billion |
|---|---|
| China Market Absolute Dollar Growth (USD million/Billion) | USD 11.9 Billion |
| CAGR % 2017 to 2022 | 7.7% |
| CAGR % 2023 to End of Forecast (2033) | 4.1% |
In terms of revenue, global molybdenum exports totaled USD 316 Billion in 2023, with China accounting for 24% of total exports, followed by Japan at 9.9%. Aside from being the metal's largest exporter, China is also the world's largest consumer, with over 91 million Kg consumed in 2017. Molybdenum was the most commonly used element in engineering steels, accounting for more than 40% of the total, while nickel alloys accounted for the least.
| Japan Market Size (USD million/Billion) by End of Forecast Period (2033) | USD 29.3 Billion |
|---|---|
| Japan Market Absolute Dollar Growth (USD million/Billion) | USD 8.0 Billion |
| CAGR % 2017 to 2022 | 14.2% |
| CAGR % 2023 to End of Forecast (2033) | 12.5% |
The robust growth of the aviation industry in the USA is increasing demand for superior aircraft with high-performance and efficient turbine engines. The use of molybdenum to withstand high thermal and mechanical stress, reduce vibration, and improve passenger and pilot comfort is accelerating industry growth. Furthermore, molybdenum is used in solid rocket motors that use various specialty compounds to improve thrust and increase propulsion through vanes and nozzles, which aids market growth. Molybdenum is used to support jet engines and landing systems due to its outstanding thermomechanical and chemical properties and ability to withstand harsh weather, further catalyzing market growth.
| United States Market Size (USD million/Billion) by End of Forecast Period (2033) | USD 177.1 Billion |
|---|---|
| United States Market Absolute Dollar Growth (USD million/Billion) | USD 63.0 Billion |
| CAGR % 2017 to 2022 | 8.1% |
| CAGR % 2023 to End of Forecast (2033) | 4.5% |
Europe is the world's significant consumer of molybdenum, with an average consumption of 63,500 tonnes, accounting for 25% of global molybdenum production.
It is believed that because the United Kingdom has good trade relations with molybdenum-producing countries, a strong industrial base, and because molybdenum is relatively cheap and abundant, the demand and supply balance of molybdenum should not be a major concern for Europe in the assessment term.
| United Kingdom Market Size (USD million/Billion) by End of Forecast Period (2033) | USD 21.0 Billion |
|---|---|
| United Kingdom Market Absolute Dollar Growth (USD million/Billion) | USD 6.5 Billion |
| CAGR % 2017 to 2022 | 7.1% |
| CAGR % 2023 to End of Forecast (2033) | 3.8% |
Stainless steel is the front runner in the application segment growing at a significant rate of 4.2% due to its various beneficial characteristics combined with surging high demand in various end-user industries.
Molybdenum is used in various steel applications, including stainless steel, engineering steel, and tool steel, propelling the market growth. Since molybdenum has a very strong melting point, it is used to make moly steel alloys, which are used in various engines, thereby assisting industry growth. Furthermore, it is used in conjunction with cast iron to reduce carbon emissions and produce cylinder heads, motors, and exhaust manifolds, providing additional impetus to market growth.
| Top Application | Stainless Steel |
|---|---|
| CAGR % 2017 to 2022 | 8.0% |
| CAGR % 2023 to End of Forecast (2033) | 4.2% |
Recycling petrochemical by-products is critical for environmental protection and resource sustainability. Molybdenum is widely used in the chemical and petrochemical industries as a catalyst. Molybdenum catalysts are most commonly used in the hydrodesulfurization (HDS) of petroleum, petrochemicals, and coal-derived liquids. As a result of these encouraging results, petrochemical by-products can be effectively used as frothers in mineral processing plants, and interestingly, Jinduicheng Molybdenum Industry Co., Ltd, China, has begun to use it in industrial production by replacing terpineol.
| Top End Use industry | Chemicals and Petrochemicals |
|---|---|
| CAGR % 2017 to 2022 | 7.5% |
| CAGR % 2023 to End of Forecast (2033) | 4.0% |
Manufacturers are concentrating on the production and supply of molybdenum for the consumer base in order to maintain market share. Key players are increasing their market penetration by expanding their global presence. In order to penetrate and sustain in a price-sensitive market, new entrants must thoroughly research the Molybdenum market.
Many industries, including oil and gas, infrastructure, energy production, and automotive, focus on Steel Moly alloy products for consumers, sustaining market growth and creating new opportunities for new entrants.
Cadila Healthcare's (Zydus Cadila's) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL) sold its molybdenum business for nearly INR 3,000 crore to a consortium led by Multiples Alternate Asset Management in May 2021.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Countries Covered | United States of America, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | End-user, Application, Region |
| Key Companies Profiled | BHP Billiton Group; Jinduicheng Molybdenum Co.; American CuMo Mining; Thompson Creek metals; Moly Metal LLP; ENF Ltd.; Compania Minera Dona Ines De Collahuasi S.C.M.; Freeport McMoran |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The molybdenum market is predicted to grow at 4.3% CAGR through 2023 to 2033.
Rapid development in the industry to create positive growth.
The molybdenum market is expected to surpass USD 500 Billion by 2033.
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Molybdenum Market
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