The new report by Expert Market Research titled, ‘Global Molybdenum Market Size, Trends, Growth, Price, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global molybdenum market, assessing the market based on its segments like product types, end-uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4%
The market for molybdenum is being aided by its increasing end-uses in various major industries including automotive, oil and gas, construction, and chemical, among others. The rapidly growing oil and gas industry uses molybdenum as a lubricating agent during extraction which is augmenting the market growth. The use of molybdenum disulphide to lubricate two strokes engines, bicycle coaster brakes, ski waxes, and bullets, among others, and to protect the engine from wear and tear is invigorating the industry growth. Furthermore, the rising demand for stainless steel owing to its sustainable properties in various industries is also providing impetus to the molybdenum industry.
Industry Definition and Major Segments
Molybdenum is a transition metal that is recovered as a by-product of tungsten and copper mining and is highly ductile and has excellent thermochemical and physical properties. It has a high melting point and can withstand harsh weather conditions and is extensively used in various industries.
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Based on the product type, the market is classified into:
- Nickel Alloy
On the basis of end-use, the industry can be divided into:
- Oil and Gas
- Chemical and Petrochemical
- Industrial Usage
- Building and Construction
- Aerospace and Defence
The major regions in the industry are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The market for molybdenum is driven by its increasing use in the flourishing aerospace and defence industry. As molybdenum can withstand high thermal and mechanical stress and function in harsh weather conditions, it is increasingly preferred to support jet engines and landing systems which is expected to fuel the market growth. Moreover, it is also used in the construction and infrastructure industry which is witnessing robust growth around the world, especially in emerging economies like India and China. The increasing governments’ investments in the construction of transportation means owing to the mass urbanisation is increasing the demand for alloys which is further anticipated to propel the industry growth in the forecast period.
Key Market Players
The major players in the market are Anglo American plc, Antofagasta plc, China Molybdenum Co., Ltd, Codelco, and Freeport-McMoRan Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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