Global Molybdenum Market By Application Overview
Molybdenum Market was valued at USD 360.6 Billion in 2024 and is projected to grow at a CAGR of 5.2% to reach USD 571.2 Billion by 2034.
Molybdenum is a type of lightweight metal commonly found in silvery-white color. Molybdenum is widely used as an alloying agent in manufacturing of tempered steel. Properties such as high electrical conductivity and good resistance against corrosion, coupled with lower degree of thermal expansion make molybdenum an essential ingredient, in improving overall strength of steel. Molybdenum doesn't occur naturally as a free metal on Earth; it's found only in various oxidation states in minerals. The free element, a silvery metal with a gray cast, has the sixth-highest freezing point of any element. It readily forms hard, stable carbides in alloys, and for this reason most of the planet production of the element (about 80%) is employed in steel alloys, including high-strength alloys and superalloys. Most molybdenum compounds have low solubility in water, but when molybdenum-bearing minerals contact oxygen and water, the resulting molybdate ion MoO2−4 is sort of soluble.
Industrially, molybdenum compounds (about 14% of world production of the element) are utilized in high-pressure and high-temperature applications as pigments and catalysts. Molybdenum-bearing enzymes are far and away the foremost common bacterial catalysts for breaking the bond in atmospheric molecular nitrogen within the process of biological organic process. A minimum of 50 molybdenum enzymes are now known in bacteria, plants, and animals, although only bacterial and cyanobacterial enzymes are involved in organic process. These nitrogenases contain an iron-molybdenum cofactor FeMoco, which is believed to contain either Mo (III) or Mo (IV). This is often distinct from the fully oxidized Mo (VI) found complexed with molybdopterin altogether other molybdenum-bearing enzymes, which perform a spread of crucial functions. The variability of crucial reactions catalyzed by these latter enzymes means molybdenum is an important element for all higher eukaryote organisms, including humans.
Global Molybdenum Market By Application Drivers & Restraints
- High adoption of molybdenum
High adoption of molybdenum in various end-use industries, especially electronics, pharmaceutical, and aerospace & defense industries is a major factor driving growth of the market currently.
- High cost associated with use of molybdenum
However, high costs associated with use of molybdenum and problems with use of molybdenum at high temperatures are major factors hampering growth of the global market.
Global Molybdenum Market By Application Segmentations & Regional Insights
The molybdenum market has been segmented on the basis of application, end user, and region. The application segment includes full alloy, stainless steel, cast iron, and catalysis. Further the global market is segmented by end user, which include soil & gas, automotive, aerospace and defense, and electronics and medical.
Regional Insights
For detailed understanding of market dynamics, on the basis of region, the target market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market in Asia Pacific is expected to account for major revenue share as compared to that of other regions. This can be attributed to high adoption of molybdenum in various end use industries in countries in the region. Also, the market in North America is expected to account for second-highest revenue share in the global market, followed by the market in Europe. Moreover, the market in North America is projected to witness significant growth over the forecast period. This is due to growing demand for molybdenum from aerospace industries in countries in the region.
Attribute |
Details |
Base year for estimation |
2023 |
Forecast period |
2024– 2034 |
Market representation |
Revenue in USD Billion & CAGR from 2024 – 2034 |
Market Segmentation |
By Application- Full Alloy, Stainless Steel, Cast Iron, and Catalysis By End-User- Oil & Gas, Automotive, Aerospace and Defense, and Electronics and Medical |
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Detailed Segmentation:
Molybdenum Market, By Region:
- North America
- Middle East & Africa
- Middle East & Africa Molybdenum Market, By Application
- Middle East & Africa Molybdenum Market, By End-User
- Middle East & Africa Molybdenum Market, By Country
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Latin America Molybdenum Market, By Application
- Latin America Molybdenum Market, By End-User
- Latin America Molybdenum Market, By Country
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- Asia Pacific Molybdenum Market, By Application
- Asia Pacific Molybdenum Market, By End-user
- Asia Pacific Molybdenum Market, By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Europe Molybdenum Market, By Application
- Europe Molybdenum Market, By End-User
- Europe Molybdenum Market, By Country
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- North America Molybdenum Market, By Application
- North America Molybdenum Market, By End-User
- North America Molybdenum Market, By Country
- Canada
- Middle East & Africa
Global Molybdenum Market By Application Competitive Landscape & Key Players
Advancements in the product as well as in manufacturing process, product launches, and strategic partnerships are some trends witnessed in the Molybdenum Market.
The key players operating in the molybdenum market include,
- Freeport-McMoRan Inc.
- China Molybdenum Co., Ltd.
- Luoyang Hi-Tech Metals Co.
- Antofagasta PLC
- Jinduicheng Molybdenum Co., Ltd.
- Thompson Creek Metals Company Inc.
- Codelco Inc.,
- Southern Copper Corporation
- Rio Tinto Group
- Teck Resources Limited.
Technological advancements in the manufacturing process, coupled with increase in the production capacity are some trends witnessed in the Molybdenum Market.
FAQs
Molybdenum market has been segmented on the basis of application, end-user, and region.
High adoption of molybdenum in various end-use industries, especially electronics, pharmaceutical, and aerospace & defense industries is a major factor driving the growth of the global market currently.
The market in the Asia Pacific is expected to account for major revenue share as compared to that of other regions. This can be attributed to the high adoption of molybdenum in various end-use industries in countries in the region
Key players are focused on the production and supply of molybdenum for the consumer base to maintain the market share. Manufacturers are growing penetration in the market by increasing their global presence. Many industries such as Oil & Gas, Energy production, Infrastructure, and Automotive, etc. are directing towards Steel Moly alloy products for the consumers help in prevailing the growth of the market and creating new opportunities for new entrants.