According to the global molybdenum market report by IMARC Group, the 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 (MO) is a metallic element utilized in strengthening and hardening alloy steel while producing components resistant to molten glass and heat sinks. It is a silvery-white lightweight material that provides numerous benefits, such as density, radiation protection, durability, resilience, electrical conductivity, and reliability. It is also applied in rotating X-ray anodes, which are used in glass melting furnace electrodes, clinical diagnostics, and sprayed coatings of automotive piston rings and machine components. As a result, MO finds extensive applications across the defense, oil and gas, chemical, petrochemical, building and construction, and aerospace industries.
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Molybdenum Market Trends and Drivers:
The market is primarily driven by the increasing product utilization in industrial applications due to its significant benefits, such as enhancing the toughness, hardenability, and tensile strength of steel. In addition, the usage of molybdenum in the aviation industry to decrease vibration and stabilize control surfaces for ailerons, rudder sections of aircraft, helicopter rotor blades, elevators, and cockpit equipment while improving pilot and passenger comfort represents another major growth-inducing factor. Besides this, molybdenum is widely utilized in electronic devices due to its high electrical conductivity property and expansion under high-temperature conditions.
Moreover, the increasing usage of MO as a catalyst in petroleum refineries to help refine petroleum products and in the defense industry for producing nozzles-shaped charge liners and premier warheads is also contributing to market growth. Apart from this, molybdenum is employed as a lubricant in bicycle coaster brakes, bullets, and two-stroke engines and as greases for ball bearings and rollers in the manufacturing, mining, and transportation industries. Furthermore, the leading market players are investing in research and development (R&D) activities, capacity expansions, and mergers and acquisitions (M&A) to strengthen their foothold in the market, which is also creating a positive market outlook.
|Molybdenum Market Report Scope|
|Market size volume in 2021||US$ 5,400 Tons|
|Market forecast in 2027||US$ 6,429 Tons|
|Growth Rate||CAGR of 2.80% from 2022 to 2027|
|Base year for estimation||2021|
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.
Some of these top key players include:
- ABSCO Limited
- American CuMo Mining Corporation
- Centerra Gold Inc.
- China Molybdenum Co. Ltd.
- China Rare Metal Material Co. Ltd.
- Freeport-McMoRan Inc.
- Grupo México
- Jinduicheng Molybdenum Co. Ltd
- KGHM Polska Mied? S.A.
- Molten Corporation
- Moly Metal L.L.P.
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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