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Report Overview
The global molybdenum market is expected to grow in the forecast period of 2024-2032 at a CAGR of 4%.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Molybdenum Market Growth
Molybdenum is used as a catalyst in the petroleum industry to help remove sulphur from natural gas and refined petroleum products, which is propelling the market growth. As molybdenum has a very high melting point, it is used in the production of moly steel alloys that are used in various engines, hence aiding the industry growth. Moreover, it is also used along with cast iron to reduce carbon emission and produce cylinder heads, motor, and exhaust manifolds, which is consequently providing further impetus to the market growth.
The use of molybdenum disulphide, made from molybdenum and sulphur, to lubricate two strokes engines, bicycle coaster brakes, ski waxes, and bullets, among others, is further invigorating the growth of the molybdenum market. Moreover, it protects the engine from wear and tear due to its geothermal origin, which is positively impacting the industry growth. In addition, the use of molybdenum in stainless steel alloys for tanker trucks and pharmaceutical and chemical mills is also contributing significantly to the overall market growth. Further, the surging demand for stainless steel to produce stainless steel service pipes, which can address the global issue of water leakage, is also catalysing the market growth. Moreover, favourable government regulations which allow the use of stainless steel in the food and beverage industry are further augmenting the market growth.
Molybdenum Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global market is expected to grow in the forecast period of 2024-2032 at a CAGR of 4%.
The market is being driven by the surging end-uses of molybdenum in various industries, flourishing aerospace and defence market, and the increasing use of steel alloys.
The key market trends include the technological advancements and the adoption of molybdenum in medical equipment due to its high electric conductivity .
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various product types of molybdenum in the market are steel, chemical, foundry, MO-metal, and nickel alloy, among others.
The significant end uses in the market are oil and gas, chemical and petrochemical, automotive, industrial usage, building and construction, and aerospace and defence, among others.
The key players in the global molybdenum market are Anglo American plc, Antofagasta plc, China Molybdenum Co., Ltd, Codelco, and Freeport-McMoRan Inc., among others.
Asia Pacific is the fastest growing region at a CAGR of 5.2%.
The use of molybdenum in diverse industries, recyclability potential, and strong supply chain are some major trends and dynamics.
The COVID-19 pandemic affected the global market primarily by disrupting supply chains, lowering demand in key industries (like oil and gas, steel production, and automotive), and impacting mining operations due to lockdowns and workforce restrictions.
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