Molybdenum Market By Product Type (Molybdenum Powder, Molybdenum Rods, Molybdenum Sheets and Plates, Molybdenum Alloys, Molybdenum Oxide, Others [e.g., Molybdenum Disulfide]); By End-Use Industry (Steel Industry [Stainless Steel, Alloy Steel, Tool and High-Speed Steel], Chemical Industry, Oil and Gas, Energy Sector [Nuclear Power, Renewable Energy (Solar, Wind)], Automotive, Aerospace and Defense, Electronics and Semiconductors, Medical Equipment, Others [e.g., Construction, Mining]); By Application (Steel Strengthening and Hardening, Catalysts, Lubricants, Electronics and Semiconductors, Thermal Spray Coatings, Chemicals and Pigments, Others [e.g., Electrical Contacts, High-Temperature Furnaces]); By Form (Primary Molybdenum, Secondary Molybdenum [Recycled]); By Geography, Segment revenue estimation, Forecast, 2024-2032.

The molybdenum market in 2023 was worth USD 13.5 billion and is expected to be worth USD 20.7 billion by 2030, expanding at a CAGR of 6% during the forecast period.

 

The main driver of the market is the increase in demand for molybdenum in the steel industry for increasing strength, corrosion, and high-temperature capabilities of the steel alloys. Approximately 80% of molybdenum consumption is attributed to steel production, with the global steel industry expanding by around 3% annually, fueled by the construction, automotive, and energy sectors. Steel is highly dependent on molybdenum for the production of high-strength steel for pipeline construction, automobiles, and construction equipment. Recent developments include increased molybdenum usage in the renewable energy sector, particularly in wind turbines and solar panels, where its properties enhance the durability and efficiency of materials exposed to harsh environmental conditions. Expansion of the applications, along with the development of infrastructure and shifting towards energy, sustains the growth of the market.

 

One of the biggest opportunities that can be identified in the global market of molybdenum is the increasing energy segment demand and the segment of renewable energy sources and nuclear energy. For example, the application of molybdenum for constructing elements of nuclear reactors is connected with a high value of the coefficient of thermal conductivity and a low level of thermal expansion value. The present nuclear power generation capacity is estimated to increase by about 15% in the world by 2030; therefore, the need for molybdenum in this industry will also increase. Further, molybdenum usage in the improvement of efficiency and durability of solar panels and wind turbines forms a stable market as the global renewable energy capacity remains high, expanding with over 20% annual growth rate in solar capacity. New trends include the development of coated molybdenum alloys in power generation equipment, thus cutting on annual maintenance and further enhancing the use of molybdenum in the energy sector.

 

 

Market Segmentation

By Product Type:

• Molybdenum Powder

• Molybdenum Rods

• Molybdenum Sheets and Plates

• Molybdenum Alloys

• Molybdenum Oxide

• Others (e.g., Molybdenum Disulfide)

 

By End-Use Industry:

• Steel Industry

  • Stainless Steel

  • Alloy Steel

  • Tool and High-Speed Steel

• Chemical Industry

• Oil and Gas

• Energy Sector

  • Nuclear Power

  • Renewable Energy (Solar, Wind)

• Automotive

• Aerospace and Defense

• Electronics and Semiconductors

• Medical Equipment

• Others (e.g., Construction, Mining)

 

By Application:

• Steel Strengthening and Hardening

• Catalysts

• Lubricants

• Electronics and Semiconductors

• Thermal Spray Coatings

• Chemicals and Pigments

• Others (e.g., Electrical Contacts, High-Temperature Furnaces)

 

By Form:

• Primary Molybdenum

• Secondary Molybdenum (Recycled)

 

By Region

North America

• US

• Mexico

• Canada

• Rest of North America

 

Europe

• Switzerland

• Russia

• France

• Germany

• U.K

• Finland

• Turkey

• Netherlands

• Belgium

• Spain

• Italy

• Rest of Europe

 

Asia Pacific

• India

• China

• South Korea

• Japan

• Singapore

• Thailand

• Indonesia

• Malaysia

• Philippines

• Australia

• Rest of Asia-Pacific

 

LAMEA

• Brazil

• Argentina

• Uruguay

• Saudi Arabia

• Rest of LAMEA

 

 

The Asia-Pacific dominates the molybdenum market mainly because of large-scale Steel production and Industrialization. China is the biggest consumer within the global molybdenum market, standing at 40% due to the country’s position as the largest producer of steel, where molybdenum is more pertinent for producing high-strength corrosion-resistant alloys. Other industries increase this demand, including the construction, automotive, and energy industries, which are greatly growing in the region. Recent happenings include China’s drive towards hi-tech infrastructure and the demonstration of more efficient renewable energy structures such as solar systems and wind turbines, where molybdenum has been crucial in enhancing the performance of the materials used. Also, the new entrant countries of Asia, like India, in the Steel and Auto Sector further enhance the position of Asia-Pacific in the molybdenum market.

 

Key Players

• Freeport-McMoRan Inc.

• Codelco

• China Molybdenum Co., Ltd. (CMOC)

• Grupo Mexico

• Thompson Creek Metals Company Inc.

• Centerra Gold Inc.

• Climax Molybdenum Company

• Antofagasta plc

• Rio Tinto

• KGHM Polska Miedz S.A.