(MENAFN- GlobeNewsWire - Nasdaq) According to Straits Research,“The global molybdenum market was valued at USD 4.4 billion in 2022. It is projected to reach USD 6.82 billion by 2031, growing at a CAGR of 4.07% during the forecast period (2023-2031).”
New York, United States, April 04, 2024 (GLOBE NEWSWIRE) -- Molybdenum is a silvery-white, highly ductile, and corrosion-resistant metal offering excellent strength and mechanical stability at high temperatures. In revolving X-ray anodes, it is frequently employed. Additionally, it is helpful for clinical diagnosis, electrodes for glass-melting furnaces, friction-reducing sprayed coatings for machine parts, and piston rings for automobiles. Additionally, it is used to make components that can withstand glass melting and heat sinks with thermal expansion.
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Increasing Steel Production in China Drives the Global Market
Molybdenum is used in producing a wide variety of steel, including stainless steel, tool steel, high-speed steel, and many others. Molybdenum enhances the corrosion resistance of stainless steel. The use of molybdenum-containing stainless steels is growing swiftly in various end-user industries because they are frequently more corrosion-resistant than molybdenum-free grades. China is the world's largest manufacturer of steel. It is also a significant steel exporter to meet the demand from numerous end-user industries, such as building and construction, automotive, electronics, and aerospace and defense. The global expansion of such end-user industries increases opportunities for the Chinese steel industry. It promotes the demand that drives the domestic and international molybdenum market.
Growing Demand from the Energy Sector Creates Tremendous Opportunities
Molybdenum is used in oil pipelines, thin-film solar panels, wind turbines, and traditional coal/fossil fuel power plants. Molybdenum's demand is suitably hedged beyond its application in nuclear reactors. The metal is used in oil pipelines, cutting-edge thin-film solar panels, steel for wind turbines, and other uses in addition to traditional coal/fossil fuel power plants. The global need for greener and more efficient energy sources has recently increased the demand for solar and wind energy at a rate that has never been witnessed before.
As the amount of energy produced by renewable sources grows, so does the need for materials like the steel used in windmills and the molybdenum used in solar panel films. Molybdenum is an absorber layer for black contact in thin-film solar cells based on copper indium gallium selenide (Cu(InGa)Se2). The use of solar cells is growing on a global scale. In the last ten years, substantial government support has significantly expanded the capacity of new installations of solar photovoltaic cells.
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 4.64% during the forecast period. Molybdenum is found in several locations, including Henan, where Yangjiazhangzi Molybdenum Mine is located; Shaanxi, where Jinduicheng Molybdenum Group Co. Ltd. is located; and Liaoning. The country's biggest molybdenum producers are China Molybdenum Co. Ltd., Rio Tinto, and Jjinduicheng Molybdenum Group Co. China is expected to boost its molybdenum production due to its plentiful reserves and mining sector. The coronavirus pandemic especially hard hits the already terrible condition automobile industry. However, it is anticipated that government initiatives like the "Make in India" and "Aatma Nirbhar Bharat" projects will enhance the automotive, electronics, and aerospace industries.
Europe is expected to grow at a CAGR of 3.04%during the forecast period. Germany is home to the biggest automaker in Europe. Germany dominates the European automotive market, producing one-third of all the vehicles sold, with 41 assembly and engine production facilities. Germany, one of the top manufacturing hubs for the automotive industry, is home to companies from various sectors, including equipment producers, suppliers of materials and components, engine manufacturers, and integrators of entire systems. Commercial and non-residential structures are predicted to have significant growth potential in the country during the forecasted timeframe. It is anticipated that lower interest rates, increasing real disposable incomes, and sizable expenditures from the German and European Union governments will all contribute to the increase.
Key Highlights
Based on the end product, the global molybdenum market is bifurcated into steel, chemical, foundry, mo-metal, and nickel alloy. The steel segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.24% during the forecast period.
Based on the end-user industry, the global molybdenum market is bifurcated into oil and gas, chemical and petrochemical, automotive, industrial usage, building and construction, aerospace and defense, and other end-user industries. The chemical and petrochemical segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.80% during the forecast period. Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 4.64% during the forecast period.
Competitive Players
The global molybdenum market's major key players are Grupo México, Codelco, Freeport McMoran, Teck Resources Limited, Rio Tinto, Antofagasta PLC, KGHM, Jiangxi Copper Corporation, Jinduicheng Molybdenum Co. Ltd, and China Molybdenum Co. Ltd .
Market News
In January 2022, Teck Resources announced a new deal for Highland Valley Copper employees. In March 2022, the Molybdenum production of mining company Codelco amounted to 21 thousand metric tons of metal content, a decrease of nearly 25 percent compared to the previous year. Codelco, a Chilean state-owned company, is one of the largest copper producers in the world, with a copper output of 1.7 million metric tons. In September 2022, mining giant Rio Tinto said it was investing $55 million to start underground mining and expand production at its Kennecott copper operations near Salt Lake City, Utah.
Global Molybdenum Market: Segmentation
By End Product
Steel Chemical Foundry MO-metal Nickel Alloy
By End-User Industry
Oil and Gas Chemical and Petrochemical Automotive Industrial Usage Building and Construction Aerospace and Defense Other End-user Industries
By Regions
North America Europe Asia-Pacific LAMEA
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