Molybdenum is a hard metal, corrosion resistant and possesses high-temperature strength. These properties allow molybdenum and its alloys to be used in industrial applications such as petrochemical plants, gas turbines and high-performance structural components. It is also used as a catalyst in petroleum industries.
The global Molybdenum Market is estimated to be valued at US$ 316.0 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the molybdenum market is the increasing usage in the automotive industry. Molybdenum contributes to improved mechanical properties and corrosion resistance of finished steel products. As a result, the consumption of molybdenum is increasing in the automotive sector for manufacturing auto-component parts that require high-strength and lightweight materials. For instance, molybdenum alloys are used to manufacture car engines, suspensions and drive trains which require the combination of high tensile strength and ductility. This increasing demand from the booming automotive industry is expected to drive the growth of the global molybdenum market during the forecast period.
SWOT Analysis:
Strength: Molybdenum has very high strength and corrosion resistance properties which makes it suitable for industries like construction and transportation. It also has excellent chemical and thermal stability.
Weakness: The prices of molybdenum are volatile, which affects the profitability of molybdenum market players. Supply of molybdenum depends heavily on a few major suppliers.
Opportunity: Rising demand from end-use industries such as aerospace and electronics is expected to boost the molybdenum market growth. Growing infrastructure development in developing regions also presents an opportunity.
Threats: Fluctuations in steel prices impact the molybdenum market. Stringent government regulations regarding mining activities can also restrict the market growth.
Key Takeaways:
The global Molybdenum Market Share is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing demand from construction industry. Molybdenum is extensively used in making steel and cast iron which finds major applications in building bridges, beams, automobile parts etc.
Regional analysis: Asia Pacific dominated the global molybdenum market in 2023, accounting for around 45% of the total share. China contributes significantly to the region’s demand on account of large production of steel and base metals in the country. North America is also a prominent consumer with presence of major end-use industries in the US and Canada.
Key players operating in the molybdenum market are BHP Billiton Group, Jinduicheng Molybdenum Co., American CuMo Mining, Thompson Creek Metals, Moly Metal LLP, ENF Ltd., Compania Minera Dona Ines De Collahuasi S.C.M., and Freeport McMoran. These players are focusing on capacity expansion and mergers & acquisitions to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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