The molybdenum market has witnessed significant growth in recent years owing to increasing demand from various end-use industries such as construction, automotive, oil & gas, and aerospace. Molybdenum is primarily used as an alloying material in steel to enhance its strength and corrosion resistance.
Market key trends:
The increased demand for steel from the construction industry has been a major factor driving the growth of the molybdenum market. Molybdenum increases the strength and durability of steel which makes it suitable for infrastructure development activities. According to data revealed by the World Steel Association, China's crude steel production in 2021 reached 996.3 million tonnes, an increase of 3.5% from 2020. Rapid urbanization and investments in infrastructure projects have increased China's annual crude steel consumption over the past few years. In addition, steel production is also gaining momentum in other developing economies of Asia Pacific and Middle East & Africa region which is expected to drive the demand for molybdenum during the forecast period.
Segment Analysis
The global molybdenum market is segmented based on application and end use industry. Based on application, the market is segmented into chemicals, alloys, and others. Of these, the alloys segment dominates and held the largest market share in 2022. Molybdenum is widely used in steel alloys like high-speed steel and tool steel owing to its high strength, hardness and corrosion resistance properties. This has primarily driven the demand from the alloys segment over the years.
Key Takeaways
The Global Molybdenum Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis indicates that Asia Pacific dominated the market and is projected to grow at the fastest rate over the coming years. Countries like China and India have emerged as major consumers of molybdenum due to rapid industrialization and infrastructure development activities.
Key players operating in the molybdenum market are Freeport-McMoRan Inc., China Molybdenum Co., Ltd., Antam SA, Thompson Creek Metals Company Inc., and Rio Tinto. Freeport-McMoRan Inc. is the world's largest publicly traded copper producer and a leading producer of molybdenum. China Molybdenum Co., Ltd. is a Chinese molybdenum mining company headquartered in Beijing. The company has molybdenum mining and processing operations in China as well as abroad.
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