The oil and gas molybdenum segment is expected to grow at a CAGR of 4.1% over the forecast period and be valued at 80,061.9 million lbs by the end of 2026. The Asia-Pacific region excluding Japan is expected to remain the dominant regional molybdenum market during the forecast period.
NEWARK, Del., October 18, 2022 /PRNewswire/ — The global molybdenum market is expected to grow at a standard growth rate of 3.8% from 2017 to 2026. The advancement of the chemical industry will contribute to the growth of the molybdenum market, as the demand for chemicals containing it will likely increase. Also, high demand for steel alloys due to rapid urbanization will further help the molybdenum market during the projected period.
Molybdenum is a silvery-white hard metal with the sixth highest melting point. It is a far superior metal with a wide range of mechanical and chemical properties that make it the perfect metal for creating high strength alloys and superalloys. Molybdenum is in high demand in many industries due to its high corrosion resistance, high thermal conductivity and high melting point.
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The metal is thus gaining application in the aerospace, industrial, chemical and petrochemical, consumer, medical, energy, agricultural and transport sectors. Some examples of the metal’s use include the lighting industry’s use of molybdenum to create ribbons and wires, the power electronics industry’s use of molybdenum for semiconductor substrates , glass melting electrodes for manufacturing flat panel displays and solar cells, and manufacturing hot zones in high temperature furnaces for sputtering targets.
In addition to this, the molybdenum market is expected to grow rapidly owing to its extensive use in the aerospace and defense industry. The aerospace and defense industries are highly dependent on molybdenum properties such as its ability to withstand high temperatures, density, tensile strength, radiation protection and machinability, which in turn has increased the application of metal in these sectors.
Again, due to its high strength and low weight, molybdenum is used in the aerospace industry to reduce vibration and improve pilot and passenger comfort. Furthermore, the growing purchasing power in developing markets has led to the expansion of the target market in the global space. In addition, the growing popularity and use of molybdenum and its alloys in the electronics and electrical conductivity industries, which are driving the development of new applications, will likely drive the growth of the molybdenum market over the period. forecast.
“The application of molybdenum in various industrial sectors such as aerospace, consumer, medical, energy, agriculture and transportation will propel the global molybdenum market growth over the forecast period,” says an IMF analyst.
Key points to remember:
- The increase in industrial activities will strengthen the market outlook.
- The Asia Pacific The region is expected to account for the majority of the market share.
- The APEJ region will grow at a CAGR of 4.1% over the next few years.
- In terms of end user, the oil and gas sector will represent a share of 21.5% in 2026.
- By application, the fully alloyed molybdenum segment will exhibit strong volume growth over the assessment period.
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Freeport-McMoRan Inc., China Molybdenum Co., Ltd., Compania Minera Dona Ines De Collahuasi SCM, Antofagasta plc, Jinduicheng Molybdenum Co., Ltd., Grupo México, Compañía Minera Antamina SA, Thompson Creek Metals Company Inc., SAB de CV, BHP Billiton Group and American CuMo Mining Corporation among others are some of the major players in the molybdenum market . in the full report.
The major players in the market are focusing on increasing the production and supply of molybdenum to expand their consumer base. These companies want to strengthen their global presence by entering new markets.
More information about the molybdenum market report
In its latest report, FMI offers an unbiased analysis of the global molybdenum market, providing historic data and forecast statistics from 2017 to 2026. To understand the potential, growth, and scope of the global market, the market is segmented on the basis application (full alloy, stainless steel, HSLA, tools, carbon, cast iron, catalysts, metal alloy MO, superalloy and other applications), end user (oil and gas, chemical and petrochemical, automotive, mechanical engineering, building and construction , energy generation, aerospace and defence, electronics and medical, process industry, others) and region.
According to the latest IMF reports, based on segmentation, the oil and gas end-use industry is expected to register the highest demand for molybdenum. The chemicals and petrochemicals end-use segment is likely to create a growth opportunity of 19,578 lbs during the period 2017-2026. Based on application, the full alloy segment will show robust growth.
Based on region, the molybdenum market in the Asia Pacific the region will show substantial growth during this observation period. The target market in the Asia Pacific will hold a large market share owing to the extensive use of molybdenum alloys in electronics. The rapid industrialization and increasing use of steel will further contribute to the expansion of the molybdenum market in the Asia Pacific. Government efforts will also contribute to the growth of the target market. countries like China, Chileand the United States will largely increase the molybdenum market growth over the forecast period.
Key segments covered in the report
To understand and assess the opportunities in the global molybdenum market, the report has been divided into five sections based on market segmentation as follows:
- oil and gas
- Chemicals and Petrochemicals
- Mechanical Engineering
- Building and construction
- energy production
- Aeronautics and Defense
- Electronics and Medical
- Process industry
- Other Industries
- full alloy
- Stainless steel
- MO metal alloy
- Other Apps
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1. Global Economic Outlook
2. Global Molybdenum Market – Executive Summary
3. Global Molybdenum Market Overview
3.1.1. Global Molybdenum Market Taxonomy
3.1.2. Global Molybdenum Market Definition
3.2. Global molybdenum market size and forecast, 2012-2026
3.2.1. Annual growth of the global molybdenum market
3.3. Global molybdenum market dynamics
3.4. Supply Chain
3.5. Global Molybdenum Production Scenario
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