Molybdenum Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

The Global Molybdenum Market Size accounted for USD 305.6 Billion in 2022 and is estimated to achieve a market size of USD 466.2 Billion by 2032 growing at a CAGR of 4.5% from 2023 to 2032.

Molybdenum Market Highlights

• Global molybdenum market revenue is poised to garner USD 466.2 billion by 2032 with a CAGR of 4.5% from 2023 to 2032
• Asia-Pacific molybdenum market value occupied almost USD 198 billion in 2022
• Asia-Pacific molybdenum market growth will record a CAGR of over 5% from 2023 to 2032
• Among end-product, the chemicals sub-segment generated over US$ 152 billion revenue in 2022 
• Based on end-use industry, the automotive sub-segment generated around 61% share in 2022
• Emerging markets such as India and China is a popular molybdenum market trend that fuels the industry demand

Molybdenum is a chemical element and by-product of copper mining, which is a silver-white shiny metal reminiscent of tin and is light-weighted as compared to tungsten. It has one of the highest melting temperatures out of all the elements, with a low degree of thermal expansion. Moreover, it is widely used in the power generation industry, owing to its properties such as resistance against corrosion, performance at high temperatures, and strength, which further boosts the efficiency of a coal-fired power station.

Global Molybdenum Market Dynamics

Market Drivers

• Growing demand for molybdenum in the steel industry for manufacturing high-strength steel alloys
• Increasing use of molybdenum as a catalyst in the chemical industry
• Rising demand for molybdenum in the aerospace and defense industry
• Surging need for molybdenum in the energy sector

Market Restraints

• High volatility in the prices of molybdenum
• Dependency on a limited number of molybdenum reserves
• Stringent government regulations

Market Opportunities

• Increasing use of molybdenum in the renewable energy sector
• Development of new applications for molybdenum
• Increasing investment in research and development

Molybdenum Market Report Coverage

Molybdenum Market Insights

The demand for molybdenum bearings in the steel and chemical sector is alleviating, which is expected to drive the market, globally. In addition, structural shift in China, India, and other emerging economies is expected to witness a demand growth for steel, which ultimately will boost the molybdenum market, during the forecast period. However, the deceleration of demand from the Chinese oil & gas sector, due to a decline in exploration and production activities where molybdenum steel bearings are heavily used, has affected the molybdenum market.

Molybdenum Market, By Segmentation

The worldwide market for molybdenum is split based on end-product, end-use industry, and geography.

Molybdenum End-Products

• Steel
• Chemicals
• Foundries
• MO-Metals
• Nickel Alloy
• Others

The molybdenum market analysis indicates that molybdenum is mainly employed as an alloying agent in the creation of high-strength steel alloys, which are extensively utilised in the building, transportation, and energy industries. Steel is the most important end-use segment of molybdenum, accounting for more than half of total molybdenum consumption.

Molybdenum is also used extensively in the chemicals sub-segment. Molybdenum-based catalysts are used in many different chemical processes, including the production of plastics, fertilisers, and specialty chemicals. Because it is used in the production of cast iron and steel products, the foundries sub-segment is another significant consumer of molybdenum.

Molybdenum is also used in the MO-Metals and Nickel Alloy sub-segments to make high-temperature alloys for use in the aerospace and defence industries. Other sub-segments include molybdenum applications such as electronics, energy, and healthcare, among others. However, when compared to the Steel and Chemicals sub-segments, these applications account for a much smaller share of total molybdenum consumption.

Molybdenum End-Use Industries

• Oil and Gas
• Chemical and Petrochemical
• Automotive
• Industrial Usage
• Building and Construction
• Aerospace and Defense
• Others

Molybdenum is used in a wide range of industrial applications, including welding electrodes, furnace parts, and metalworking lubricants. It's also used to make electrical contacts and high-temperature furnace components. All of these applications are included in the industrial usage sub-segment, which is expected to account for a significant portion of total molybdenum consumption.

According to the molybdenum market forecast, another significant consumer of molybdenum is the automotive sub-segment, particularly in the production of high-strength as well as lightweight steel alloys for use in vehicle bodies and engine parts. Molybdenum is also used in the manufacture of catalytic converters, which are used to reduce vehicle emissions.

As it is used in various drilling and extraction equipment, the oil and gas sub-segment consumes a significant amount of molybdenum. Molybdenum is used to make high-performance alloys for offshore drilling and other harsh environments.

Molybdenum Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Molybdenum Market Regional Analysis

The Asia-Pacific region consumes the most molybdenum, with China being the leading producer and consumer. The steel industry, which uses molybdenum to make high-strength steel alloys, drives demand for molybdenum in the region.

Molybdenum is a major producer and consumer in the United States and Canada. The aerospace and defense industries, which use molybdenum for high-temperature applications, drive molybdenum demand in North America. Europe is a significant consumer of molybdenum, with the steel and chemical industries driving demand. In Europe, Germany, France, and the United Kingdom are major consumers of molybdenum.

Molybdenum Market Players

Some of the top molybdenum companies offered in the professional report include Freeport-McMoRan, China Molybdenum, Grupo Mexico, Antofagasta plc, Jinduicheng Molybdenum, Thompson Creek Metals Company, Molymet, BHP Billiton Group, Centerra Gold Inc., American CuMo Mining, and Shaanxi Non-ferrous Metals Holding Group Co., Ltd.