Global Molybdenum Market - Forecasts from 2019 to 2024

The global Molybdenum market is expected to witness a CAGR of 2.34% to reach US$5.069 billion in 2024, increasing from US$4.411 billion in 2018. Molybdenum is a refractory metal typically used in high-temperature applications. It is a silvery-white, very hard metal with a high melting point. They are widely used to produce steel alloys so as to increase strength, hardness, electrical conductivity and resistance to corrosion and wear. Molybdenum bearings are used in steel, chemical, and oil and gas industry. Molybdenum and its alloys are also used in electronic and electrical devices. It is used in material processing equipment and high-temperature furnaces.

The growing steel industry is playing a crucial role in the growing demand for molybdenum. Growth of construction, automotive and transportation sector has led to an increase in consumption of steel. Increasing use of molybdenum as a catalyst, filament, pigment, corrosion inhibitor in industries such as petrochemical, electrical and electronics is also driving the market growth. Rising oil prices also affect molybdenum demand positively as it is extensively used in the oil and gas industry. Similarly, fluctuating oil prices prove to be a restraint for market growth. The high price of molybdenum also limits its consumption. Asia Pacific market is expected to have a high growth rate owing to growth in manufacturing and construction activities in emerging nations such as China and India.

Drivers

Growing steel industry.

Increasing use of molybdenum across multiple industries.

Restraints

High price of molybdenum
Unstable oil prices

Industry Update

In May 2019, Industrial metals focused General Moly’s joint venture company Eureka Moly has reached a settlement with a Kobeh Valley ranching family over protests over the company’s water rights in Nevada. The company had been working to get the Mount Hope molybdenum project fully permitted and up and running.

Segmentation

The global molybdenum market has been analyzed through the following segments:

By Product
Molybdenum Concentrate
Molybdenum Oxide
Molybdenum powder
Molybdenum plates
Others

By End-User Industry
Steel
Oil and Gas
Chemical
Automotive
Energy and Power
Others

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others