Molybdenum Market Report 2026

The molybdenum market size has grown steadily in recent years. It will grow from $5.11 billion in 2025 to $5.36 billion in 2026 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to expansion of stainless steel production, rising demand from oil and gas applications, increased use in alloy steel manufacturing, growth of industrial machinery production, availability of primary molybdenum mining supply.

The molybdenum market size is expected to see steady growth in the next few years. It will grow to $6.42 billion in 2030 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand from renewable energy systems, rising use in electric vehicle alloys, expansion of aerospace material applications, growing focus on high-performance industrial alloys, increasing investments in advanced material engineering. Major trends in the forecast period include increasing use of molybdenum in high-strength alloys, rising demand for corrosion-resistant steel applications, growing adoption in energy and power infrastructure, expansion of molybdenum-based chemical applications, enhanced focus on high-temperature performance materials.

The increasing steel production is expected to propel the growth of the molybdenum market going forward. The increase in steel production is driven by increased demand in construction, automotive, and infrastructure projects globally. Molybdenum enhances steel's strength, toughness, and corrosion resistance, making it ideal for high-stress applications. It also improves hardenability and weldability in alloy steels. For instance, in April 2024, according to the World Steel Association, a Belgium-based non-profit association, Africa's steel production reached 1.9 million tons in March 2024, marking a 1.1% increase compared to 2023. Further, the Middle East produced 4.8 million tons of steel in 2024, reflecting a 4% rise compared to 2023. Therefore, increasing steel production is driving the molybdenum market.

Major companies operating in the molybdenum market are adopting strategic partnerships approach to enhance production capabilities and expand market reach. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2023, Univar Solutions Inc., a US-based provider of chemicals and ingredients, partnered with Climax Molybdenum Company, a Sweden-based mining equipment company, to enhance their presence in the Latin American market for molybdenum products, such as Molysulfide, used in greases and coatings. This partnership enables Univar Solutions to broaden its product offerings, supplying customers with a broader range of molybdenum-based solutions essential in industries such as automotive and aerospace. It also ensures more reliable access to critical materials for lubricants and metalworking applications.

In May 2024, Moon River Moly Ltd., a Canada-based company that provides exploration and mining services, acquired a 25% interest in the Endako molybdenum mine complex in British Columbia from Sojitz Moly Resources Inc. for an undisclosed amount. With this acquisition, Moon River broadens its asset portfolio to include a significant stake in one of North America's major molybdenum producers. Sojitz Moly Resources Inc. is a Japan-based company that focuses on molybdenum mining.

Major companies operating in the molybdenum market are Freeport‑McMoRan Inc., Teck Resources Limited, Jinduicheng Molybdenum Co. Ltd., China Molybdenum Co. Ltd., Zangezur Copper Molybdenum Combine, Codelco, Antofagasta PLC, Anglo American PLC, Rio Tinto Group, KGHM Polska Miedź S.A., South32, Greenland Resources Inc., Lei Xin Holdings Co., Jiangxi Copper Corporation, Hudbay Minerals Inc., Sierra Gorda SCM, Hot Chili Ltd, Xinhualong Molybdenum, Huludao Wanfeng Metal, Chaoyang Jinda Group.

Asia-Pacific was the largest region in the molybdenum market in 2025. The regions covered in the molybdenum market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the molybdenum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The molybdenum market consists of sales of pure molybdenum, molybdenum carbide, molybdenum dioxide, and molybdenum trioxide. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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