Global Molybdenum Market growing at a CAGR of 2.9% from 2023 to 2031
Category : Materials And Chemicals | Published Date : Oct 2023 | Type : Press Release
Key Market Overview
Consegic Business Intelligence analyzes that the molybdenum market is predicted to grow at a compound annual growth rate of 2.9% from 2023 to 2031 and is expected to reach USD 6,791.95 million in 2031 and 5,422.59 million in 2023 which was valued at USD 5,300.00 million in 2022.
The report highlights the growing demand for high-strength and corrosion-resistant materials across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the molybdenum market.
Global Molybdenum Market By Overview
The molybdenum market is bifurcated into the application and end-user industry. Based on the application, the market is segmented into alloys, catalysts, fertilizers, foundry, and others. In 2022, the alloys segment dominate the overall molybdenum market. Based on end-user industry, the market is segmented into oil and gas, steel industry, chemicals and petrochemicals, automotive, aerospace and defense, electrical and electronics, energy and power, mining, and others. In 2022, the steel industry segment dominate the overall molybdenum market.
Get Free SampleMarket Dynamics
Driver:
- Growing demand for high-strength and corrosion-resistant materials:
- Increasing steel production across the globe is driving the market for molybdenum.
Restraints:
- High price volatility along with rising environmental concerns
Market Segmentation:
| Report Attributes | Report Details |
| By Application | Alloys, Catalysts, Fertilizers, Foundry, and Others |
| By End-user Industry | Oil and Gas, Steel Industry, Chemicals and Petrochemicals, Automotive, Aerospace and Defense, Electrical and Electronics, Energy and Power, Mining, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as BHP, Multi Metal Development Limited, JINDUICHENG MOLYBDENUM CO. LTD., and CMOC Group Limited, which have a strong market position in the current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions. Furthermore, the molybdenum market is expected to witness substantial growth in the coming years due to growing demand for molybdenum in the energy sector in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- BHP
- Multi Metal Development Limited
- Grupo Mexico
- JINDUICHENG MOLYBDENUM CO., LTD.
- Climax Molydenum
- CMOC Group Limited
- Centera Gold Inc.
- Rio Tinto
- Antofagasta plc.
