Molybdenum Market Overview 2023-2028:
The global molybdenum market size reached 5,589 Tons in 2022. Looking forward, IMARC Group expects the market to reach 6,596 Tons by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028.
Molybdenum (Mo) is a silver-gray colored refractory metal that imparts superior strength to steel and other alloys at high temperatures. It is a trace element in plant and animal metabolism and resembles chromium and tungsten in many properties. It is manufactured by powder metallurgy process wherein raw material powders are pressed and sintered. It is widely utilized in producing moly steel, which is a crucial component of engines. It is also employed in the manufacturing of various heating elements, drills, and saw blades. Besides this, it is used as a catalyst in petroleum refineries to remove sulfur from natural gas and refined petroleum products.
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Molybdenum Market Trends and Drivers:
At present, the increasing demand for Mo as a catalyst in the production of polymers and plastics represents one of the primary factors propelling the growth of the market. Besides this, the rising employment of Mo to manufacture lubricants for two-stroke engines, bicycle coaster brakes, bullets, and ski waxes are contributing to the growth of the market. In addition, the growing utilization of oil-soluble molybdenum-sulfur compounds to protect engines against wear, oxidation, and corrosion is offering a favorable market outlook. Apart from this, the increasing employment of Mo in the production of corrosion-resistant pigment is supporting the growth of the market. Additionally, the rising demand for fertilizers to enhance the growth of plants and improve crop yield is strengthening the growth of the market.
Global Molybdenum Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: ABSCO Limited, American CuMo Mining Corporation, Centerra Gold Inc., China Molybdenum Co. Ltd., China Rare Metal Material Co. Ltd., Codelco, Freeport-McMoRan Inc., Grupo México, Jinduicheng Molybdenum Co. Ltd, KGHM Polska Mied? S.A., Molten Corporation and Moly Metal L.L.P.
The report has segmented the market on the basis of region, product type, sales channel and end use.
Breakup by Product Type:
- Steel
- Chemical
- Foundry
- Molybdenum Metal
- Nickel Alloy
Breakup by Sales Channel:
- Manufacturer/Distributor
- Aftermarket
Breakup by End Use:
- Oil and Gas
- Automotive
- Heavy Machinery
- Energy
- Aerospace and Defense
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
