Molybdenum Market Research Report By Industry (Aerospace, Automotive, Construction, Electrical and Electronics, Energy), By Application (Alloying agent, Catalyst, Lubricant, Pigment, Refractory), By End User (OEMs, Distributors, End-use industries), By Grade (High purity, Commercial grade), By Form (Ores and concentrates, Powders, Bars and rods, Sheets and plates) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Molybdenum Market Overview

The Molybdenum Market Size was estimated at 16.76 (USD Billion) in 2022. The Molybdenum Industry is expected to grow from 17.43 (USD Billion) in 2023 to 24.8 (USD Billion) by 2032. The Molybdenum Market CAGR (growth rate) is expected to be around 4.0% during the forecast period (2024 - 2032).

Key Molybdenum Market Trends Highlighted

Molybdenum metal seems to be affected by some major market trends. Molybdenum is consumed in automotive components due to the surging requirement for lightweight and fuel-efficient automobiles in the automotive industry. Even applications in the aerospace field, which demand materials that are resistant to corrosion and can withstand high temperatures, are increasing the consumption of molybdenum. In addition, more molybdenum is consumed as it is used in stainless steel construction and architectural structures. The opportunities in the molybdenum market include the search for new source areas as well as the need for new technologies for the efficient retrieval and processing of molybdenum. There are high opportunities in funding research and development to improve the properties and uses of molybdenum in new markets such as energy storage and electronics industries. An interesting new development in the molybdenum market is the increasing use of molybdenum alloys in medical implants owing to their biocompatibility and strength. Additionally, there are new market opportunities that are arising from the increasing perception of how mo reduction of industries brings along CO2 emissions. Using these trends, stakeholders will capture value and, at the same time, help in the sustainable development of the molybdenum market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Molybdenum Market Drivers

Rising Demand from the Steel Industry

Molybdenum enhances the strength, toughness, and corrosion resistance of steel, and therefore, this element is a crucial one in steel production. The high demand for the alloy in the sectors of automotive, construction, and energy, among others, is one of the driving forces, whereas the increasing construction rate all around the world makes the need for the alloy grow. Moreover, the popularity of high-strength, low-alloy steel, such as stainless steel, also benefits the demand for molybdenum.The Molybdenum Market Industry is expected to be characterized by moderate growth during the forecast period.

Expansion of Aerospace and Defense Applications

Molybdenum is indispensable as a material for aerospace and defense applications owing to its superior high-temperature strength and resistance to wear and corrosion. The molybdenum market is gaining traction owing to the proliferating demand for lightweight and durable materials for usage in aircraft engines, airframes, and defense. The Molybdenum Market Industry is expected to leverage against the continued spending across the globe for research and exploration in space and modernization of defense technologies.

Growing Adoption in Chemical and Electrical Industries

Molybdenum is used in numerous chemical and electrical industries. In the chemical industry, it is utilized in petrochemical processes as a catalyst and in corrosion-resistant equipment as an alloying agent. Moreover, in the electrical sector, high-temperature electrical contacts, electrodes, and semiconductors are made from molybdenum. With the increasing size and scope of both the chemical and electrical industries, the demand for molybdenum should increase in the future.

Molybdenum Market Segment Insights

Molybdenum Market Industry Insights

The Molybdenum Market segmentation is expected to grow significantly in the coming years, with the industry segment playing a major role in this growth. The Molybdenum Market revenue for the industry segment is projected to reach USD 6.2 billion by 2024, exhibiting a CAGR of 4.5% during the forecast period. This growth can be attributed to the increasing demand for molybdenum in various industries, including aerospace, automotive, construction, electrical and electronics, and energy. In the aerospace industry, molybdenum is used in the production of high-strength alloys for aircraft engines and airframes.The growing demand for lightweight and durable materials in the aerospace industry is expected to drive the demand for molybdenum. In the automotive industry, molybdenum is used in the production of steel alloys for engine components and exhaust systems. The increasing production of vehicles, particularly in emerging markets, is expected to boost the demand for molybdenum in the automotive industry. In the construction industry, molybdenum is used in the production of stainless steel for building and infrastructure applications. The growing construction activities in emerging economies are expected to increase the demand for molybdenum in the construction industry.In the electrical and electronics industry, molybdenum is used in the production of electrical contacts and semiconductors. The increasing demand for electronic devices is expected to drive the demand for molybdenum in the electrical and electronics industry. In the energy industry, molybdenum is used in the production of high-temperature alloys for nuclear reactors and power plants. The growing demand for energy, particularly in developing countries, is expected to increase the demand for molybdenum in the energy industry. Overall, the industry segment is expected to witness significant growth in the coming years, driven by the increasing demand for molybdenum in various industries.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Molybdenum Market Application Insights

The Molybdenum Market is segmented based on its application into Alloying agent, Catalyst, Lubricant, Pigment, and Refractory. The Alloying agent segment held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for molybdenum in the production of steel and other alloys. The Catalyst segment is expected to witness a significant growth rate during the forecast period due to the rising demand for molybdenum in the production of chemicals and petroleum products.The Lubricant segment is also expected to grow at a steady pace, driven by the increasing use of molybdenum in the production of greases and lubricants. The Pigment segment is expected to account for a small share of the Molybdenum Market in 2024 but is expected to grow at a moderate rate during the forecast period. The Refractory segment is expected to account for a small share of the Molybdenum Market in 2024 and is expected to grow at a slow pace during the forecast period.

Molybdenum Market End User Insights

The Molybdenum Market Segmentation by End User includes OEMs, Distributors, and End-use industries. The OEMs segment held the largest market share in 2023, accounting for around 40% of the Molybdenum Market revenue. The Distributors segment is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for molybdenum from various end-use industries. The End-use industries segment is further divided into automotive, construction, aerospace, and others. The automotive industry is the largest end-use industry for molybdenum, followed by the construction industry.The aerospace industry is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for molybdenum in the production of aircraft components.

Molybdenum Market Grade Insights

The Molybdenum Market is segmented by Grade into High purity and Commercial grade. The High purity segment is expected to account for a larger revenue share in the Molybdenum Market in 2023, owing to its increasing demand in various high-end applications such as aerospace, electronics, and medical devices. The Commercial grade segment, on the other hand, is expected to exhibit a steady growth rate over the forecast period, driven by its wide usage in construction, automotive, and other industrial applications.

Molybdenum Market Form Insights

The Molybdenum Market is segmented by form into ores and concentrates, powders, bars and rods, and sheets and plates. Ores and concentrates accounted for the largest share of the market in 2023 and are expected to continue to do so over the forecast period. The demand for ores and concentrates is driven by their use in the production of steel and other alloys. Powders are the second-largest segment and are used in a variety of applications, including the production of chemicals and catalysts. Bars and rods are used in the construction and automotive industries, and sheets and plates are used in the aerospace and electronics industries.The market growth is driven by the increasing demand for molybdenum in the steel and automotive industries.

Molybdenum Market Regional Insights

The Molybdenum Market segmentation by region offers insights into the market's performance across different geographical areas. North America, Europe, APAC, South America, and MEA are the key regions analyzed in this segmentation. In 2023, the APAC region held the largest share of the market, driven by the growing demand from the automotive and construction industries in countries such as China and India. The region is expected to maintain its dominance over the forecast period, with a projected market valuation of 7.4 billion USD by 2032.Europe and North America are also significant markets for molybdenum, with well-established automotive and aerospace industries. South America and MEA are emerging markets for molybdenum, with increasing investment in infrastructure and industrial development expected to drive growth in these regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Molybdenum Market Key Players And Competitive Insights

Major players in the Molybdenum Market industry are constantly striving to gain a competitive edge through strategic partnerships, mergers, and acquisitions. Leading Molybdenum Market players are investing heavily in research and development to enhance their product offerings and cater to evolving customer demands. The Molybdenum Market development landscape is characterized by a focus on innovation and sustainability, with companies exploring new technologies to improve the efficiency and environmental friendliness of their operations. The Molybdenum Market Competitive Landscape is expected to remain dynamic, with new entrants and established players vying for market share.One of the leading companies in the Molybdenum Market is Freeport-McMoRan. The company is a global mining and metals corporation that produces a range of commodities, including copper, gold, and molybdenum. Freeport-McMoRan has a strong presence in the molybdenum market, with operations in North and South America, Asia, and Africa. The company is committed to sustainable mining practices and has implemented various initiatives to reduce its environmental impact. Freeport-McMoRan is well-positioned to continue its leadership in the molybdenum market, with a strong track record of innovation and a focus on customer satisfaction.A notable competitor in the Molybdenum Market is Molycorp. The company is a leading producer of molybdenum products and has operations in the United States, Canada, and China. Molycorp is focused on providing high-quality molybdenum products and services to its customers. The company has a strong commitment to research and development and is constantly exploring new technologies to improve its products and processes. Molycorp is well-positioned to compete in the molybdenum market, with a strong focus on innovation and customer satisfaction.

Key Companies in the Molybdenum Market Include

• Glencore


• BHP


• China Molybdenum


• Molycorp


• Zijin Mining Group


• JX Nippon Mining Metals


• Mitsubishi Materials


• Heraeus


• Southern Copper


• Rio Tinton


• Antofagasta


• FreeportMcMoRan


• Sumitomo Metal Mining


• Jilin Jien Nickel Industry


• Codelco

Molybdenum Market Industry Developments

The Molybdenum Market is poised to experience steady growth in the coming years, driven by rising demand from the steel industry. The steel industry accounts for the majority of molybdenum consumption, with molybdenum being used as an alloying element to improve the strength and durability of steel. Other industries that use molybdenum include the automotive, aerospace, and construction industries.In 2023, the Molybdenum Market was valued at USD 17.43 billion and is projected to reach USD 24.8 billion by 2032, exhibiting a CAGR of 4.0% during the forecast period. The growth of the molybdenum market is primarily attributed to the increasing demand from the steel industry, particularly in emerging economies such as China and India.Recent news developments and current affairs in the Molybdenum Market include:- In 2023, the molybdenum price reached a record high due to supply chain disruptions caused by the COVID-19 pandemic.- Several major molybdenum mining companies have announced plans to expand their production capacity in order to meet the growing demand.- The development of new technologies, such as 3D printing, is expected to drive demand for molybdenum in the future.Overall, the outlook for the Molybdenum Market is positive, with increasing demand from the steel industry and other industries driving growth in the coming years.

Molybdenum Market Segmentation Insights

• Molybdenum Market Industry Outlook
  
  
  
  • Aerospace
  
  
  • Automotive
  
  
  • Construction
  
  
  • Electrical and Electronics
  
  
  • Energy
  
  
  
  

• Molybdenum Market Application Outlook
  
  
  
  • Alloying agent
  
  
  • Catalyst
  
  
  • Lubricant
  
  
  • Pigment
  
  
  • Refractory
  
  
  
  

• Molybdenum Market End User Outlook
  
  
  
  • OEMs
  
  
  • Distributors
  
  
  • End-use industries
  
  
  
  

• Molybdenum Market Grade Outlook
  
  
  
  • High purity
  
  
  • Commercial grade
  
  
  
  

• Molybdenum Market Form Outlook
  
  
  
  • Ores and concentrates
  
  
  • Powders
  
  
  • Bars and rods
  
  
  • Sheets and plates
  
  
  
  

• Molybdenum Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  
  

Middle East and