Sodium Molybdate Market Research Report: By Application (Oil and gas, Metallurgy, Agriculture, Chemical industry, Textile industry, Other Applications), By Product Type (Sodium Molybdate Powder, Sodium Molybdate Solution), By Grade (Industrial Grade, Technical Grade, Reagent Grade, Food Grade, Electronic Grade), By Packaging Type (Drums, Bags, Pails, Barrels, Other Packaging Types) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Global Sodium Molybdate Market Overview

The Sodium Molybdate Market Size was estimated at 4.36 (USD Billion) in 2022. The Sodium Molybdate Industry is expected to grow from 4.54(USD Billion) in 2023 to 6.57 (USD Billion) by 2032. The Sodium Molybdate Market CAGR (growth rate) is expected to be around 4.2% during the forecast period (2024 - 2032).

Key Sodium Molybdate Market Trends Highlighted

The global sodium molybdate market is poised for significant growth in the coming years due to increasing demand across various industries. The primary market driver is the growing use of sodium molybdate as a corrosion inhibitor in the steel industry. It is also widely employed as a fertilizer in agriculture to enhance crop yield and quality. Additionally, the increasing adoption of sodium molybdate in the production of chemicals, ceramics, and glass is fueling market growth.

Opportunities lie in the development of new applications and technologies that utilize sodium molybdate. The chemical industry is exploring its use as a catalyst for various reactions, while the energy sector is investigating its potential in energy storage systems. Trends in recent times include the growing focus on sustainability and environmental regulations, which is driving demand for environmentally friendly corrosion inhibitors such as sodium molybdate. The market is also witnessing advancements in production technologies to reduce environmental impact and improve efficiency.

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

Sodium Molybdate Market Drivers

Rising Demand from the Steel Industry

A segment that will drive the market for the entire period is steel. At the moment, there is an increase in demand for steel in various industries: construction of various objects, automotive, infrastructure, and more. Over the next several years, it will remain an important driver for market development since steel manufacturers will strive to make their products as strong and long-lasting as possible. This factor will make The Global Sodium Molybdate Market Industry grow significantly.

Expansion of the Aerospace Sector

Sodium molybdate finds applications in the aerospace industry, particularly in the production of superalloys used in jet engines and other critical components. The growing demand for air travel and the development of new aircraft models are driving the expansion of the aerospace sector, which in turn is expected to boost the demand for sodium molybdate. This segment is projected to contribute significantly to the overall market growth in the coming years.

Increasing Adoption in Chemical and Industrial Processes

Sodium molybdate is employed in various chemical and industrial processes, including the production of catalysts, pigments, and lubricants. The growing demand for these products across diverse industries is expected to stimulate the demand for sodium molybdate. This segment is anticipated to exhibit steady growth over the forecast period, supported by the expanding chemical and industrial sectors.

Sodium Molybdate Market Segment Insights

Sodium Molybdate Market Application Insights 

The application segment plays a crucial role in shaping the dynamics of the Global Sodium Molybdate Market. In 2023, the oil and gas segment held the dominant position, accounting for nearly 42% of the global Sodium Molybdate Market revenue. The metallurgy segment is projected to exhibit significant growth during the forecast period, owing to the increasing demand for sodium molybdate in the production of high-strength steel and other metal alloys. The agriculture segment is another key application area for sodium molybdate, with a market share of 18% in 2023.Sodium molybdate is used as a micronutrient fertilizer to enhance crop yield and quality. The chemical industry also utilizes sodium molybdate in various processes, such as the production of catalysts and pigments. The textile industry is another important application segment for sodium molybdate. It is used as a mordant in the dyeing process to improve the colorfastness and durability of fabrics. Other applications of sodium molybdate include the production of glass, ceramics, and electronic components. The Global Sodium Molybdate Market is expected to witness steady growth in the coming years, driven by increasing demand from various end-use industries.The growing global population and urbanization are expected to fuel the demand for sodium molybdate in the construction and infrastructure sectors. The market is also likely to benefit from the increasing adoption of sodium molybdate in high-value applications, such as advanced materials and electronics.

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

Sodium Molybdate Market Product Type Insights 

The product type segment of the global sodium molybdate market is divided into Sodium Molybdate Powder and Sodium Molybdate Solution. Beginning from 2023, the Sodium Molybdate Powder segment became leading having the largest revenue share. It is the most commonly used type in the majority of industries including but not limited to the chemical, pharmaceutical, and agricultural ones. Moreover, this type will keep its leading position over the period of the forecast developing at the CAGR of 3,8% between 2023 and 2032. At the same time, the Sodium Molybdate Solution segment will also grow at the CAGR of 4,5% influenced by the demand from the chemical and agricultural industries.

Sodium Molybdate Market Grade Insights 

The Global Sodium Molybdate Market is segmented by grade into Industrial Grade, Technical Grade, Reagent Grade, Food Grade, and Electronic Grade. Among these, the Industrial Grade segment held the largest market share in 2023, accounting for over 55% of the Global Sodium Molybdate Market revenue. The growth of this segment can be attributed to the increasing demand for sodium molybdate in various industrial applications, such as metalworking, oil and gas exploration, and chemical manufacturing. The Technical Grade segment is expected to witness a significant growth rate during the forecast period, owing to the rising demand for sodium molybdate in the electronics industry.The Reagent Grade segment is expected to hold a significant market share, driven by the growing demand for high-purity sodium molybdate in laboratory and research applications. The Food Grade segment is expected to witness a steady growth rate, owing to the increasing demand for sodium molybdate as a food additive. The Electronic Grade segment is expected to witness a robust growth rate, driven by the rising demand for sodium molybdate in the production of semiconductors and other electronic components.

Sodium Molybdate Market Packaging Type Insights 

The Packaging Type segment of the Global Sodium Molybdate Market is anticipated to witness significant growth in the coming years. In 2023, the Drums segment held the largest market share, accounting for nearly 45% of the Global Sodium Molybdate Market revenue. Drums provide excellent protection against moisture, oxygen, and other environmental factors, making them ideal for storing and transporting sodium molybdate. Bags, with a share of approximately 30%, are another popular packaging type due to their cost-effectiveness and ease of handling. Pails and barrels are also commonly used, particularly for smaller quantities and specialized applications.The "Other Packaging Types" category includes various innovative and customized packaging solutions that cater to specific industry requirements. The Global Sodium Molybdate Market is expected to grow at a CAGR of 4.2% during the forecast period, reaching a valuation of approximately USD 6.57 billion in 2032. This growth can be attributed to the increasing demand for sodium molybdate in various industries, including chemical manufacturing, agriculture, and metallurgy.

Sodium Molybdate Market Regional Insights 

Regionally, North America held the largest market share in 2023, accounting for 34.5%, due to the presence of a large chemical industry and high demand from various end-use sectors. Europe is expected to witness steady growth, driven by increasing demand from the automotive and construction industries. APAC is projected to be the fastest-growing region, owing to the rapid industrialization and urbanization in emerging economies such as China and India. South America and MEA are expected to contribute a smaller share of the overall market due to their relatively smaller industrial bases.

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

Sodium Molybdate Market Key Players and Competitive Insights:

Major players in Sodium Molybdate Market industry are focusing on expanding their global reach and strengthening their product portfolios through strategic acquisitions and partnerships. This competitive landscape is expected to intensify further as leading Sodium Molybdate Market players seek to gain a larger market share and establish a strong competitive advantage. Market development and innovation are key factors driving the growth of the Sodium Molybdate Market, with companies investing heavily in research and development to enhance the efficiency and quality of their products.A leading company in the Sodium Molybdate Market is Albemarle Corporation, a global specialty chemicals company based in the United States. Albemarle offers a wide range of sodium molybdate products, including technical, reagent, and food-grade grades, and has a strong presence in the automotive, electronics, and chemical industries. The company has a well-established global distribution network and a strong focus on customer service, making it a reliable supplier for various industries.A prominent competitor in the Sodium Molybdate Market is Molymet, a leading producer and supplier of molybdenum chemicals based in the Netherlands. Molymet specializes in the production of high-purity sodium molybdate and has a strong presence in the global steel, chemical, and electronics industries. The company has a state-of-the-art production facility and is known for its commitment to quality and innovation. Molymet also provides technical support and expertise to its customers, making it a valuable partner for various businesses.

Key Companies in the Sodium Molybdate Market Include:

• Miba


• A.M. Alloys


• Lianyungang Hualu Molybdenum


• Jangada Mining


• Rio Tinto


• BHP


• M.C.


• Amelar Resources


• China Molybdenum


• Norilsk Nickel


• Climax Molybdenum Company


• Molymet


• JJ Metal Chemicals


• CBMM

Sodium Molybdate Market Industry Developments

The global sodium molybdate market is projected to reach USD 6.57 billion by 2032, exhibiting a CAGR of 4.2% during the forecast period. The market growth is attributed to the increasing demand for sodium molybdate in various industries, including steel, chemicals, and fertilizers. The steel industry is the largest consumer of sodium molybdate, which is used as an alloying agent to enhance the strength and corrosion resistance of steel. The chemical industry uses sodium molybdate as a catalyst in the production of various chemicals, such as pigments and dyes. The fertilizer industry uses sodium molybdate as a micronutrient fertilizer to improve crop yields.Recent developments in the sodium molybdate market include the launch of new products and the expansion of production capacities by key players. For instance, in 2023, Molymet, a leading global supplier of molybdenum products, announced the launch of a new high-purity sodium molybdate product specifically designed for the electronics industry. Additionally, the company announced plans to expand its production capacity in China to meet the growing demand for sodium molybdate in the Asia-Pacific region.

Sodium Molybdate Market Segmentation Insights

Sodium Molybdate Market Application Outlook

• Oil and gas


• Metallurgy


• Agriculture


• Chemical industry


• Textile industry


• Other Applications

Sodium Molybdate Market Product Type Outlook

• Sodium Molybdate Powder


• Sodium Molybdate Solution

Sodium Molybdate Market Grade Outlook

• Industrial Grade


• Technical Grade


• Reagent Grade


• Food Grade


• Electronic Grade

Sodium Molybdate Market Packaging Type Outlook

• Drums


• Bags


• Pails


• Barrels


• Other Packaging Types

Sodium Molybdate Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa