Molybdenum is a silvery metal known
for its high melting point and strength at elevated temperatures. It has
excellent corrosion resistance and is used as an alloying element to enhance
the strength, toughness, and hardenability of steels. Global demand for
molybdenum has consistently increased over the years from growing applications
in the construction, transportation, and manufacturing industries. 
Global Molybdenum Market Size
The global molybdenum market is estimated to be valued at US$ 364.04 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030.
Molybdenum alloys are extensively used in
high-pressure and high-temperature pipes, tanks, valves, and chemical plants
owing to their robust mechanical properties and resistance to corrosion under
extreme conditions. In the construction industry, reinforced steel with
molybdenum content provides long-lasting structures capable of withstanding all
weather elements and natural calamities. Growing building and infrastructure
development activities worldwide have augmented the consumption of molybdenum
and related products.
Key Takeaways
Key players operating in the molybdenum market are Baxter International Inc.,
GlaxoSmithKline plc, Novartis AG, Perrigo Company plc, Caleb Pharmaceuticals,
Inc., Myungmoon Pharma Co. LTD., Alchem International, Phytex Australia,
Centroflora-Cms, Alkaloids of Australia, and Fine Chemicals Corporation. These
companies dominate the market with their wide product portfolios and strong
distribution networks across major countries.
The Global
Molybdenum Market Size provides numerous opportunities for players to
expand their business scopes. Rapid industrialization and urbanization in
emerging economies have created a massive demand for molybdenum-strengthened
construction materials. Moreover, rising investments in renewable energy
generation using wind and solar power will further augment the consumption of
molybdenum turbine components.
Key players are engaged in new product development and capacity expansion
strategies to better cater to the growing global demand. Companies are also
collaborating with major end-use industries to ensure a stable supply of
molybdenum. The market is expected to witness increased mergers and
acquisitions for geographical and application-based expansion over the forecast
period.
Market Drivers
The global construction industry has been growing at a fast pace, especially in
developing Asian countries. Molybdenum alloy-based rebars and structural
I-beams provide robust and long-lasting structures. Their use has significantly
increased in building tall structures, bridges, airports, and other heavy civil
works. This is a major factor driving the growth of the global molybdenum
market.
Market Restrains
Molybdenum ore extraction involves complex mining and processing methods. Major
molybdenum deposits are located in geologically challenging regions with
difficult terrain. This increases exploration and production costs.
Additionally, fluctuations in molybdenum prices affect the operating profits of
mining and metal companies. These financial constraints may hamper market
growth to some extent over the forecast period.
Segment Analysis
Chemical segment dominates the molybdenum market currently. This is because of
its wide usage as an additive in making steel and various alloys. Molybdenum
provides tensile strength and toughness to steel and alloys when added in small
proportions. Rising steel production is driving demand for molybdenum in the
chemical segment globally.
The second largest segment is fertilizers which use molybdenum in manufacturing
nitrogen fertilizers. Molybdenum is an essential micronutrient for plants and
finds application as an additive in fertilizers. This segment is expected to
grow steadily during the forecast period owing to increasing demand for high
yields from agriculture.
Global Analysis
Asia Pacific region holds the leading share in the molybdenum market currently.
China and India are the biggest markets on account of large steel industries in
these countries. China alone accounts for over 50% of global steel production.
Asia Pacific will continue dominating the molybdenum market during the forecast
period with growth led by China, India and other developing Asian countries.
Europe and North America are other major regions for molybdenum due to
developed end-use industries. However, these mature markets are expected to
witness relatively slower growth. On the other hand, regions like Latin America
and Middle East & Africa will emerge as high growth markets supported by
ongoing infrastructure development activities.
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