The global sodium molybdate market is poised for significant growth, with an anticipated worth of US$ 2.62 billion in 2022, and a projected compound annual growth rate (CAGR) of 7% during the period from 2022 to 2032. By 2032, the market is expected to reach a valuation of US$ 5.15 billion. This substantial growth is indicative of increasing demand for sodium molybdate across various industries, reflecting its versatile applications and the evolving market dynamics over the forecast period.
Sodium molybdate, a versatile inorganic compound, is gaining traction in various industries owing to its diverse applications. Comprising sodium, molybdenum, and oxygen, this compound has found its place in sectors such as agriculture, water treatment, and manufacturing. The sodium molybdate market is witnessing steady growth, driven by its role as a corrosion inhibitor, nutrient in agriculture, and catalyst in chemical processes.
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Key Drivers of the Sodium Molybdate Market:
- Corrosion Inhibition in Various Industries: Sodium molybdate’s corrosion-inhibiting properties make it a vital component in industries such as automotive, aerospace, and manufacturing. It is often used as an additive in coolants and anti-corrosion coatings, safeguarding metallic components against deterioration.
- Agricultural Applications: The agriculture sector utilizes sodium molybdate as a molybdenum fertilizer. Molybdenum is an essential micronutrient for plants, playing a crucial role in nitrogen fixation and overall plant growth. As farmers strive to enhance crop yield and quality, the demand for sodium molybdate in agriculture continues to rise.
- Water Treatment: Sodium molybdate’s effectiveness in preventing scale formation and corrosion in water systems contributes to its adoption in water treatment processes. Municipalities and industrial facilities use it to maintain the integrity of water distribution systems, boilers, and cooling towers.
- Catalyst in Chemical Processes: The catalytic properties of sodium molybdate make it valuable in various chemical reactions, including the production of fine chemicals and pharmaceuticals. As the chemical industry expands, the demand for sodium molybdate as a catalyst is expected to grow.
Sodium Molybdate Market: Key Players
- Climax molybdenum
- Chem-met Company
- Jinduicheng molybdenum co.ltd
- Grishma metal technology
- Columbus Chemical Industries, Inc.
- Nippon Inorganic Colour & Chemical
- Luoyang Dingding Molybdenum and Tungsten Material CO., LTD,
- Anqing Yuetong Molybdenum Co., Ltd
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Sodium Molybdate Market: Segmentation
Based on application
- Water treatment
- Fertilizer
- Pigments & dye
- Corrosion inhibition
- Others
Based on product type
- Crystal
- Solution
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