Molybdenum Market Projection: Expected to Achieve USD 500 Billion by 2033, Growing at 4.7% CAGR | FMI Reports

molybdenum market

The molybdenum market size is projected to be valued at USD 316.0 billion in 2023 and is expected to rise to USD 500 billion by 2033. The sales of molybdenum are anticipated to grow at a significant CAGR of 4.7% during the forecast period.

The increasing use of molybdenum in electronics, electrical devices, and medical equipment, due to its high electrical conductivity, is driving growth in the global molybdenum market. Additionally, the rising adoption of molybdenum in thermal spray coatings and the aerospace and defense sectors is expected to further propel market growth from 2023 to 2033.

Empower Your Strategy: Sample Our Insightful Report for a Competitive Edge!

Molybdenum is also utilized in material processing equipment and high-temperature furnaces, contributing to the growth of the global molybdenum market. However, molybdenum’s unsuitability for continuous service at temperatures above 500°C in an oxidizing atmosphere without adequate protection is a factor that may impede market growth over the forecast period.

The rising demand for molybdenum and its alloys in consumer devices is expected to create numerous market opportunities.

Key Takeaways from Market Study

The robust spending on defense budgets and various advancements in aviation technologies in the United States is leading the market towards a revenue contribution of US$ 177.1 billion by 2033.

Japan is one of the most lucrative regions of all, witnessing a growth rate of over 12.5% due to various infrastructural development programs. Furthermore, Japan also exports a heft amount (9.9%) of molybdenum to the global market.

Good trade relations with molybdenum-producing countries have made the U.K. a significant consumer of molybdenum. It is expected to grow at a CAGR of 3.8% and register a revenue share of US$ 21.0 billion by 2033.

Stainless steel is the front runner in the application segment growing at a significant rate of 4.2% due to its various beneficial characteristics combined with surging high demand in various end-user industries.

Molybdenum is widely used in the chemical and petrochemical industries as a catalyst. Molybdenum catalysts are most commonly used in the hydrodesulfurization (HDS) of petroleum, petrochemicals, and coal-derived liquids, leading the market to a growth trajectory of 4.0%.

Personalize Your Experience: Ask for Customization to Meet Your Requirements!

Manufacturers are focusing on market expansion strategy

Manufacturers are concentrating on the production and supply of molybdenum for the consumer base in order to maintain market share. Key players are increasing their market penetration by expanding their global presence. In order to penetrate and sustain in a price-sensitive market, new entrants must thoroughly research the molybdenum market.

Many industries, including oil and gas, infrastructure, energy production, and automotive, are focusing on Steel Moly alloy products for consumers, thereby sustaining market growth and creating new opportunities for new entrants.

Cadila Healthcare’s (Zydus Cadila’s) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL) sold its molybdenum business for nearly INR 3,000 crore to a consortium led by Multiples Alternate Asset Management in May 2021.

Maximize Growth Opportunities: Purchase Our Report for Crucial Insights!

Some of the Key Players Operating in the market include:

  • BHP Billiton Group
  • Jinduicheng Molybdenum Co.
  • American CuMo Mining
  • Thompson Creek metals
  • Moly Metal LLP
  • ENF Ltd.
  • Compania Minera Dona Ines De Collahuasi S.C.M.
  • Freeport McMoran

Molybdenum Market by category

End-user Industry:

  • Oil and Gas
  • Chemicals and Petrochemicals
  • Automotive
  • Mechanical Engineering
  • Building and Construction
  • Power Generation
  • Aerospace and Defence
  • Electronics and Medical
  • Process Industry
  • Other Industries

By Application:

  • Full Alloy
  • Stainless Steel
  • HSLA
  • Tools
  • Carbon
  • Cast Iron
  • Catalysts
  • MO Metal Alloy
  • Super alloy
  • Other Applications

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries:
LinkedInTwitterBlogs | YouTube

Leave a comment

Your email address will not be published. Required fields are marked *