Molybdenum Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Molybdenum Market Analysis
The Molybdenum Market is estimated to witness healthy growth, at an estimated CAGR of greater than 4%, over the forecast period.
COVID-19 has negatively affected the Molybdenum Market. However, the rising demand for steel in various industries is propelling the consumption of molybdenum.
- The increasing steel production in Asia-Pacific and growing demand from the energy sector are expected to drive market growth.
- The high cost of molybdenum will likely hinder the market's growth.
- Increasing demand for molybdenum-bearing chemicals is likely to augment the market's growth in the future.
- Asia-Pacific holds the major share in the consumption of molybdenum. The region is also expected to witness the fastest growth during the forecast period, owing to the largest automotive production in China and the growing construction industry within the region.
Molybdenum Market Trends
This section covers the major market trends shaping the Molybdenum Market according to our research experts:
Increasing Demand from the Aerospace and Defense Industry
- Molybdenum is one of the essential materials for the aerospace and defense industry because of its various properties, such as high-temperature stability, tensile strength, density, radiation protection, and excellent material machinability.
- In the aerospace industry, molybdenum reduces vibration and improves pilot and passenger comfort, as the material has high strength and less weight. It is also used to stabilize control surfaces for ailerons, elevators, and rudder sections of aircraft, helicopter rotor blades, and cockpit instrumentation.
- India is the ninth-largest civil aviation market in the world and is projected to become the largest by 2030. At present, there are 153 airports in the country, and it is anticipated to increase to 190-200 by FY 2040. The rising fleet size is expected to escalate the number of airplanes to 1,100 by 2027.
- In September 2021, the Ministry of Defence (MoD) signed a contract with M/s Airbus Defence and Space, Spain, for the acquisition of 56 C-295MW transport aircraft for the Indian Air Force.
- According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year due to the existing fleet getting older.
- According to the CBO (Congressional Budget Office), the UStates'States defense spending was USD 742 billion in 2021 and increased to USD 760 billion in 2022. Further, it is expected to reach around USD 1 trillion by 2032, propelling molybdenum usage in the sector.
- Overall, a steady growth rate in the aerospace and defense industry and an increase in molybdenum applications in the segment are expected to provide a huge opportunity for the molybdenum market to grow.
China to Dominate the Market in the Asia-Pacific Region
- Asia-Pacific is expected to have the largest market globally for molybdenum during the forecast period. Rapid industrialization and rising consumption are expected to boost the market.
- China is among the largest producer of molybdenum in the world. Major producers of molybdenum in the country are China Molybdenum Co. Ltd, Rio Tinto, and Jjinduicheng Molybdenum Group Co. Ltd, among others.
- According to International Molybdenum Association (IMOA), China's produced 63.1 million pounds of molybdenum in Q2 2022, an increase of 4% when compared to the previous quarter but a rise of 14% when compared to the same quarter of the previous year.
- The steel industry is one of the largest consumers of molybdenum in the country. In 2021, the annual production capacity of crude steel in the country stood at 1,032.8 metric tons registering more than 50% of global production, hence providing huge demand for molybdenum in the country.
- China has increased its 2022 defense budget by 7.1 percent to CNY 1.45 trillion (USD 229 billion) at a quicker pace than last year's growth. Also, by 2025, China's total number of aircraft will likely reach 5,343, according to the reports issued by the Aviation Industry Development Research Center of China, thus augmenting the market studied.
- Therefore, with the increasing demand for molybdenum from various end-user industries, production is expected to increase further during the forecast period.
Molybdenum Industry Overview
The Molybdenum Market is a consolidated market, with the top players accounting for a major chunk of the market. Key players in the molybdenum market include Anglo American, Rio Tinto, Antofagasta PLC, Grupo México, and China Molybdenum Co. Ltd, among others (not in particular order).
Molybdenum Market Leaders
Anglo American
Rio Tinto
Antofagasta plc
Grupo México
China Molybdenum Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Molybdenum Market News
- June 2022: Kennecott Exploration (KEX), a partner of Alderan Resources in the Frisco copper project in Utah, drilled for copper and molybdenum on the Copper Gulch potential. A Rio Tinto subsidiary, KEX, invested USD 30 million and has the right to 10-year exploration, giving it 70% ownership in Frisco.
Molybdenum Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Steel Production in the Asia-Pacific Region
4.1.2 Growing Demand from the Energy Sector
4.2 Restraints
4.2.1 High Cost of Molybdenum
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Import and Export Trends
4.6 Price Trends
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 End Product
5.1.1 Steel
5.1.2 Chemical
5.1.3 Foundry
5.1.4 MO-Metal
5.1.5 Nickel Alloy
5.1.6 Other End Products (Other Alloys)
5.2 End-user Industry
5.2.1 Oil and Gas
5.2.2 Chemical and Petrochemical
5.2.3 Automotive
5.2.4 Industrial Usage
5.2.5 Building and Construction
5.2.6 Aerospace and Defense
5.2.7 Other End-user Industries
5.3 Geography
5.3.1 Production Analysis
5.3.1.1 China
5.3.1.2 United States
5.3.1.3 Chile
5.3.1.4 Peru
5.3.1.5 Mexico
5.3.1.6 Armenia
5.3.1.7 Other Countries
5.3.2 Consumption Analysis
5.3.2.1 Asia-Pacific
5.3.2.1.1 China
5.3.2.1.2 India
5.3.2.1.3 Japan
5.3.2.1.4 South Korea
5.3.2.1.5 Rest of Asia-Pacific
5.3.2.2 North America
5.3.2.2.1 United States
5.3.2.2.2 Canada
5.3.2.2.3 Mexico
5.3.2.3 Europe
5.3.2.3.1 Germany
5.3.2.3.2 United Kingdom
5.3.2.3.3 Italy
5.3.2.3.4 France
5.3.2.3.5 Russia
5.3.2.3.6 Rest of Europe
5.3.2.4 Rest of the World
5.3.2.4.1 South America
5.3.2.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AMERICAN CUMO MINING CORPORATION
6.4.2 Anglo American
6.4.3 Antamina
6.4.4 Antofagasta PLC
6.4.5 Centerra Gold Inc.
6.4.6 China Molybdenum Co. Ltd
6.4.7 Codelco
6.4.8 Freeport-McMoRan
6.4.9 Grupo Mexico
6.4.10 Jinduicheng molybdenum group Co. Ltd
6.4.11 MOLTUN
6.4.12 Rio Tinto
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Demand for Molybdenum-bearing Chemicals
Molybdenum Industry Segmentation
Molybdenum is a silver-gray metal typically mined as a by-product of copper and tungsten extraction. Molybdenum improves strength, hardenability, weldability, toughness, increased temperature strength, and corrosion resistance when added to steel and cast irons. The Molybdenum Market is segmented by end product, end-user industry, and geography. By end product, the market is segmented into steel, chemical, foundry, MO-metal, nickel alloy, and other end products. As per the end-user industry, the market is segmented into oil and gas, chemical and petrochemical, automotive, industrial usage, building and construction, aerospace and defense, and other end-user industries. The report also provides insight into the production analysis in various countries worldwide. The report also covers the consumption market size and forecasts for the market in 12 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (kilotons).
| End Product | |
| Steel | |
| Chemical | |
| Foundry | |
| MO-Metal | |
| Nickel Alloy | |
| Other End Products (Other Alloys) |
| End-user Industry | |
| Oil and Gas | |
| Chemical and Petrochemical | |
| Automotive | |
| Industrial Usage | |
| Building and Construction | |
| Aerospace and Defense | |
| Other End-user Industries |
| Geography | ||||||||||||||||||||||||||
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Molybdenum Market Research FAQs
What is the current Molybdenum Market size?
The Molybdenum Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Molybdenum Market?
Anglo American, Rio Tinto, Antofagasta plc, Grupo México and China Molybdenum Co., Ltd. are the major companies operating in the Molybdenum Market.
Which is the fastest growing region in Molybdenum Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Molybdenum Market?
In 2024, the Asia Pacific accounts for the largest market share in Molybdenum Market.
What years does this Molybdenum Market cover?
The report covers the Molybdenum Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Molybdenum Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the current trends and dynamics in the Molybdenum Industry?
The current trends and dynamics in the Molybdenum Industry are a) Increasing use of molybdenum as a catalyst in the chemical industry b) Rising demand for molybdenum in the aerospace and defense industry c) Surging need for molybdenum in the energy sector
Molybdenum Industry Report
The global molybdenum market is on a significant growth path, driven by rising demand in industries and regions worldwide. Renowned for its high-temperature stability, tensile strength, and corrosion resistance, molybdenum is crucial in producing high-strength steel alloys essential for construction, transportation, and energy sectors. The market, segmented by end-products like steel, chemicals, foundries, Molybdenum (MO) metals, and nickel alloys, sees steel as its dominant segment due to its broad industrial application. It serves various end-use industries, including oil and gas, chemical and petrochemical, automotive, and aerospace and defense. The Asia-Pacific region, especially China, leads due to its vast steel production. Despite facing challenges like high costs and limited reserves, opportunities in renewable energy and new applications for molybdenum are emerging. Molybdenum producers play a key role in catering to the growing demand for molybdenum-bearing chemicals and the energy sector's expansion. With Mordor Intelligence™ Industry Reports highlighting market share, size, and revenue growth, the molybdenum market is poised for continued expansion across segments and regions. Get a sample of this industry analysis as a free report PDF download.
