Innovations & Trends Within Molybdenum (Mo) Market: What is Expected During 2024- 2030

December 23, 2024 akio01

How Big is the Molybdenum (Mo) Market?

The Global Molybdenum (Mo) Market size was valued at around USD 5.32 billion in 2023 & is anticipated to reach around USD 6.70 billion by 2030. The market is also estimated to grow at a CAGR of around 3.92% during the forecast period, i.e., 2024-30. The Global Molybdenum Market has seen a rise in the production volume of the element rising from 575.4 million pounds (mlbs) to 627.4 mlbs. Asia-Pacific holds the biggest pie in terms of production volume with China dominating the market. China has significantly increased its Molybdenum production output since 2019 from 205.6 mlbs to 281.8 mlbs in 2023. The second largest region of Molybdenum production is South America. Since 2019, the South American region has observed a decline of 10% in the elements production. While at the same time, element production in the rest of the world fell by 3%. The primary reason for this decline is attributed to rising environmental regulations and falling ore grades.

Market Statistics

Market Size in 2023: USD 5.32 billion
Market Size By 2030: USD 6.70 billion
Market Growth Rate (CAGR): 3.92% from 2024-2030

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Molybdenum (Mo) Market Insight:

Driver-

Increasing Global Steel Production – The rise in steel production is the primary driver for molybdenum usage in the Global Molybdenum Market, it is to the point that 71% of the molybdenum was consumed in the production of various steel grades, amounting to 447.3 million pounds (184,058.4 metric tons) in 2023. The steel production will pick up its pace with the rise in demand. According to the World Steel Association, the short-term forecast for steel demand accounts for an increase of 2.96% from 1,599.4 million metric tons in 2023 to 1,646.7 million metric tons in 2025. Also, as the inflationary pressure on the global economy wanes due to high interest rates by the central banks over a prolonged period, any interest rate cut can lead to economic recovery boosting the steel demand. For instance,

In June 2024, the European Central Bank lowered its interest rate by 25 basis points. The expectation for this resulted in a slight increase in production from April on a YoY basis. However, with the announcement, a significant rise in steel production of 5.1% on a YoY basis for June was observed in the European Union, this continued with the increase of 5.7% for July month yearly.

The decision to cut interest rates by major economies as the inflationary pressure declines can promote massive recovery in the global economy. This can lead to a rise in steel demand and production leading to growth in the Global Molybdenum Market.

Molybdenum (Mo) Market Segmentation:

The report has segmented the market into the following categories:

By Application

Electric Conductivity- Market Size & Forecast 2019-2030, Thousand Tons
Imaging- Market Size & Forecast 2019-2030, Thousand Tons
Metal Alloys- Market Size & Forecast 2019-2030, Thousand Tons
Catalyst- Market Size & Forecast 2019-2030, Thousand Tons
Others- Market Size & Forecast 2019-2030, Thousand Tons

By End-User

Oil & Gas- Market Size & Forecast 2019-2030, Thousand Tons
Chemical & Petrochemical- Market Size & Forecast 2019-2030, Thousand Tons
Electronics- Market Size & Forecast 2019-2030, Thousand Tons
Iron & Steel- Market Size & Forecast 2019-2030, Thousand Tons
Energy & Power- Market Size & Forecast 2019-2030, Thousand Tons
Others (Aerospace & Defense, etc.)- Market Size & Forecast 2019-2030, Thousand Tons

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

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Competitive Landscape:

Multi Metal Development Limited
Anglo American
BHP (Peru Antamina)
Antofagasta PLC
Centerra Gold Inc.
CMOC Group
Codelco
Freeport-McMoRan (Climax Molybdenum)
Grupo Mexico
Plansee
Rio Tinto
Zijin Mining Group Co., Ltd.
ABSCO Limited
KGHM

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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Key Highlights of the Report:

Market Performance (2024-2030)
Strategic Recommendations
Current, Historical and Future Market Trends
Market Drivers and Leading Competitor
SWOT Analysis
Structure of the Market
Comprehensive Mapping and Recent Advancement

Other Report:

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