According to the latest report by IMARC Group, titled "Molybdenum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global molybdenum market size reached 5,589 Tons in 2022. Molybdenum (Mo) is a chemical element that belongs to the group of transition metals and is known for its high melting point, strength, and corrosion resistance. It has a silvery-white appearance and is commonly found in various minerals. It is primarily obtained as a byproduct of copper mining and is used in numerous industrial applications. Due to its high melting point, molybdenum is often utilized in the production of high-temperature alloys, such as stainless steel and superalloys. It also acts as a catalyst in chemical reactions and finds application in the petroleum refining and chemical industries. It is a crucial component of enzymes involved in nitrogen fixation and plays a role in the metabolism of sulfur-containing amino acids.
Global Molybdenum Market Trends:
The global market is primarily driven by the widespread product demand from the industrial sector. Molybdenum is primarily used as an alloy in the production of steel due to its ability to enhance strength, hardness, and corrosion resistance, which is acting as a significant driver for the market. Additionally, molybdenum plays a vital role in energy production as it is used in the manufacturing of superalloys for gas and steam turbines used in power generation, thereby creating a positive market outlook. Moreover, the increasing investments in infrastructural development projects, such as bridges, highways, and buildings, require steel reinforcement is providing a boost to the demand for molybdenum. Apart from this, molybdenum is also used in several environmental applications, including wastewater treatment and air pollution control systems on account of the stringent environmental regulations and a growing focus on sustainable practices, which have resulted in increased molybdenum usage in these sectors. Some of the other factors driving the market further include rapid urbanization and industrialization and widespread product adoption in various industrial applications, including chemicals, lubricants, electronics, and catalysts. On account of the aforementioned factors, the market is anticipated to reach a value of 6,596 Tons by 2028, exhibiting a CAGR of 2.6% during 2023-2028.
- On the basis of the product type, the market has been categorized into steel, chemical, foundry, molybdenum metal and nickel alloy.
- Based on the sales channel, the market has been segmented into manufacturer/distributor and aftermarket.
- On the basis of the end use, the market has been classified into oil and gas, automotive, heavy machinery, energy, aerospace and defense and others.
- Region wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include ABSCO Limited, American CuMo Mining Corporation, Centerra Gold Inc., China Molybdenum Co. Ltd., China Rare Metal Material Co. Ltd., Codelco, Freeport-McMoRan Inc., Grupo México, Jinduicheng Molybdenum Co. Ltd, KGHM Polska Miedz S.A., Molten Corporation and Moly Metal L.L.P.
|Base Year of the Analysis
||Product Type, Sales Channel, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABSCO Limited, American CuMo Mining Corporation, Centerra Gold Inc., China Molybdenum Co. Ltd., China Rare Metal Material Co. Ltd., Codelco, Freeport-McMoRan Inc., Grupo México, Jinduicheng Molybdenum Co. Ltd, KGHM Polska Miedz S.A., Molten Corporation and Moly Metal L.L.P.
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