Market Overview 2022-2027
The latest research study “Global Molybdenum Market Outlook, Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global molybdenum market reached a volume of 5,400 Tons in 2021. Looking forward, IMARC Group expects the market to reach a volume of 6,429 Tons by 2027, exhibiting a CAGR of 2.80% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
Molybdenum represents a silvery-white, highly ductile, and corrosion-resistant metal that offers excellent mechanical stability as well as strength at high temperatures. It is extensively used in rotating X-ray anodes that further find application in clinical diagnostics, glass melting furnace electrodes, sprayed coatings of automotive piston rings, machine components to reduce friction, etc. In line with this, molybdenum is widely utilized across various sectors, such as oil and gas, chemical, construction, aerospace, defense, etc., across countries.
Global Molybdenum Market Trends and Drivers:
The escalating product demand in the steel industry for increasing the hardenability, toughness, and tensile strength of steel is primarily driving the molybdenum market. In addition to this, the growing adoption of molybdenum in electronic devices, including TVs, computers, remote controls, etc., owing to its optimal expansion under high-temperature conditions, is further catalyzing the market growth across the globe. Besides this, the rising product utilization to stabilize control surfaces for ailerons, elevators, and rudder sections of aircraft, helicopter rotor blades, cockpit equipment, etc., is acting as another significant growth-inducing factor. Apart from this, the inflating popularity of molybdenum as a catalyst in petroleum refineries to assist in refining petroleum products and removing sulfur from natural gas is anticipated to fuel the molybdenum market over the forecasted period.
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|Molybdenum Market Report Scope|
|Market size volume in 2021||US$ 5,400 Tons|
|Market forecast in 2027||US$ 6,429 Tons|
|Growth Rate||CAGR of 2.80% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product Type, Sales Channel, End Use and Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||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 Mied? S.A., Molten Corporation and Moly Metal L.L.P.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Product Type:
- Molybdenum Metal
- Nickel Alloy
Breakup by Sales Channel:
Breakup by End Use:
- Oil and Gas
- Heavy Machinery
- Aerospace and Defence
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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 Mied? S.A., Molten Corporation and Moly Metal L.L.P.
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