Molybdenum is an important alloying metal that improves the quality of steel. It imparts excellent corrosion and high-temperature resistance properties to steel used in oil and gas pipelines, power plants, desalination plants, petrochemical facilities and in aircraft and strategic industries. Molybdenum based alloys can withstand high temperatures like those experienced by jet engine parts and components used in nuclear power plants.
The global Molybdenum Market is estimated to be valued at Us$ 316 Bn in 2023 and is expected to exhibit a CAGR Of 9.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for molybdenum from the steel industry has accelerated the growth of the molybdenum market. Steel production has witnessed strong growth over the past few years driven by increasing demand from the construction sector, particularly in developing countries. Molybdenum plays a vital role in adding strength and preventing corrosion in high-strength and stainless steels which finds widespread application in buildings, infrastructure, automotive, machinery etc. The continued growth of the global construction sector and industrialization in Asia Pacific and African regions will drive the growth of the steel industry, fueling the demand for molybdenum over the forecast period.
Segment Analysis
The global molybdenum market is dominated by the metallurgy and chemicals sub-segment. This sub-segment accounts for over 65% of the total market share as molybdenum finds wide application in making alloys and chemicals. Being heat and corrosion resistant, molybdenum alloys are used across various industries like oil and gas, aerospace, and automotive for making engines, valves, and other components requiring high strength at elevated temperatures. The chemicals sub-segment consumes molybdenum for manufacturing molybdenum trioxide,ammonium dimolybdate, and other chemicals that find diverse industrial applications.
Key Takeaways
The Global Molybdenum Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 316 Bn in 2023 to US$ 987 Bn by 2030, registering a CAGR of around 9.2% during the same period.
Regional analysis
Asia Pacific region currently holds the highest share in the global molybdenum market. Abundant reserves of molybdenum in countries like China and strong demand from industries have made Asia Pacific the fastest growing as well as dominating regional market. Growing manufacturing sector in India and other Southeast Asian countries is further propelling the consumption of molybdenum in the region.
Key players
Key players operating in the molybdenum market are Marriott International, Inc., Hilton Worldwide Holdings Inc., Accor S.A., InterContinental Hotels Group PLC. These players are focusing on capacity expansion and new product launches to consolidate their position further. For instance, Marriott International recently opened a new hotel in Shanghai, China to tap the growing Chinese market.
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