Molybdenum Market Size: 2024 Outlook
The global Molybdenum Market is poised for significant growth from 2024 to 2030, with an anticipated increase in value from USD 5.32 billion in 2023 to approximately USD 6.70 billion by 2030. This growth trajectory is driven by rising demand in the iron and steel industries, where molybdenum is extensively utilized in alloy manufacturing. The market is expected to account for a compound annual growth rate (CAGR) of around 3.92% during the forecast period. As manufacturing processes evolve and global infrastructure projects ramp up, molybdenum’s importance is set to expand, positioning it as a critical material for various applications.
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Molybdenum Market Statistics
- The Molybdenum Market was valued at USD 5.32 billion in 2023.
- It is expected to reach approximately USD 6.70 billion by 2030, demonstrating strong growth.
- Over 50% of global molybdenum consumption is attributed to the iron and steel industry.
- China’s molybdenum production alone grew from 205.6 million pounds in 2019 to 281.8 million pounds in 2023.
- The Asia-Pacific region dominates both production and consumption of molybdenum, driven by significant industrial growth.
Competitive Landscape of Molybdenum Market
The Molybdenum Market is characterized by a competitive environment where various key players are striving to enhance their market positions through strategic expansions and innovations. The major players dominate with advanced technologies and broad distribution networks, ensuring resource availability and reliability in supply chains. Companies are investing in sustainable practices to align with increasing environmental regulations, making the market increasingly dynamic.
Key Players Dominating the Molybdenum Market
- 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
- Others
Trends in Molybdenum Market
The Molybdenum Market is witnessing a trend towards the adoption of advanced technologies such as IoT and 5G, driving the increased utilization of molybdenum in semiconductors and computer chips. As digitalization accelerates, the demand for high-performance alloys and components that leverage molybdenum’s properties—like thermal and electrical conductivity—is expected to rise sharply. This trend signals a burgeoning intersection between technology and material science, enhancing the role of molybdenum in modern manufacturing.
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Recent Developments in the Molybdenum Industry
- In May 2024, Anglo American announced plans to invest over USD 80 million in Peru to enhance molybdenum recovery through the addition of six ore flotation cells.
Segmentation of Molybdenum Market
The global Molybdenum Market is segmented based on application and end-user industries:
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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Table of Content (TOC)
- Table 1: Market Size & Analysis by Revenues (USD Million)
- Table 2: Market Size & Analysis by Volume (Thousand Tons)
- Table 3: Market Share & Analysis by Application – Forecast 2019-2030, Thousand Tons
- Table 4: Market Share & Analysis by End-User – Forecast 2019-2030, Thousand Tons
- Table 5: Molybdenum Market Outlook by Region
- Table 6: North America Molybdenum Market Size & Analysis
- Table 7: South America Molybdenum Market Size & Analysis
- Table 8: Europe Molybdenum Market Size & Analysis
- Table 9: The Middle East & Africa Molybdenum Market Size & Analysis
- Table 10: Asia-Pacific Molybdenum Market Size & Analysis
- Table 11: Company Profiles Overview
- Table 12: Competitive Outlook – Key Players in the Market
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