Global Molybdenum (Mo) Market Overview:
According to MarkNtel Advisors study 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.
Key Findings of the Study: Molybdenum (Mo) market
Global Molybdenum Market 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.
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Scope of the Molybdenum (Mo) Market Report Segmentation
-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
For more detailed information about the Molybdenum (Mo) market report, click here – https://www.marknteladvisors.com/research-library/molybdenum-market.html
Geographical analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Asia-Pacific will remain the leading player in the Global Molybdenum Market, which is mainly due to China. China is the largest producer of Molybdenum globally.
China is the largest producer of Mo mainly due to the country holding its large reserves and considers it a strategic resource. According to the United States Geological Survey, four countries, China, the United States, Chile, and Peru have 92% control of total molybdenum resources. On the demand side, there will be a large consumption of Mo due to China’s need for high-end steel variants for further high-quality infrastructure development. According to Antaike China, investments in wind power will require 300,000 tonnes of molybdenum by 2050. The Chinese government’s 14th Five-Year Plan involves massive upgradation of the manufacturing industry. The development of this will lead to the revitalization of the steel industry, leading to an increase in the production of special steel in the country.
Global Molybdenum Industry Recent Development:
- May 2024: Anglo American is planning to invest more than USD 80 million in Peru. This step is regarding the company looking to add six-ore floatation cells for better copper and molybdenum recovery.
Current Landscape of Molybdenum (Mo) Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Molybdenum (Mo) market. The research report profiles major players, including
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- 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
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