Electric vehicles is the fastest growing segment fueling the growth of Molybdenum Market
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| Molybdenum Market |
Molybdenum is a silvery metal known for its high melting point and strength at elevated temperatures. It has excellent corrosion resistance and is used as an alloying agent for strengthening steel and cast iron. Molybdenum improves mechanical properties, high-temperature strength and corrosion resistance of steel. It is extensively used in construction, oil and gas, automotive and other industries.
The global
Molybdenum Market is estimated to be valued at US$ 316.0 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Molybdenum has great demand from the manufacturing sector due to its unique
properties such as resistance to heat and corrosion. One of the major trends
fuelling the growth of the market is increasing demand for molybdenum from the
electric vehicle industry. Molybdenum is used in high-strength steel needed for
electric vehicle components such as motor, battery casing and body paneling.
The stringent emission norms and government push for greener mobility is
expected to boost sales of electric vehicles globally, thus driving the demand
for molybdenum over the forecast period.
Segment Analysis
The global molybdenum market is segmented based on type, application, and geography. By type, the market is segmented into fertilizers, chemicals and pigments, corrosion resistant alloys, high-speed steel, refractories, and catalysts. The corrosion resistant alloys segment held the largest market share in 2022 owing to increasing use of stainless steel in various industries like oil and gas, chemical, automotive.
Key Takeaways
The global molybdenum market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing use of corrosion resistant alloys and catalysts in various end-use industries.
Regional analysis
Asia Pacific region held the largest share in the global Molybdenum Market Demand in 2022 and is expected to continue its dominance during the forecast period. Rapid industrialization and growth of end-use industries like construction, oil and gas in China and India are driving the market growth in the region.
Key players
Key players operating in the molybdenum market are BHP Billiton Group, Jinduicheng Molybdenum Co., American CuMo Mining, Thompson Creek metals, Moly Metal LLP, ENF Ltd., Compania Minera Dona Ines De Collahuasi S.C.M., and Freeport McMoran. BHP Billiton Group is one of the largest molybdenum producer in the world with operations across various countries.
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