Molybdenum is a transition metal known for its high melting point and strength at elevated temperatures. It is added to steel and other alloys to enhance strength, toughness, resistance to wear, and resistance to corrosion. The construction industry utilizes molybdenum in rebar, structural beams, and other architectural components due to its robustness. This has driven strong demand for molybdenum.
The global Molybdenum Market is estimated to be valued at US$ 364.04 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The construction industry has seen significant growth over the past few years predominantly in developing economies due to rapid urbanization and industrialization. According to the Global Construction 2030 report, the construction output is projected to grow by 85% to $15.5 trillion worldwide by 2030. This rising demand from the construction sector has accelerated the consumption of steel and other alloys that utilize molybdenum as a key alloying element to enhance strength and durability. The growing construction industry is expected to remain a major driver for the molybdenum market size during the forecast period.
Segment Analysis
The global molybdenum market is segmented based on application and region. Based on application, the market is segmented into chemical, steel, automotive, mining, and others. Among these segments, the chemical segment dominates the global market and accounted for the largest market share in 2021. This is because molybdenum is widely used as catalysts in petrochemical refining, cracking, and sulfur fixation reactions due to its resistance to corrosion and high melting point.
Key Takeaways
The global molybdenum market is expected to witness high growth during the forecast period of 2024 to 2031. The global Molybdenum Market is estimated to be valued at US$ 364.04 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Regional analysis - North America dominates the global molybdenum market with market share of over 35% in 2021. This is attributed to high demand for molybdenum from end-use industries such as chemical and oil & gas in the region.
Key players operating in the molybdenum market are Baxter International Inc., GlaxoSmithKline plc, Novartis AG, Perrigo Company plc, Caleb Pharmaceuticals, Inc., Myungmoon Pharma Co. LTD., Alchem International, Phytex Australia, Centroflora-Cms, Alkaloids of Australia, and Fine Chemicals Corporation.
The global molybdenum market is fragmented in nature with presence of numerous global and regional players operating in the market. Key players are focusing on strategic collaborations and partnerships to strengthen their distribution network and market presence.
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