Press Release

A USD 5.32 Billion Global Molybdenum Market to Accelerate at an Estimated CAGR of 3.92% During 2024-30

The Global Molybdenum Market size was valued at around USD 5.32 billion in 2023 & is projected to reach around USD 6.70 billion by 2030. The market is anticipated to grow at a CAGR of about 3.92% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Since 2019, there has been a rising trend in the production and usage of molybdenum. Global molybdenum production increased to 627.4 mlbs in 2023 from 575.4 mlbs in 2019. At the same time, the global consumption of the element has also increased from 576.3 mlbs in 2019 to 630 mlbs in 2023. The rise in production and usage is mainly from the Asia-Pacific region, as there is a decline in production in the rest of the world. Europe, the second-largest user of the element has shown an 8% fall in its molybdenum usage since 2019. In the Asia-Pacific region, China is the biggest driver due to the country being the biggest producer and consumer of molybdenum. The primary reason is that China considers Mo a strategic resource and holds some of the largest global reserves. Also, China is the largest steel producer in the world, accounting for 53.9% of the total global steel production in 2023.

The steel industry consumes enormous amounts of molybdenum in the manufacturing of special and high-end steel. According to the International Molybdenum Association (IMOA), more than 50% of the total molybdenum production is used in the iron and steel industry. In 2023, ~71% of the total global molybdenum production was used in the manufacturing of engineering steel, stainless steel, and tool steel. The steel production in 2023 stands at 1,888.2 million metric tons. With the interest rate cuts and global economic recovery following it will introduce a demand in steel production of different grades. According to the World Steel Association’s short-term outlook, global steel to 1,646.7 million metric tons in 2025 from 1,599.4 million metric tons in 2023. With steel being the main growth driver, recovery in its demand growth in the future will provide growth to the usage of molybdenum globally, further states the research report, “Global Molybdenum Market Analysis, 2024.”

Segmentation Analysis

Metal Alloys Segment Holds the Largest Market Share

Based on the application, the market is further bifurcated into, Electric Conductivity, Imaging, Metal Alloys, catalysts, and Others. Metal Alloys segment currently holds the largest market share in the Global Molybdenum Market and will continue to be the dominating segment over the forecasted period. The global demand for molybdenum is highly correlated with the demand growth of the iron and steel industry. The main reason for this is due to ~71% of the total global molybdenum production is used in manufacturing steels of different grades. Apart from this 3% of the total Mo produced is used in nickel alloys, amounting to 18.9 mlbs in 2023.

Asia-Pacific Region Leads the Molybdenum Industry

Asia-Pacific region is the leader in both the production and consumption of molybdenum due to the presence of a massive steel production hub in China. In 2023, the total global molybdenum production stood at 627.4 million pounds. Out of the total global molybdenum production in 2023, China was responsible for ~45% of it amounting to 281.8 mlbs, Additionally, China is also the largest consumer of Mo. The country consumed 278.5 million pounds of Mo in 2023. China considers Mo a strategic resource and holds some of the largest global reserves of it. The demand for special and high-end steel in China will rise due to the Chinese Government’s 14^th Five-Year Plan to upgrade the country’s manufacturing industry leading to the upgradation of steel manufacturing as well. According to Antaike China, investments in wind power can lead to an estimated consumption of 300,000 tonnes of molybdenum usage by 2050.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including 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, and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2024-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?