Molybdenum Market Forecast 2023 - 2031

By Application :

The application is categorized into alloys, stainless-steel, catalysts, fertilizers, foundry, and others. In 2022, the alloys segment accounted for the highest market share of 38.27% in the molybdenum market, and it is also expected to grow at the highest CAGR over the forecast period. Molybdenum is a versatile element that is used in a wide variety of alloys to improve their strength, hardness, ductility, and corrosion resistance. Molybdenum alloys are used in a wide range of applications, including aircraft and automotive parts, construction materials, and oil and gas equipment. The molybdenum is used in the manufacturing of aircraft alloys, automotive alloys, construction alloys, and alloys for the oil and gas industry. Molybdenum is added to aircraft alloys to improve their strength and high-temperature performance. Molybdenum aircraft alloys are used in a variety of aircraft components, such as engine parts, landing gear, and airframes.

Moreover, Molybdenum superalloys are also used in a variety of aircraft engine components, such as turbine blades, vanes, and combustors. Increasing investments in the manufacturing of aircraft is driving the demand for molybdenum across the globe. For instance, in December 2022, Collins Aerospace announced plans to invest USD 200 million in India over the next five years. The investment will be used to expand the company's R&D and production facilities in India. The increasing investments in the development of aircraft manufacturing facilities are driving the demand for molybdenum as an alloy which is driving the segment growth globally.

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By End-user Industry :

The end-user industry segment is categorized into oil and gas, steel industry, chemicals and petrochemicals, automotive, aerospace and defense, electrical and electronics, energy and power, mining, and others. In 2022, the steel industry segment accounted for the highest market share in the overall molybdenum market. The increasing steel production across various parts of the globe is driving the segment growth worldwide. For instance, according to the World Steel Association (worldsteel), China Baowu Group was the world's largest producer of crude steel in 2020, China's steel production increased by 80.67% in 2020, accounting for 115.29 million metric tons which were 63.81 million metric tons in 2017. Thus, the significant growth in steel production is driving the segment growth across the globe.

Moreover, the energy and power segment is expected to hold the highest CAGR over the forecast period. Molybdenum is a versatile element that has several applications in solar energy. It is used in a variety of solar technologies, such as solar cells, solar panels, and solar inverters. Increasing launches of solar energy plants are driving the segment's growth. For instance, in July 2022, the government of India launched the 92 MW Kayamkulam Floating Solar Project in Kerala. The project was set up at the National Thermal Power Corporation's (NTPC) Kayamkulam unit. Modi made the announcement virtually as part of the Ujjwal Bharat Ujjwal Bhavishya-Power @2047 program. The growing initiative for green energy is creating lucrative growth opportunities for molybdenum over the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 38.55% valued at USD 2,043.15 Million in 2022 and USD 2,095.83 Million in 2023, it is expected to reach USD 2,629.84 Million in 2031, and it is also the fastest growing region across the globe, growing with a CAGR of 3.4% over the forecast period. In Asia-Pacific, China holds 22.15% of market share in 2022. The molybdenum market across the Asia Pacific region is growing owing to the significant growth of the variety of industries, such as steel, construction, and automotive. The significant growth in the capacity of steel is driving the market growth across the region. For instance, according to the data published by the Ministry of Steel in India, Capacity for domestic crude steel expanded from 137.97 MT in 2017-18 to 154.06 MT in 2021-22, compound annual growth rate (CAGR) of 3.7%. Crude steel production grew at 4.2% annually (CAGR) from 103.13 MT in 2017-18 to 120.29 MT in 2021-22. Furthermore, growing infrastructure, and manufacturing developments across developed countries such as China is driving the steel production across the region. For instance, according to the report by Organization for Economic Cooperation and Development in February 2022, Crude steel production in Asia increased by 14.0% during the first half of 2021 year-on-year, with China increasing by 10.7%, India by 31.4%, Japan by 13.8% and Korea by 8.3%. All these above-mentioned factors are collectively driving the demand for molybdenum from various end user industries across the Asia Pacific region and creating lucrative growth opportunities for the molybdenum market in the Asia Pacific region.