Global Molybdenum Market to Grow at 3.8% CAGR by 2026
Molybdenum is used in various sectors including industrial, aerospace, consumer, medical, energy, agricultural and transportation. Molybdenum is a silvery-white hard metal and possesses the sixth highest melting point of any metal and is commonly used in creating high strength alloys and super alloys.
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When molybdenum is added to steel and cast iron, it brings many desirable properties to them such as improves the hardness, strength and weld ability. It also elevates the temperature strength of steel and makes it corrosion resistant. When molybdenum is added to nickel-based alloys, it brings high-temperature deformation and gives a high resistance to corrosion.
The APEJ market is expected to dominate the global molybdenum market in terms of volume in 2017, and the trend is projected to grow throughout the forecast period. The APEJ molybdenum market is the most attractive market, growing at a CAGR of 4.1% over the forecast period. The Oil and Gas is one of the large end-use industries in the market, which represents 55,678.1 Mn lb of the market, or 20.9% in 2017, and 80,061.9 Mn lb in 2026, or 21.5%, and a CAGR of 4.1%. It is growing at 4,876.8 Mn lb annually over the course of the forecast period, and this absolute growth is larger than the any other segment.
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Molybdenum to Witness High Adoption in the Oil & Gas Industry
Albeit the current cost of oil is low, molybdenum is expected to find a large end use in the oil & gas industry. Increasing investment in capacity, with subsequent oversupply for weak demand has resulted into reduced capital spending on molybdenum-related projects. However, with equilibrating oil market, recovering of prices, and investment returns, a sharp upturn will be observed in the demand for molybdenum for end use in the oil & gas industry.
Meanwhile, a relatively faster expansion is projected for molybdenum sales for end use in the chemicals & petrochemicals sector. Revenue from the sale of molybdenum for end use in mechanical engineering and automotive sectors will also account major shares of the market by 2026 end.
APEJ to Remain a Large and Fast-growing Market for Molybdenum
Asia-Pacific excluding Japan (APEJ) is considered to be the hub for the production and sale of steel. Robust increase in economic expansion and industrialization in APEJ countries such as India, South Korea, and China has led to rise in infrastructural development in the region, which in turn is propelling the demand for steel and its alloys. As molybdenum forms an integral part of various types of steel, its demand is likely to spur in APEJ. APEJ will continue to be a large as well as fast-growing market for molybdenum.
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Europe, followed by North America, is also expected to remain lucrative in terms of growth in the global molybdenum market, however the latter will exhibit a relatively higher CAGR through 2026. Latin America’s contribution to expansion of the global molybdenum market will remain lower during the forecast period.
In terms of revenue, full alloy will continue to be the most lucrative application segment, followed by stainless steel. However, the sale of molybdenum for stainless steel production will register a comparatively faster expansion than that for full alloy through 2026. In addition, catalysts and HSLA will continue to be the fastest expanding applications of molybdenum throughout the forecast period.
Leading Market Players Dominating the Global Molybdenum Market
This report offers an all-inclusive assessment of the global molybdenum market. In this report, the reader will come across information pertaining to the leading market players along with their financials, market shares and key developments. The information will allow stakeholders to slate important growth strategies with a view of staying ahead of the curve and overcoming difficulties arising in the market. The companies profiled in the report include Freeport-McMoRan Inc., China Molybdenum Co., Ltd., Compania Minera Dona Ines De Collahuasi S.C.M., Antofagasta plc, Jinduicheng Molybdenum Co., Ltd., Grupo México, Compañía Minera Antamina S.A., Thompson Creek Metals Company Inc., S.A.B. de C.V., BHP Billiton Group and American CuMo Mining Corporation.
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