Global Molybdenum Market was valued at US$ XX Bn. in 2019 and is expected to reach US$ XX Bn. by 2026, at a CAGR of 4.62% during a forecast period.
Global Molybdenum Market Overview and Dynamics:
Molybdenum is a lightweight, durable, highly resilient metal with excellent corrosion resistance and a low degree of thermal expansion properties. It is a refractory metal mostly used in high-temperature applications. Molybdenum bearings are widely used in steel, oil and gas, and the chemical industry.
As per the MMR report, global molybdenum production increased at the rate of 3.7% in 2019 compared to the year 2018. Increasing demand for energy from large-scale industries is expected to influence the demand for molybdenum during the forecast period. The growing use of molybdenum in specialty chemicals and steel applications is further expected to help the expansion of the global molybdenum market. The U.S. mine production of molybdenum improved by ~25 % in 2019 to reach 44600 tons and the conforming value was US$ 800 million. However, the global molybdenum market is hampered by the unstable oil prices and high cost of molybdenum.
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In 2019, Oil and Gas Industry Segment Held Largest XX% Market Share:
Among the end-use industry, the oil and gas segment was valued at US$ XX Bn. in 2019 and is projected to reach US$ XX Bn. by 2026 at a CAGR of 5.40% during 2020-2026. Molybdenum is widely used in the oil & gas industry. The largest share is contributed by APAC and MEA regions in the oil and gas industry. This is expected to represent 28,964.2 Million lb., or 50 % of the Asian market in 2018, to reach XX Million lb. in 2026, or XX.45%, representing a CAGR of XX% during the forecast period.
Steel Product Segment to Attain Fastest Growth:
Based on product, the steel segment is expected to grow at the largest CAGR of nearly 5.80% during the forecast period. Molybdenum is used in many steel applications including stainless steel, engineering steel, and tool steel which is driving the market growth. Many grades of stainless molybdenum steel are more corrosion resistant when related to molybdenum-free grades of stainless steel and henceforth is projected that the global molybdenum market will experience considerable growth.
Impact of COVID-19 on Global Molybdenum Market:
The molybdenum market was negatively impacted by COVID-19 in 2020 globally. The demand for molybdenum declined in 2020, due to COVID-19 related lockdowns resulted in less production of steel, a major user of molybdenum, in the globe e.g. China.
The oil & gas industry is a major user of molybdenum contained in many products, like steels and refinery catalysts. Due to the COVID-19 pandemic resulting in widespread lockdown measured that significantly restricted travel, the crude oil price decline sharply. The price of Brent crude oil declined from US$67.3 per bbl in Dec 2019 to a low of US$18.4 per bbl in April 2020.
APAC is the global leader in molybdenum market. In 2019, it accounted for around 42% of the market share.
APAC molybdenum market accounted for US$ XX Bn. in 2019 and is expected to grow at a CAGR of nearly 5.12 % over 2020-2026, to account for US$ XX Bn. in 2026. This growth is attributed to rapid development and growing consumption of the material across Asian countries such as China, India, and Korea. The government’s initiatives aiming towards green and efficient capacity which produces specialty steel is expected to boost the APAC molybdenum market growth. However, North America occupied the second largest market share of 21.10% in 2019 followed by markets in Europe, and MEA respectively. The growth in these markets is expected by growing demand for molybdenum from oil and gas and aerospace & defense industry.
China is expected to lead the APAC molybdenum market, generating revenue worth US$ XX Bn. by 2026.
Globally, China is the largest producer of molybdenum. According to the MMR report, forecasts the China market for molybdenum to grow from 83,186.6 Million lb in 2017 to XX million lb in 2026. Major Chinese producers of molybdenum are Rio Tinto, China Molybdenum Co., Ltd., and Jjinduicheng molybdenum group and among others.
Competitive Landscape:
The competitive landscape section in the molybdenum market offers a deep dive into the profiles of the leading companies operating in the global market landscape. It offers captivating insights on the key developments, differential strategies, and other crucial aspects about the key players having a stronghold in the molybdenum market. Such as, in Nevada, Industrial metals focused General Moly joint venture Company Eureka Moly has reached a settlement with a Kobeh Valley ranching family done protests the company’s water rights in May 2019. The firm had been thoroughly working to get the Mount Hope molybdenum project fully allowable and up and running.
The objective of the report is to present a comprehensive analysis of the Global Molybdenum Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Molybdenum Market dynamics, structure by analyzing the market segments and project the Global Molybdenum Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Molybdenum Market make the report investor’s guide.
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Global Molybdenum Market, by Region
• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa
Global Molybdenum Market Key Players
• 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
• American CuMo Mining Corporation.
• Moly metal LLP
• Anglo American,
• Rio Tinto
• Moltun
• Codelco
• Others
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