The global molybdenum market is a crucial sector for producing high-grade steels and other advanced alloys. Molybdenum is used as an additive in steel production to enhance strength, hardenability, weldability, and temper resistance. It helps steel resist corrosion and withstand high temperatures without degradation. The growing manufacturing activity is fueling demand for high-quality steel products in various industries like oil and gas, transportation, construction, and power generation. Due to its excellent properties and growing applications across industries, the 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.

Key Takeaways

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 rising need for high-grade, corrosion-resistant steel in oil pipelines, ships, vehicles, and aircraft is expected to propel the demand for molybdenum over the next decade. With growing industrialization in Asia Pacific and Middle Eastern countries, Molybdenum Market Size is projected to witness significant expansion opportunities across these emerging economies.

Market key trends

The growing adoption of stainless steel in the construction industry is one of the major trends boosting the molybdenum market. Stainless steel is highly preferred for its aesthetic appeal and resistance to corrosion, chemicals, and heat compared to carbon steel. Molybdenum is a critical element that enhances all these properties of stainless steel. As the construction industry booms across both developed and developing regions, the demand for corrosion-resistant and low-maintenance stainless steel is increasing tremendously, thereby driving the market growth of molybdenum.

Porter’s Analysis

Threat of new entrants: Molybdenum requires large capital expenditure for infrastructure setup like molybdenum mines. Established players also have economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like chromium, tungsten, and vanadium.
Bargaining power of suppliers: A few countries like China dominate the molybdenum production, increasing supplier bargaining power.
Threat of new substitutes: Substitutes like chromium and vanadium poses minimal threat as molybdenum has better properties for steel making and other applications.
Competitive rivalry: Intense competition among existing players to gain market share keeping prices competitive.

Geographical regions

China is the largest market for Molybdenum Market Regional Analysis  in terms of value given its dominance in molybdenum production. It accounted for over 30% of global molybdenum mine production in 2020.
South East Asia and Pacific region is expected to be the fastest growing geographical market for molybdenum between 2024-2031 driven by growing steel and construction industries in countries like Indonesia, Malaysia, and Vietnam.

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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)