The global molybdenum Market is estimated to be valued at US$ 316.0 Billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Molybdenum has unique properties that make it suitable for various industries. It has high melting point, excellent corrosion resistance and high strength which allows it to withstand high temperatures. It also improves machinability and ductility of steel. This wide range of qualities expands its applications in industries like oil & gas, chemical and construction.
Weakness: Over 90% of molybdenum production is a by-product of copper mining. Thus, fluctuations in copper prices directly impact molybdenum supply. Extraction of molybdenum also requires complex metallurgical processes which leads to high production costs.
Opportunity: Rising investments in infrastructure projects especially in developing nations provide growth opportunities. Molybdenum finds major usage as an alloying element in construction steel. Growing demand for molybdenum based chemicals and powder metallurgy also opens new avenues.
Threats: Stringent environmental regulations around mining and processing can negatively impact molybdenum production. Substitution threat also looms from alternative materials in few applications. Volatility in raw material prices and macroeconomic slowdowns pose challenges.
Key Takeaways
The Global Molybdenum Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Growing infrastructure development and rising steel consumption will be the key drivers. The market size is estimated to cross USD 5 billion by 2030 from around USD 3.5 billion in 2023, registering a CAGR of 4.8% during the forecast period.
Regional analysis: Asia Pacific currently dominates molybdenum consumption led by China, which accounts for over 50% of global steel production. Countries like India are also witnessing significant growth in infrastructure and manufacturing sectors. This makes Asia Pacific the fastest growing as well as largest regional market. Europe and North America are other major markets driven by their developed economies and presence of key end-use industries.
Key players: Key players operating in the molybdenum market are Freeport-McMoRan, China Molybdenum, Molymet, Thompson Creek Metals, Jinduicheng Molybdenum, Group DF and JSMC. Freeport-McMoRan is the largest molybdenum mining company globally, with operations across the Americas, Indonesia and Africa. China Molybdenum has gained prominence as a top producer and exporter of molybdenum in recent years.
Explore more information on this topic, Please visit –
https://www.ukwebwire.com/molybdenum-market-share-and-demand-analysis/
Explore more trending article on this topic –
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek