The global molybdenum market is anticipated to grow at a standard growth rate of 3.8% from 2017 to 2026. The advancing chemicals industry will aid the growth of the molybdenum market as chemicals containing the same will likely escalate in demand. Also, the high demand for steel alloy owing to rapid urbanization will further aid the molybdenum market during the projected period.
Molybdenum is a silvery-white hard metal with the sixth-highest melting point. It is a far-superior metal with a wide range of mechanical and chemical properties which make it the perfect metal for creating high-strength alloys and super alloys. Molybdenum is in high demand in many industries owing to its high corrosion resistance, high thermal conductivity, and high melting point.
The metal, thus, gains application in aerospace, industrial, chemicals and petrochemicals, consumer, medical, energy, agricultural, and transportation industries. Some examples of the metal’s usage include the lighting industry’s use of molybdenum to create ribbons and wires, the power electronics industry’s use of molybdenum for semiconductor substrates, glass melting electrodes for the manufacturing of flat screens and solar cells, and the manufacturing of hot zones in high-temperature furnaces for sputtering targets.
In addition to this, the molybdenum market is expected to witness rapid growth due to its extensive usage in the aerospace and defense industry. Aerospace and defense industries rely heavily on the properties of molybdenum such as its ability to withstand high temperatures, density, tensile strength, radiation protection, and machinability which, in turn, has raised the metal’s application in these sectors.
Get Your 30% Discount Now! Request for Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5643
Again, owing to its high strength and low weight, molybdenum is utilized in the aerospace industry for reducing vibrations and enhancing comfort for pilots and passengers. Furthermore, the growing purchasing power in developing markets has led to the expansion of the target market in the global space. Also, Molybdenum and its alloys growing popularity and usage in the electronics and electrical conductivity industries, which foster the development of new applications, will likely boost the growth of the molybdenum market during the forecast period.
“Application of molybdenum in various industrial verticals such as aerospace, consumer, medical, energy, agriculture, and transportation will propel the global growth of the molybdenum market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Increasing industrial activities will strengthen market prospects.
- The Asia Pacific region is expected to account for the majority of the market share.
- The APEJ region will expand at a CAGR of 4.1% over the next few years.
- In terms of end-user, the oil and gas sector will account for a 21.5% share in 2026.
- By application, the full alloy molybdenum segment will present high volume growth over the assessment period.
Competitive Landscape
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 among others are some of the major players in the molybdenum market profiled in the full version of the report.
Leading market players are focusing on increasing the production and supply of molybdenum to expand their consumer base. These enterprises are keen on strengthening their global presence by entering into new markets.
More Insights into Molybdenum Market Report
In its latest report, FMI offers an unbiased analysis of the global molybdenum market, providing historical data from and forecast statistics for 2017 to 2026. To understand the global market potential, growth, and scope, the market is segmented on the basis of application (full alloy, stainless steel, HSLA, tools, carbon, cast iron, catalysts, MO metal alloy, super alloy, and other applications), end user (oil & gas, chemicals & petrochemicals, automotive, mechanical engineering, building & construction, power generation, aerospace and defense, electronics & medical, process industry, others), and region.
According to the latest FMI reports, based on segmentation, the oil and gas end-use industry is predicted to register the highest demand for molybdenum. The chemicals and petrochemicals end-use segment will likely create a growth opportunity of 19,578 lb during 2017-2026. On the basis of application, the full alloy segment will show robust growth.
Based on region, the molybdenum market in the Asia Pacific region will exhibit substantial growth over this period of observation. The target market in the Asia Pacific will hold a major share of the market owing to the extensive use of molybdenum alloys in electronics. Rapid industrialization and growing steel usage will further aid the market expansion of molybdenum in the Asia Pacific. Government efforts will also contribute to the target market growth. Countries like China, Chile, and the U.S. will largely augment the growth of the molybdenum market during the forecast period.
Key Segments Covered in the Report
To understand and assess opportunities in the global molybdenum market, the report has been divided into five sections based on market segmentation as under:
End Use industry:
- Oil and Gas
- Chemicals and Petrochemicals
- Automotive
- Mechanical Engineering
- Building and Construction
- Power Generation
- Aerospace and Defence
- Electronics and Medical
- Process Industry
- Other Industries
Application:
- Full Alloy
- Stainless Steel
- HSLA
- Tools
- Carbon
- Cast Iron
- Catalysts
- MO Metal Alloy
- Super alloy
- Other Applications
Browse Full Report @ https://www.futuremarketinsights.com/reports/molybdenum-market