Molybdenum Market 2024 | Size, Share, Demand, Growth and Forecast Till 2032

IMARC Group's report titled “Molybdenum Market Report by Product Type (Steel, Chemical, Foundry, Molybdenum Metal, Nickel Alloy), Sales Channel (Manufacturer/Distributor, Aftermarket), End Use (Oil and Gas, Automotive, Heavy Machinery, Energy, Aerospace and Defense, and Others), and Region 2024-2032”.  offers a comprehensive analysis of the industry, which includes insights on the global molybdenum market trends.  The global market size reached 5,734.3 Tons in 2023. Looking forward, IMARC Group expects the market to reach 7,093.7 Tons by 2032, exhibiting a growth rate (CAGR) of 2.3% during 2024-2032.

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Factors Affecting the Growth of the Molybdenum Industry:

Molybdenum has exceptional strength and corrosion resistance at high temperatures, making it essential in oil and gas exploration and production, particularly in harsh environments such as deep-sea drilling. It is used in the manufacturing of drilling equipment, pipelines, and processing facilities, where materials must withstand extreme pressures and corrosive substances. Additionally, the shift toward unconventional oil and gas sources, such as shale gas, further stimulates demand, as these extraction methods often involve corrosive substances that require the use of high-performance materials.

There is an increase in the use of molybdenum as an alloying element in steel due to its ability to enhance strength, corrosion resistance, and withstand high temperatures. The expansion of the infrastructure, construction, and automotive industries is driving demand for high-strength, corrosion-resistant steel alloys. The development of advanced high-strength steels (AHSS) for automotive applications to improve fuel efficiency and meet stricter emission standards also plays a crucial role. The versatility of molybdenum in various steel grades, ranging from construction steel to stainless steel, underscores its significant impact on the market.

The growing focus on the unique properties of molybdenum, such as high melting point, thermal conductivity, and resistance to corrosion, is making it suitable for various high-tech applications. The increasing adoption of molybdenum in the electronics industry to produce thin films for liquid crystal display (LCD) screens, enhancing display quality and durability, is contributing to market growth. Its role in the energy sectors, particularly in advanced solar technologies and as a material in nuclear reactors, is gaining prominence due to its ability to withstand extreme temperatures and corrosive environments. The ongoing technological evolution and the development of innovative uses in sectors such as aerospace, defense, and electronics ensure consistent demand for molybdenum.

Leading Companies Operating in the Global Molybdenum Industry:

Molybdenum Market Report Segmentation:

Breakup by Product Type:

Based on the product type, steel dominates as the largest segment in product type due to the extensive use of molybdenum in steel alloys, which enhances their strength and corrosion resistance, meeting the diverse demands of industries such as construction, automotive, and infrastructure development.

Breakup by Sales Channel:

Based on the sales channel, the market is classified into manufacturer/distributor and aftermarket.

Breakup by End Use:

Based on end use, the market is divided into oil and gas, automotive, heavy machinery, energy, aerospace and defense, and others.

Breakup by Region:

Based on the region, Asia Pacific holds the largest market share due to its rapid industrialization, significant growth in construction, automotive, and aerospace sectors, and the presence of emerging economies that have increasing demands for high-strength steel and other molybdenum-based products.

Global Molybdenum Market Trends:

The increasing emphasis on sustainability in manufacturing processes is prompting industries to adopt eco-friendly practices that reduce emissions and energy consumption. This encourages the development of innovative, energy-efficient molybdenum-containing materials.

The rising shift toward infrastructure renewal and modernization is driving demand for molybdenum to enhance the longevity and strength of critical infrastructure components such as bridges, pipelines, and power plants. This trend is expected to persist as countries prioritize infrastructure upgrades to support economic growth and urbanization while ensuring long-term sustainability.

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