Molybdenum Market By Product Type (Molybdenum Powder, Molybdenum Rods, Molybdenum Sheets and Plates, Molybdenum Alloys, Molybdenum Oxide, Others [e.g., Molybdenum Disulfide]); By End-Use Industry (Steel Industry [Stainless Steel, Alloy Steel, Tool and High-Speed Steel], Chemical Industry, Oil and Gas, Energy Sector [Nuclear Power, Renewable Energy (Solar, Wind)], Automotive, Aerospace and Defense, Electronics and Semiconductors, Medical Equipment, Others [e.g., Construction, Mining]); By Application (Steel Strengthening and Hardening, Catalysts, Lubricants, Electronics and Semiconductors, Thermal Spray Coatings, Chemicals and Pigments, Others [e.g., Electrical Contacts, High-Temperature Furnaces]); By Form (Primary Molybdenum, Secondary Molybdenum [Recycled]); By Geography, Segment revenue estimation, Forecast, 2024-2032.

The molybdenum market in 2023 was worth USD 13.5 billion and is expected to be worth USD 20.7 billion by 2030, expanding at a CAGR of 6% during the forecast period.

 

The main driver of the market is the increase in demand for molybdenum in the steel industry for increasing strength, corrosion, and high-temperature capabilities of the steel alloys. Approximately 80% of molybdenum consumption is attributed to steel production, with the global steel industry expanding by around 3% annually, fueled by the construction, automotive, and energy sectors. Steel is highly dependent on molybdenum for the production of high-strength steel for pipeline construction, automobiles, and construction equipment. Recent developments include increased molybdenum usage in the renewable energy sector, particularly in wind turbines and solar panels, where its properties enhance the durability and efficiency of materials exposed to harsh environmental conditions. Expansion of the applications, along with the development of infrastructure and shifting towards energy, sustains the growth of the market.

 

One of the biggest opportunities that can be identified in the global market of molybdenum is the increasing energy segment demand and the segment of renewable energy sources and nuclear energy. For example, the application of molybdenum for constructing elements of nuclear reactors is connected with a high value of the coefficient of thermal conductivity and a low level of thermal expansion value. The present nuclear power generation capacity is estimated to increase by about 15% in the world by 2030; therefore, the need for molybdenum in this industry will also increase. Further, molybdenum usage in the improvement of efficiency and durability of solar panels and wind turbines forms a stable market as the global renewable energy capacity remains high, expanding with over 20% annual growth rate in solar capacity. New trends include the development of coated molybdenum alloys in power generation equipment, thus cutting on annual maintenance and further enhancing the use of molybdenum in the energy sector.

 

 

Market Segmentation

By Product Type:

• Molybdenum Powder

• Molybdenum Rods

• Molybdenum Sheets and Plates

• Molybdenum Alloys

• Molybdenum Oxide

• Others (e.g., Molybdenum Disulfide)

 

By End-Use Industry:

• Steel Industry

  • Stainless Steel

  • Alloy Steel

  • Tool and High-Speed Steel

• Chemical Industry

• Oil and Gas

• Energy Sector

  • Nuclear Power

  • Renewable Energy (Solar, Wind)

• Automotive

• Aerospace and Defense

• Electronics and Semiconductors

• Medical Equipment

• Others (e.g., Construction, Mining)

 

By Application:

• Steel Strengthening and Hardening

• Catalysts

• Lubricants

• Electronics and Semiconductors

• Thermal Spray Coatings

• Chemicals and Pigments

• Others (e.g., Electrical Contacts, High-Temperature Furnaces)

 

By Form:

• Primary Molybdenum

• Secondary Molybdenum (Recycled)

 

By Region

North America

• US

• Mexico

• Canada

• Rest of North America

 

Europe

• Switzerland

• Russia

• France

• Germany

• U.K

• Finland

• Turkey

• Netherlands

• Belgium

• Spain

• Italy

• Rest of Europe

 

Asia Pacific

• India

• China

• South Korea

• Japan

• Singapore

• Thailand

• Indonesia

• Malaysia

• Philippines

• Australia

• Rest of Asia-Pacific

 

LAMEA

• Brazil

• Argentina

• Uruguay

• Saudi Arabia

• Rest of LAMEA

 

Segment Analysis for the Molybdenum Market

By Product Type:

Leading Segment: Molybdenum Alloys

Molybdenum alloys hold a significant market share, accounting for over 35% of the revenue, driven by their critical applications in aerospace, defense & energy industries. These alloys offer high strength & resistance to heat, making them indispensable in jet engines, nuclear reactors & industrial tools. Companies like Plansee Group have invested in advanced molybdenum alloys for aerospace & defense applications, cementing their dominance in the market.

Fastest-Growing Segment: Molybdenum Oxide

Molybdenum oxide is witnessing a CAGR of over 7%, propelled by its extensive use in the steel and chemical industries. It is a key component in strengthening steel & as a catalyst in petroleum refining. ExxonMobil uses molybdenum oxide catalysts in its hydrodesulfurization process to produce cleaner fuels, driving demand in the energy & oil sectors.

 

By End-Use Industry:

Leading Segment: Steel Industry (Stainless Steel)

The stainless steel industry dominates the molybdenum market, contributing around 40% of total demand. Molybdenum enhances corrosion resistance & strength in stainless steel, making it ideal for construction, automotive & chemical applications. Companies like Outokumpu use molybdenum-enhanced stainless steel in chemical processing plants & architectural projects, demonstrating the material’s versatility.

Fastest-Growing Segment: Electronics and Semiconductors

Electronics &semiconductors are growing at a CAGR of 10%, driven by the miniaturization of devices & advancements in chip manufacturing. Molybdenum’s high conductivity & thermal stability make it essential for semiconductor components like thin-film transistors. Samsung employs molybdenum in its semiconductor fabrication processes, fueling demand in the electronics sector.

 

By Application:

Leading Segment: Steel Strengthening & Hardening

Steel strengthening and hardening applications lead the market with a 45% share, as molybdenum is a critical additive in producing high-strength and corrosion-resistant steel. Industries such as construction and automotive heavily rely on molybdenum-strengthened steel for structural integrity and performance under extreme conditions.

Fastest-Growing Segment: Catalysts

Catalysts are growing at a CAGR of 9%, primarily due to their role in the chemical & petroleum industries. Molybdenum-based catalysts are integral to processes like hydrocracking & sulfur removal. Chevron’s refineries utilize molybdenum catalysts to meet stringent environmental regulations, driving growth in this segment.

 

By Form:

Leading Segment: Primary Molybdenum

Primary molybdenum accounts for over 70% of the market share, as mining remains the primary source for high-purity molybdenum. Countries like China, the U.S., and Chile dominate primary molybdenum production, catering to the growing demand from steel & energy industries.

Fastest-Growing Segment: Secondary Molybdenum (Recycled)

Recycled molybdenum is growing at a CAGR of 8%, driven by sustainability initiatives and cost savings. Recycling molybdenum from scrap steel and industrial waste is gaining traction, especially in regions like Europe, where environmental regulations encourage the circular economy. Companies like H.C. Starck are leaders in recycling molybdenum for industrial use.

 

By Region:

Leading Region: Asia Pacific

APAC dominates the market with a 45% share, led by China’s position as the largest producer & consumer of molybdenum. The region’s robust steel & electronics industries drive demand. China Baowu Steel Group which is one of the largest steel producers globally, consumes significant quantities of molybdenum for stainless steel production.

Fastest-Growing Region: North America

North America is growing at a CAGR of 7%, fueled by demand from the aerospace, defense & energy sectors. The U.S. is a key market, with investments in renewable energy and advanced defense systems boosting molybdenum demand. For instance, Boeing uses molybdenum alloys in jet engines and spacecraft components, contributing to regional growth.

Future Outlook for the Molybdenum Market

The molybdenum market is poised for steady growth, driven by growing demand across industries such as energy, automotive, aerospace, and electronics. As the world transitions toward renewable energy sources like solar & wind, molybdenum will play a crucial role in strengthening components and enabling high-temperature resistance in turbines and other renewable energy systems. The steel industry will continue to dominate due to its reliance on molybdenum for enhancing corrosion resistance and durability, particularly in stainless steel for construction and transportation.

In the electronics sector, advancements in semiconductor manufacturing & the rise of 5G technology will further boost molybdenum usage, as it offers excellent electrical conductivity & thermal stability. The increasing adoption of recycled molybdenum will align with sustainability goals in regions like Europe & North America, where strict environmental regulations encourage a circular economy. Additionally, emerging economies in Asia Pacific, such as India and China, are expected to increase their consumption of molybdenum as they expand their infrastructure and manufacturing capabilities.

 

Key Players

• Freeport-McMoRan Inc.

• Codelco

• China Molybdenum Co., Ltd. (CMOC)

• Grupo Mexico

• Thompson Creek Metals Company Inc.

• Centerra Gold Inc.

• Climax Molybdenum Company

• Antofagasta plc

• Rio Tinto

• KGHM Polska Miedz S.A.

 

Molybdenum Market Report Coverage

Report Attribute	Details
Forecast Period	2023 – 2030
Market Size Value in 2023	USD 13.5 billion
Revenue Forecast in 2030	USD 20.7 billion
Overall Growth Rate	CAGR of 6%
Base Year for Estimation	2022
Historical Data	2017 – 2021
Unit	USD Billion, CAGR (2023 – 2030)
Segmentation	By Product Type, By End-Use Industry, By Application, By Region
By Product Type	Molybdenum Concentrates, Roasted Molybdenum, Molybdenum Oxide
By End-Use Industry	Construction, Automotive, Energy, Aerospace & Defense, Oil & Gas
By Application	Steel Production, Catalysts, Chemicals, Electronics, Others
By Region	North America, Europe, Asia-Pacific, LAMEA
Country Scope	US, Canada, Mexico, UK, Germany, France, China, Japan, India, South Korea, Australia, etc.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.