COVINA, Calif., May 10, 2023 /PRNewswire/ -- According to Prophecy Market Insights" Global Molybdenum Market accounted for US$ 4.6 billion in 2020 and is estimated to be US$ 5.8 billion by 2030 and is anticipated to register a CAGR of 2.50%"
What is the Overview of Molybdenum Market?
Molybdenum is metallic element which resembles tungsten and chromium in various properties and used in hardening and strengthening of steel material. Molybdenum is used as catalysts, in alloys, lubricants, fertilizer and pigments.
Growing demand for steel industries has become a key factor in market growth. Wide variety of benefits and growing use in production of high-quality nozzles, warheads, shaped-charge liners in defense sector is expected to boost the demand for Molybdenum market growth in future.
Key Highlights:
- In March 2023, CME Group launched new first trades of Molybdeum Oxide (Platts) Futures designed to manage the risks associated with energy transition for participants and allows industrial to protect against rising volatile prices.
- In November 2016, Highland Metals Inc., launched new "Beta Titanium Molybdenum Archwires" which will provide improved function and performance within nickel-free wire product offerings.
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What is Prophecy's Analyst View on Molybdenum Market?
Wide applications in aerospace, industrial, energy, medical, transportation and agricultural sector has provided lucrative opportunities in market growth. Growing demand from energy sector and rising infrastructure projects is expected to fruitful the demand for Molybdenum market growth in future.
What are some challenges faced by the Molybdenum Market?
- Fluctuating demand: The demand for molybdenum is heavily influenced by its end-use industries, such as steel production and energy generation. Fluctuations in demand from these industries can lead to volatility in the molybdenum market.
- Environmental concerns: Molybdenum mining and production can have negative environmental impacts, including the release of pollutants and greenhouse gases. This can lead to increased scrutiny and regulation from governments and environmental groups.
- Supply chain disruptions: The molybdenum market is heavily dependent on global supply chains for both raw materials and finished products. Disruptions in these supply chains, such as natural disasters, political instability, or trade disputes, can affect the availability and price of molybdenum.
- Competition from substitutes: Molybdenum is used in a variety of applications, including as an alloy in steel production and as a catalyst in chemical reactions. However, there are substitutes for some of these applications, such as vanadium and tungsten, which can impact demand for molybdenum.
- Price volatility: Molybdenum prices can be volatile due to fluctuations in demand and supply, as well as geopolitical events and economic conditions. This can make it difficult for businesses in the molybdenum market to plan and manage their operations effectively.
- What recent developments are there in the Molybdenum Market?
- Technological advancements: There has been an increase in the use of technology in the molybdenum mining and production process, leading to greater efficiency and productivity. This includes the use of automation, artificial intelligence, and advanced analytics.
- Growing demand for renewable energy: The growing demand for renewable energy sources such as wind and solar power has led to an increased demand for molybdenum, which is used in the production of wind turbines and solar panels.
- Exploration and production of new mines: There has been a renewed focus on exploration and development of new molybdenum mines in regions such as South America and Central Asia, in response to growing demand.
- Increasing investment in infrastructure: Investment in infrastructure projects such as bridges, highways, and airports is driving demand for steel, which is a key application area for molybdenum.
- Strategic partnerships and collaborations: Companies in the molybdenum market are forming strategic partnerships and collaborations with other businesses and organizations to enhance their research and development capabilities, expand their product offerings, and strengthen their market position.
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Who are the Key Manufacturers in Molybdenum Market?
- Freeport-McMoRan Inc.
- China Molybdenum Co., Ltd.
- Luoyang Hi-Tech Metals Co.
- Antofagasta PLC
- Jinduicheng Molybdenum Co., Ltd.
- Thompson Creek Metals Company Inc.
- Codelco Inc.
- Southern Copper Corporation
- Rio Tinto Group
- Teck Resources Limited.
What are the Drivers and Restrains of Molybdenum Market?
Drivers:
- Growing demand from end-use industries: Molybdenum is used in various industries such as steel production, oil and gas exploration, and chemical manufacturing. The growing demand from these industries is driving the demand for molybdenum.
- Increasing investment in infrastructure: Investment in infrastructure projects such as bridges, highways, and airports is driving demand for steel, which is a key application area for molybdenum.
- Rising demand for renewable energy: The growing demand for renewable energy sources such as wind and solar power has led to an increased demand for molybdenum, which is used in the production of wind turbines and solar panels.
- Technological advancements: The use of technology in the molybdenum mining and production process is increasing, leading to greater efficiency and productivity.
- Strategic partnerships and collaborations: Companies in the molybdenum market are forming strategic partnerships and collaborations with other businesses and organizations to enhance their research and development capabilities, expand their product offerings, and strengthen their market position.
Restrains:
- Fluctuating demand: The demand for molybdenum is heavily influenced by its end-use industries, such as steel production and energy generation. Fluctuations in demand from these industries can lead to volatility in the molybdenum market.
- Environmental concerns: Molybdenum mining and production can have negative environmental impacts, including the release of pollutants and greenhouse gases. This can lead to increased scrutiny and regulation from governments and environmental groups.
- Supply chain disruptions: The molybdenum market is heavily dependent on global supply chains for both raw materials and finished products. Disruptions in these supply chains, such as natural disasters, political instability, or trade disputes, can affect the availability and price of molybdenum.
- Competition from substitutes: Molybdenum is used in a variety of applications, including as an alloy in steel production and as a catalyst in chemical reactions. However, there are substitutes for some of these applications, such as vanadium and tungsten, which can impact demand for molybdenum.
- Price volatility: Molybdenum prices can be volatile due to fluctuations in demand and supply, as well as geopolitical events and economic conditions. This can make it difficult for businesses in the molybdenum market to plan and manage their operations effectively.
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Geographical insights on Molybdenum Market:
- Asia Pacific: The Asia Pacific region is the largest consumer of molybdenum, with China being the major consumer and producer of molybdenum. The region's demand for molybdenum is primarily driven by the growth in the construction, automotive, and energy industries.
- North America: North America is a significant producer and consumer of molybdenum, with the United States being the major consumer of molybdenum. The region's demand for molybdenum is primarily driven by the growth in the aerospace and defense, oil and gas, and automotive industries.
- Europe: Europe is a significant producer and consumer of molybdenum, with Germany being the major consumer of molybdenum. The region's demand for molybdenum is primarily driven by the growth in the construction, automotive, and energy industries.
- South America: South America is a significant producer of molybdenum, with Chile being the major producer of molybdenum. The region's demand for molybdenum is primarily driven by the growth in the mining, construction, and energy industries.
- Middle East and Africa: The Middle East and Africa region are minor consumers and producers of molybdenum, with limited production and consumption occurring in the region. However, the region's demand for molybdenum is expected to grow in the coming years, driven by the growth in the construction and energy industries.
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