Molybdenum is a silvery-grey metal known for its hardness. It has very high resistance to corrosion and oxidation, high thermal conductivity and exceptionally strong structural properties at high temperatures making it useful in oil, chemical and aerospace industries. Molybdenum is mainly used as an alloying agent in making corrosion-resistant high-strength steels including many stainless steels containing 8–30% molybdenum by weight. Molybdenum compounds are also used in chemical catalytic processes and as lubricant additives.

The Molybdenum market is estimated to be valued at US$ 316.0 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Molybdenum finds widespread applications as an alloy element in making high strength steels, tool steels and cast irons as it enhances mechanical properties like strength, hardness, toughness and wear resistance of these materials at elevated temperatures. It is also widely used in making corrosion resistant pipes and vessels for chemical and oil industries. The electrical contacts, electrodes and conductors used in the electronics and automobile industries also contain molybdenum due to its exceptional conductivity.

Market Dynamics:
The molybdenum market is primarily driven by expansion of the wind energy sector. Molybdenum is a vital component in wind turbine gearboxes due to its high strength and wear resistance properties at elevated operating temperatures. The mounting concerns regarding climate change and depleting fossil fuel reserves are spurring investments in renewable energy globally which is expected to augment the demand for molybdenum over the forecast period. Additionally, recovering global automobile production along with rapid industrialization in developing nations are estimated to propel the consumption of high strength steels and cast irons containing molybdenum as key alloying element over the next few years. However, volatile molybdenum prices owing to uncertainties in mining activities may pose a challenge to market growth.

SWOT Analysis

Strength: Molybdenum is a valuable material used in critical applications like oil and gas pipelines, power plants and military equipment. Three key properties of molybdenum that make it suitable for these applications include its high melting point, corrosion resistance and strength. Developed economies like the US and Europe have a strong demand for molybdenum.

Weakness: Molybdenum mines face operational challenges and uncertainties related to geology, commodity prices and regulations. Production can be disrupted due to pit wall failures or poor ground conditions. Molybdenum supply is highly concentrated in few regions and countries.

Opportunity: Growing demand from the renewable energy sector as molybdenum alloys are used in wind turbines. Developing economies in Asia Pacific and Latin America are increasingly adopting green technologies which will boost molybdenum consumption over the coming decade.

Threats: Volatility in steel production impacts the demand for molybdenum. Economic slowdowns can dampen investments in key end-use sectors. Trade wars and restrictions pose risks to the global supply chain of molybdenum.

Key Takeaways

The global Molybdenum Market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing investments in green technologies and infrastructure development in developing nations. Asia Pacific dominated the global market in 2023 with a share of over 40% owing to the large manufacturing bases and growing construction activities in China and India.

Regional analysis: North America is estimated to emerge as the fastest growing regional market for molybdenum due to rising exploration and drilling activities in the oil & gas industry. Europe and China are currently the largest producers and consumers of molybdenum owing to well-established oil & gas and construction industries in these regions.

Key players: Key players operating in the molybdenum market are BHP Billiton Group, Jinduicheng Molybdenum Co., American CuMo Mining, Thompson Creek metals, Moly Metal LLP, ENF Ltd., Compania Minera Dona Ines De Collahuasi S.C.M., Freeport McMoran. These players are focused on capacity expansion and diversifying into high-growth application segments to boost volumes.

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