The latest research study by IMARC Group, “Molybdenum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global molybdenum market value. The global molybdenum market reached a volume of 5,400 Tons in 2021. Looking forward, IMARC Group expects the market to reach a volume of 6,429 Tons by 2027, exhibiting a CAGR of 2.80% during 2022-2027.
Molybdenum Industry Outlook:
Molybdenum (MO) is a metallic element utilized in strengthening and hardening alloy steel while producing components resistant to molten glass and heat sinks. It is a silvery-white lightweight material that provides numerous benefits, such as density, radiation protection, durability, resilience, electrical conductivity, and reliability. It is also applied in rotating X-ray anodes, which are used in glass melting furnace electrodes, clinical diagnostics, and sprayed coatings of automotive piston rings and machine components. As a result, MO finds extensive applications across the defense, oil and gas, chemical, petrochemical, building and construction, and aerospace industries.
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Market Trends:
The market is primarily driven by the increasing product utilization in industrial applications due to its significant benefits, such as enhancing the toughness, hardenability, and tensile strength of steel. In addition, the usage of molybdenum in the aviation industry to decrease vibration and stabilize control surfaces for ailerons, rudder sections of aircraft, helicopter rotor blades, elevators, and cockpit equipment while improving pilot and passenger comfort represents another major growth-inducing factor.
Besides this, molybdenum is widely utilized in electronic devices due to its high electrical conductivity property and expansion under high-temperature conditions. Moreover, the increasing usage of MO as a catalyst in petroleum refineries to help refine petroleum products and in the defense industry for producing nozzles-shaped charge liners and premier warheads is also contributing to market growth.
Apart from this, molybdenum is employed as a lubricant in bicycle coaster brakes, bullets, and two-stroke engines and as greases for ball bearings and rollers in the manufacturing, mining, and transportation industries. Furthermore, the leading market players are investing in research and development (R&D) activities, capacity expansions, and mergers and acquisitions (M&A) to strengthen their foothold in the market, which is also creating a positive market outlook.
Key Market Segmentation:
The report has segmented the global molybdenum market on the basis of product type, sales channel, end use and region.
Breakup by Product Type:
Breakup by Sales Channel:
Breakup by End Use:
Breakup by Geography:
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List of Key Companies Covered in this Market Report:
The major players in the market are ABSCO Limited, American CuMo Mining Corporation, Centerra Gold Inc., China Molybdenum Co. Ltd., China Rare Metal Material Co. Ltd., Codelco, Freeport-McMoRan Inc., Grupo México, Jinduicheng Molybdenum Co. Ltd, KGHM Polska Mied? S.A., Molten Corporation and Moly Metal L.L.P.
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