Pune, India, August 2025 – According to the latest report published by Straits Research, the global molybdenum market size was valued at USD 4.77 billion in 2024 and is projected to grow from USD 4.96 billion in 2025 to USD 6.82 billion by 2033, expanding at a CAGR of 4.07% during the forecast period (2025–2033).
Molybdenum, a silvery-white, ductile, and corrosion-resistant metal, is widely recognized for its strength and stability at high temperatures. Its applications range from steelmaking and aerospace engineering to oil pipelines, solar panels, and automotive components, making it a vital material in industrial and clean energy innovations.
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Key Market Growth Drivers
- Rising Steel Production in China: China, the largest global steel producer, continues to boost molybdenum demand. The metal significantly improves hardenability, corrosion resistance, and toughness in stainless steel, widely used in construction, automotive, aerospace, and electronics.
- Expanding Energy Sector Applications: Molybdenum is extensively used in wind turbines, oil pipelines, thin-film solar panels, and nuclear power plants. With the surge in renewable energy adoption, demand for molybdenum-based alloys and coatings is accelerating.
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Market Segmentation
By End Product (2021–2033)
- Steel
- Chemical
- Foundry
- Mo-Metal
- Nickel Alloy
By End-User Industry (2021–2033)
- Oil & Gas
- Chemical & Petrochemical
- Automotive
- Industrial Usage
- Building & Construction
- Aerospace & Defense
- Others
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Key Market Players :
- Grupo México
- Codelco
- Freeport McMoran
- Teck Resources Limited
- Rio Tinto
- Antofagasta PLC
- KGHM
- Jiangxi Copper Corporation
- Jinduicheng Molybdenum Co. Ltd.
- China Molybdenum Co. Ltd.
Regional Insights
- Asia-Pacific (Dominant Market, CAGR 4.64%) China leads global production with strong reserves and mining operations from China Molybdenum Co. Ltd., Jinduicheng Molybdenum Group Co. Ltd., and Rio Tinto. Rapid industrialization and steel exports continue to drive regional growth.
- Europe (Fastest Growing, CAGR 3.04%) Germany’s automotive industry and commercial construction projects fuel molybdenum demand. Supportive EU investment policies are further strengthening the market outlook.
- North America Growth is supported by shale oil exploration, a strong chemical sector, and infrastructure development in the U.S. and Canada.
- Middle East & Africa Saudi Arabia’s oil dominance, coupled with diversification efforts, sustains molybdenum demand in energy and construction applications.
Frequently Asked Questions (FAQs)
1. What is the growth forecast for the molybdenum market? The market is projected to grow at a CAGR of 4.07% from 2025–2033, reaching USD 6.82 billion.
2. Which region dominates the global molybdenum market?Asia-Pacific is the leading market, driven by China’s steel production and industrial expansion.
3. What are the key applications of molybdenum? Molybdenum is widely used in steel alloys, aerospace components, oil pipelines, renewable energy systems, and chemical processing equipment.
4. Who are the major market players? Key companies include Grupo México, Codelco, Freeport McMoran, Rio Tinto, and China Molybdenum Co. Ltd.