Global Molybdenum Market 2017-2021
Molybdenum is a hard transition metal with atomic number 42. It does not occur as a free metal; it is found in various oxidized states in minerals. It is a silvery metal with a grey cast. Also, it has a very high melting point. The density of molybdenum is only 25% greater than iron, which makes it better than other high melting-point metals. It forms hard, stable carbides in alloys, and due to this, it is primarily used in steel alloys, including high-strength alloys and superalloys. Molybdenum is a transition metal. Molybdenum is available in the Earth's crust and oceans. The major molybdenum producing countries are China, the United States, Chile, Peru, Mexico, and some European countries. Molybdenum, when added to steel and cast iron, enhances their strength, hardenability, toughness, and high temperature and corrosion resistance. In nickel-based alloys, it facilitates resistance to both corrosion and creep-formation at high temperatures.
Technavio’s analysts forecast the global molybdenum market to grow at a CAGR of 3.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global molybdenum market for 2017-2021. To calculate the market size, the report considers the retail selling price is considered as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Molybdenum Market 2017-2021
Technavio recognizes the following companies as the key players in the global molybdenum market: Centerra Gold, China Molybdenum, Codelco, Freeport-McMoRan, and Grupo Mexico
Other Prominent Vendors in the market are: Anglo American, Antofagasta, CRONIMET, Erdene Resource Development, Jinduicheng Molybdenum Group, KGHM, PLANSEE, Rio Tinto, RUBAMIN, Shaanxi Non-ferrous Metals Holding Group, SMR, Taseko, and Teck Resources.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing wind energy industry. Molybdenum is used in the production of various kind of steels. These steels are used in various end-user segments such as oil and gas, automotive, and heavy machinery. One of the major trends of the market for molybdenum is the growth of the renewable energy industry. This involves the use of steel infrastructures for construction. In recent years, the demand for energy has increased in all major industries. The natural resources are fast depleting. This has prompted manufacturers to venture into renewable energy resources.”
According to the report, one of the major drivers for this market is High demand from APAC. APAC is the largest and strongest growing market for steel in terms of production and consumption. Molybdenum is one of the major raw materials used for the production of steel-based products. The rapid increase in industrialization and economic development in China, India, and South Korea are the primary driver of the high consumption of molybdenum in the region.
Further, the report states that one of the major factors hindering the growth of this market is Volatility of steel prices. The use and consumption of molybdenum are highly dependent on the performance of the global steel industry. Molybdenum is extensively used as an alloying element for strengthening steels used in building and bridges. It is effective in increasing the strength of reinforcement bars used in buildings, tunnels, and bridges. It is added to the bars in prestressed concrete structures and suspension ropes. In addition, it is typically used as an alloying element for strengthening steel section.
Centerra Gold, China Molybdenum, Codelco, Freeport-McMoRan, Grupo Mexico, Anglo American, Antofagasta, CRONIMET, Erdene Resource Development, Jinduicheng Molybdenum Group, KGHM, PLANSEE, Rio Tinto, RUBAMIN, Shaanxi Non-ferrous Metals Holding Group, SMR, Taseko, and Teck Resources.
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