Molybdenum Market Share to Reach USD 338.72 Billion by 2030, Driven by Demand in Steel and Aerospace Sectors

THE GLOBAL MOLYBDENUM MARKET SHARE, valued at USD 294.88 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 2% from 2023 to 2030, reaching USD 338.72 billion by the end of the forecast period. Molybdenum, a resilient and corrosion-resistant metal, plays a critical role in high-temperature applications, particularly within the steel, oil and gas, and aerospace industries.

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Market Drivers and Opportunities

The molybdenum market is growing due to several key factors:

• Rising Demand for Specialty Steel: Molybdenum is vital in the production of stainless steel, engineering steel, and tool steel, which are essential for various industrial applications.
• Growing Aerospace and Defense Spending: Molybdenum is used in military-grade applications, including warheads and nozzles, contributing to increased demand in the aerospace and defense sectors.
• Energy Demand in Oil and Gas: Molybdenum’s role in refinery catalysts and equipment used in oil and gas applications is essential for the growth of this market.

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Segmentation Analysis

• By Product: The steel segment is expected to witness the highest growth, driven by increasing applications in corrosion-resistant steel and specialized alloys.
• By End-User Industry: The oil and gas industry is projected to experience significant growth, particularly in the APAC and MEA regions.

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Regional Insights

• Asia-Pacific: China, India, and Korea are leading the demand for molybdenum, driven by developments in steel production and government initiatives to enhance specialty steel capacities.
• North America: With a significant share of the global market, demand from the aerospace, defense, and oil and gas industries will continue to fuel growth in this region.

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