Molybdenum Market Research Elaborate Analysis with Growth Forecast To 2026

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Molybdenum
Molybdenum

Molybdenum is a silver-grey metal that is strong, malleable, and ductile in nature, with exceptional high-temperature strength, a high melting point, and high thermal conductivity. It has strong heat resistance, making it important in the manufacturing of iron and steel alloys. Molybdenum is derived from molybdenite, which is found in abundance in the United States, China, Canada, and Chile. China, Chile, the United States, Peru, Mexico, and Armenia, in descending order, accounted for nearly 95 percent of total global Molybdenum Market output, according to the United States Geological Survey (USGS).

Market Trends

In stainless steel, molybdenum is widely employed in the range of 2 to 4%, which helps to improve resistance to pitting in chloride conditions and to fissure in Fe-Cr-Ni alloys and Fe-Cr alloys. One of the primary factors driving the molybdenum market's rise is this. However, molybdenum fumes and dust produced during metalworking or mining may be harmful if consumed, posing a threat to the global Molybdenum Market Growth. Furthermore, rising demand for various steels, such as stainless steel, structural steels, and others, propels market expansion, notably in China. China is the world's greatest steel manufacturer, according to the World Steel Association, producing 803.8 million metric tonnes in 2015 and 808.4 million metric tonnes in 2016. 

Market Developments

The automotive industry, among end-use sectors, is predicted to grow rapidly in the foreseeable future. Due to its exceptional strength-to-weight ratio, molybdenum alloy is utilized in numerous automotive parts such as the vehicle's flywheel, clutch, and other parts, making it an important material in automotive vehicles. As the automotive industry grows, so does the demand for molybdenum, propelling the molybdenum market forward. The vehicle market in India was valued at US$ 74 billion in 2015, according to the India Brand Equity Foundation (IBEF), and is predicted to reach US$ 300 billion by 2026.

In the worldwide Molybdenum Market, the fertilizer segment is predicted to increase at a high rate over the forecast period. Various manufacturers are focusing on developing new goods and expanding their manufacturing facilities in order to increase their product portfolio and meet rising consumer demand, which is driving the growth of this industry.

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