Molybdenum (Mo) Market to Reach $ 6.70 Billion by 2030: Industry Trends, Value, Growth & Future Forecast
Molybdenum Market Outlook 2025-2030
NEW DELHI, May 23, 2025 /PRNewswire/ -- The Global Molybdenum Market size was estimated at approximately USD 5.32 billion in 2023, with projections indicating it could grow to around USD 6.70 billion by 2030 as per MarkNtel Advisors study. This growth represents a compound annual growth rate (CAGR) of about 3.92% from 2025 to 2030. Recent analyses reveal an increase in production volumes, rising from 575.4 million pounds (mlbs) to 627.4 mlbs. The Asia-Pacific region dominates the molybdenum market, with China leading the way in production output, which has surged from 205.6 mlbs in 2019 to 281.8 mlbs in 2023. In contrast, the South American region has witnessed a production decline of 10% since 2019, primarily due to heightened environmental regulations and reduced ore grades. The broader global context also shows a 3% production decrease in other regions.
On the consumption front, global molybdenum consumption increased from 576.3 mlbs in 2019 to 630 mlbs in 2023. The Asia-Pacific region again takes the lead, with China's consumption rising by 26% during this period, from 220.9 mlbs to 278.5 mlbs. Conversely, Europe—the second-largest market—experienced an 8% decrease in demand, highlighting contrasting growth dynamics within the molybdenum market.
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Global Molybdenum Market Statistics:
Market Size in 2023: USD 5.32 Billion
Projected Valuation by 2030: USD 6.70 Billion
Forecast Period CAGR: 3.92% (2025–2030)
Base Year: 2023 | Historical Years: 2020–2022
Leading Application Segment: Steel Production
Dominant Region: Asia-Pacific
Global Molybdenum Market Research Report Key Finding -
1.) Key Driver: Surge in Steel Production and Its Impact on Molybdenum Demand
Steel production serves as the principal catalyst for molybdenum consumption within the Global Molybdenum Market. In 2023, approximately 71% of the molybdenum, equivalent to 447.3 million pounds (or 184,058.4 metric tons), was utilized in the manufacture of various steel grades. This trend is set to accelerate as demand for steel continues to rise. According to the World Steel Association, projected steel demand is expected to increase by 2.96%, climbing from 1,599.4 million metric tons in 2023 to 1,646.7 million metric tons by 2025.
Furthermore, as inflationary pressures diminish, largely due to sustained high interest rates from central banks, any potential interest rate cuts could stimulate economic recovery. For example, in June 2024, the European Central Bank reduced its interest rate by 25 basis points, leading to an uptick in production in April. This decrease triggered a noteworthy year-over-year increase in steel production of 5.1% in June, followed by a 5.7% rise in July within the European Union.
The strategic reduction of interest rates by major economies, as inflation subsides, is likely to foster significant growth in steel demand and subsequently bolster the Global Molybdenum Market.
2.) Opportunity: Growing Demand for Molybdenum Driven by Advancements in Technology
The rise of advanced technologies is creating significant growth opportunities in the Global Molybdenum Market. As the world embraces digitalization through innovations like the Internet of Things (IoT) and 5G, the demand for computer chips and semiconductors is surging, thereby increasing the need for molybdenum. This metal is vital due to its outstanding features, including high thermal and electrical conductivity, low thermal expansion, and excellent thin-film resistivity. For example, Lam Research highlighted in February 2024 that molybdenum's thin-film resistivity makes it an excellent substitute for tungsten in semiconductors, further emphasizing the vital role of molybdenum in today's technology-driven landscape.
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3.) Industry Challenge: Impact of Rising ESG Regulations on Molybdenum Production
The escalating challenge of climate change, driven by greenhouse gas emissions, pollution, and biodiversity loss, has led governments to establish stringent ESG norms and regulations. These measures aim to set emission targets that companies must adhere to for sustainable operations, impacting molybdenum production capacity worldwide. While these regulations may enhance environmental governance, they also introduce market volatility and strain profit margins, raising concerns about the feasibility of molybdenum production. For example, in June 2023, Antofagasta's Zaldívar mining division sought to extend its mining rights while planning to change its water sourcing to seawater or third-party providers. Additionally, extreme weather events like wildfires and flooding pose further threats to production capabilities, presenting challenges for the growth of the Global Molybdenum Market in the coming years.
Global Molybdenum Market Segmentation Insights: Who Lead the Industry
By Application (Electric Conductivity, Imaging, Metal Alloys, Catalyst, Others)
By End-User (Oil & Gas, Chemical & Petrochemical, Electronics, Iron & Steel, Energy & Power
By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific)
- Metal Alloys Segment Dominates the Molybdenum Market
The Global Molybdenum Market shows that the Metal Alloys segment holds the largest share, influenced by applications like Electric Conductivity, Imaging, catalysts, and more. This segment is expected to maintain its dominance throughout the forecast period. The demand for molybdenum is closely linked to the iron and steel industry, with approximately 71% of global production utilized in various steel grades. Additionally, around 3% of the total molybdenum produced, equivalent to 18.9 million pounds in 2023, is allocated for nickel alloys. This significant usage underscores the importance of metal alloys in driving market dynamics.
- Asia-Pacific Region Dominates the Molybdenum Industry
The Asia-Pacific region stands out as the frontrunner in molybdenum production and consumption, primarily due to China's robust steel production industry. In 2023, global molybdenum production reached 627.4 million pounds, with China accounting for approximately 45%, or 281.8 million pounds. The country not only leads in production but also in consumption, utilizing 278.5 million pounds of molybdenum that same year. Recognizing molybdenum as a strategic resource, China possesses some of the largest reserves globally. The demand for specialized and high-quality steel is set to increase, driven by the Chinese Government's 14th Five-Year Plan, which aims to enhance manufacturing capabilities. Furthermore, Antaike China projects that investments in wind power could result in an estimated molybdenum consumption of 300,000 tonnes by 2050.
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Competitive Landscape: Dominated by Top Molybdenum Manufacturers Like:
Multi Metal Development Limited
Anglo American
BHP (Peru Antamina)
Antofagasta PLC
Centerra Gold Inc.
CMOC Group
Codelco
Freeport-McMoRan (Climax Molybdenum)
Grupo Mexico
Plansee
Rio Tinto
Zijin Mining Group Co., Ltd.
ABSCO Limited
KGHM
Others
Companies Investment & Market Expansion
May 2024: Anglo American is planning to invest more than USD 80 million in Peru. This step is regarding the company looking to add six-ore floatation cells for better copper and molybdenum recovery.
List of Tables
Table 1: Global Molybdenum Market Size & Analysis by Revenues (USD Million) & Volume (Thousand Tons)
Table 2: Global Molybdenum Market Share & Analysis by Application
Table 3: Global Molybdenum Market Share & Analysis by End-User
Table 4: North America Molybdenum Market Size & Analysis by Revenues (USD Million) & Volume (Thousand Tons)
Table 5: The US Molybdenum Market Size & Analysis by Revenues (USD Million) & Volume (Thousand Tons)
Table 6: Brazil Molybdenum Market Size & Analysis by Revenues (USD Million) & Volume (Thousand Tons)
Table 7: Europe Molybdenum Market Size & Analysis by Revenues (USD Million) & Volume (Thousand Tons)
Table 8: Saudi Arabia Molybdenum Market Size & Analysis by Revenues (USD Million) & Volume (Thousand Tons)
Table 9: Asia-Pacific Molybdenum Market Size & Analysis by Revenues (USD Million) & Volume (Thousand Tons)
Table 10: Company Profiles – Overview of Key Players in the Global Molybdenum Market
Table 11: Strategic Alliances or Partnerships Overview of Key Players
Table 12: Recent Developments of Major Companies
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List of Figures
Figure 1: Global Molybdenum Market Dynamics - Growth Drivers and Challenges
Figure 2: Global Molybdenum Market Trends & Insights (2020-2030)
Figure 3: Molybdenum Market Outlook by Region
Figure 4: Molybdenum Market Application Segmentation
Figure 5: Molybdenum Market Dynamics - Opportunities Analysis
Figure 6: Supply Chain Analysis of the Global Molybdenum Market
Figure 7: Revenue Shares by Company in the Molybdenum Market
Figure 8: Market Outlook of Molybdenum by End-User Segment
Figure 9: Molybdenum Market Competition Characteristics
Figure 10: Key Strategic Imperatives for Success & Growth in Molybdenum Market
About Us –
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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