Molybdenum Market to Reach 7,093.7 Tons by 2032 According to the latest research report, the global molybdenum market size reached 5,734.3 Tons in 2023. Looking forward, IMARC Group expects the market to reach 7,093.7 Tons by 2032, exhibiting a growth rate (CAGR) of 2.3% during 2024-2032.
Global Molybdenum Industry Trends and Drivers:
The global market is primarily being driven by the widespread product demand from the industrial sector. Molybdenum is extensively used as an alloy in the production of steel due to its ability to enhance strength, hardness, and corrosion resistance, which is acting as a significant catalyst for the market. Additionally, molybdenum plays a crucial role in energy production as it is used in the manufacturing of superalloys for gas and steam turbines used in power generation, thereby creating a favorable market outlook. Moreover, the increasing investments in infrastructural development projects, such as bridges, highways, and buildings, require steel reinforcement, further boosting the demand for molybdenum. Apart from this, molybdenum is also being used in several environmental applications, including wastewater treatment and air pollution control systems due to stringent environmental regulations and a growing focus on sustainable practices, which have resulted in increased molybdenum usage in these sectors. Some of the other factors driving the market further include rapid urbanization and industrialization and widespread product adoption in various industrial applications, including chemicals, lubricants, electronics, and catalysts.
Request a free sample copy of the report: https://www.imarcgroup.com/molybdenum-market/requestsample