Molybdenum Market Outlook, Price Trends, Growth, Report 2023
How Big is The Molybdenum Market?
The global molybdenum market size reached 5,589 Tons in 2022. Looking forward, IMARC Group expects the market to reach 6,596 Tons by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028.
What is Molybdenum?
Molybdenum, a silver-toned, highly malleable, and oxidation-resistant metal, delivers superior durability and mechanical steadiness at high temperatures. Its prevalent use encompasses rotating X-ray anodes, useful in clinical diagnostics, glass melting furnace electrodes, and sprayed coatings for automotive piston rings and machine parts to minimize friction. Moreover, molybdenum is used in manufacturing components resistant to molten glass and heat sinks with thermal expansion characteristics. Currently, the expanding sectors of oil and gas, chemical and petrochemical, construction, aerospace, and defense are favorably impacting the global metal demand.
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Global Molybdenum Market Trends and Drivers:
The escalating requirement for the product in the steel industry to improve hardenability, resilience, and tensile strength is primarily driving the molybdenum market. Furthermore, the increasing usage of this metal in electronic gadgets, on account of its expansion under high-temperature conditions, is also augmenting the market growth. Apart from this, the growing utilization of molybdenum as a catalyst in petroleum refineries to aid in refining petroleum products and desulfurizing natural gas is positively influencing the global market. Moreover, the widespread adoption of the product in the aerospace sector to decrease vibration and enhance comfort for pilots and passengers is further bolstering the market growth. Besides this, the rising need for this metal in the defense sector for producing superior warheads, nozzles, and shaped charge liners is acting as another significant growth-inducing factor. Additionally, key players are launching new primary and byproduct operations to expand their customer base and concentrating on capacity expansions and mergers and acquisitions (M&A), which are expected to drive the molybdenum market in the coming years.
Who are the key players operating in the industry?
The report has been segmented the market into following categories:
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Also Read:How Big is The Molybdenum Market?5,589 Tons in 20226,596 Tons by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028.What is Molybdenum?Request a PDF Sample Copy for more detailed market insights: https://www.imarcgroup.com/molybdenum-market/requestsampleGlobal Molybdenum Market Trends and Drivers: Who are the key players operating in the industry?Report Segmentation: Breakup by Product Type:Breakup by Sales Channel:Breakup by End Use:Breakup by Region:Key highlights of the report:Market Performance (2017-2022)Market Outlook (2023- 2028)If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.About Us:Also Read: