Molybdenum Market Overview

The Molybdenum is anticipated to grow significantly from 2025 to 2035, driven by its extensive applications across various industries. By 2025, the market is projected to reach a value of around USD 8.47 Billion. Looking ahead to 2035, it is expected to expand further to about USD 5.64 Billion. This represents an annual growth rate of 3.4% over the ten-year period.

The global molybdenum (Mo) market industry analysis refers to the international marketplace for the trading, production, and consumption of molybdenum, a silvery-white metal primarily used in steel alloys, chemical applications, and as a catalyst in various industrial processes. The global molybdenum market is essential to various industries, particularly those requiring high-performance materials, making it a critical component of the global economy. The global molybdenum (Mo) market is a critical segment of the metals industry, driven by its diverse applications across various sectors, including steel manufacturing, chemical production, electronics, and energy. Molybdenum is valued for its high melting point, corrosion resistance, and ability to enhance the strength, toughness, and wear resistance of alloys, particularly in steel. For instance, a temporary shutdown of a Dutch nuclear reactor in late 2024 led to a shortage of molybdenum-99, a critical isotope in medical imaging, highlighting the metal's significance beyond industrial applications.

Molybdenum Market Drivers and Opportunities

Rising Demand for High-Strength Steel & Alloys is anticipated to lift the Molybdenum market during the forecast period

​​The global molybdenum market is experiencing significant growth, largely driven by the increasing demand for high-strength steel and alloys across various end-user industries. Molybdenum's unique properties, such as enhancing strength, heat resistance, and corrosion resistance, make it an essential component in steel production, which in turn fuels its market expansion. ​According to the U.S. Geological Survey (USGS), China accounted for about 40% of global molybdenum production in 2024, while the United States contributed approximately 12%. This significant production shares underscores China's influence in the molybdenum market. In February 2025, China announced export controls on five critical metals, including molybdenum, which are essential for defense, clean energy, and other industries. These restrictions are expected to impact global supply chains and may lead to increased molybdenum prices, further influencing market dynamics. Molybdenum's ability to enhance steel's strength and resistance to corrosion and high temperatures makes it vital in producing high-strength and stainless steels. Approximately 80% of molybdenum consumption is dedicated to steel production, with the remainder used in chemicals, lubricants, and other applications. ​The increasing adoption of HSS directly correlates with heightened molybdenum demand. For instance, the automotive industry's move towards advanced high-strength steels (AHSS) to meet stringent safety and efficiency standards necessitates higher molybdenum content. Similarly, the energy sector's expansion, particularly in renewable energy projects like wind turbines, relies on molybdenum-enhanced steels for durability and performance.

Expansion of Oil & Gas Exploration and Refining is a vital driver for influencing the growth of the global Molybdenum market

​​The expansion of oil and gas exploration and refining activities is a significant driver of the global molybdenum market. Molybdenum's unique properties, such as high corrosion resistance and the ability to withstand extreme temperatures, make it indispensable in the oil and gas industry, particularly in the construction of pipelines, drilling equipment, and refining infrastructure. ​In the oil and gas sector, molybdenum is primarily used as an alloying element in steel to enhance strength and resistance to corrosion and high temperatures. This is crucial for components exposed to harsh environments, such as offshore drilling platforms and deep-sea pipelines. The metal's ability to maintain structural integrity under extreme conditions ensures the reliability and safety of oil and gas operations. ​ Investment in upstream oil and gas activities, which include exploration and production, directly influences the demand for materials like molybdenum. Global upstream CAPEX by oil producers is projected to increase over the coming years, reflecting a commitment to expanding exploration and refining capacities. This trend is expected to drive the molybdenum market; as higher investments lead to increased infrastructure development requiring molybdenum-enhanced materials.

Advancements in Molybdenum Recycling and Sustainability Initiatives is poised to create significant opportunities in the global Molybdenum market

​​Advancements in molybdenum recycling and sustainability initiatives are poised to create significant opportunities in the global molybdenum market during the forecast period. These developments are driven by technological innovations, environmental policies, and the growing demand for sustainable practices across industries. ​ Technological advancements have significantly improved the efficiency and cost-effectiveness of molybdenum recycling. Modern hydrometallurgical techniques, for instance, have been developed to minimize waste and energy consumption during the recycling process. These innovations not only reduce the environmental footprint of molybdenum production but also enhance the supply chain by providing a steady source of recycled material. ​ Recycling molybdenum offers substantial environmental benefits, including energy savings and reduced greenhouse gas emissions. Sensor-based sorting technologies, such as X-ray fluorescence (XRF), enable precise identification and separation of molybdenum-containing materials. Automated robotics enhance the efficiency and speed of sorting processes The process of recycling molybdenum scrap typically requires less energy compared to extracting and processing virgin ores, thereby decreasing the overall environmental impact. Economically, recycling contributes to resource conservation and cost savings, making industries more sustainable and resilient. ​

Molybdenum Market Scope

Molybdenum Market Report Segmentation Analysis

The Global Molybdenum Market industry analysis is segmented into by End Product, by Grade, by Application, by End-user Industry and by Region.

The Steel segment is anticipated to hold the highest share of the global Molybdenum market during the projected timeframe.

On the basis of End-product, the market is bifurcated into Steel, Chemical, Foundry, MO-metal and Nickel Alloy. In 2024, Steel held the largest market share of 35%. Molybdenum is extensively used in steel production to enhance strength, hardness, weldability, and resistance to corrosion and high temperatures. The demand is particularly high in industries such as construction, automotive, and energy, where high-strength steel is essential.

The alloying agent dominated the market in 2024 and is predicted to grow at the highest CAGR over the forecast period.

In terms of Application, the Molybdenum market is segmented into Alloying agent, Catalyst, Lubricant, Pigment and Refractory. Alloying agent is anticipated to hold the highest share of around 38% in the global Molybdenum market. Molybdenum is extensively used as an alloying element to enhance strength, hardness, ductility, and corrosion resistance. Stricter environmental standards have increased the need for efficient catalysts in reducing emissions, thereby driving the demand for molybdenum in catalytic applications.

The High Purity segment is predicted to grow at the highest CAGR over the forecast period.

On the basis of Grade, the Molybdenum market is classified into High Purity and Commercial Grade. High-Purity Molybdenum segment is experiencing significant growth due to the increasing demand for high-quality materials in advanced technological applications. High-purity molybdenum, typically with a purity of 99.9% or higher, is essential for applications requiring exceptional material performance, such as in electronics, aerospace, and medical devices. While commercial-grade molybdenum segment maintains a steady presence in the market. Its widespread use in construction, automotive, and other industrial applications ensures consistent demand.

The Power Generation segment is expected to dominate the market during the forecast period.

Based on End-user Industry, the Molybdenum market is segmented into Steel Industry, Oil & Gas, Chemical & Petrochemical, Automotive, Electronics & Electrical, Aerospace & Defense, Energy, Medical & Healthcare, Mining & Metallurgy and Others. Oil and Gas Industry sector holds a prominent share of the global molybdenum market. Molybdenum's superior resistance to corrosion and high temperatures makes it essential in drilling equipment, pipelines, and refining infrastructure. Molybdenum-based catalysts are vital in the chemical and petrochemical sectors, particularly for hydrocracking and desulfurization processes, contributing to cleaner fuel production. The increasing demand for low-sulfur fuels has bolstered the use of molybdenum in catalytic applications.

The following segments are part of an in-depth analysis of the global Molybdenum market:

Molybdenum Market Share Analysis by Region

Asia Pacific is projected to hold the largest share of the global Molybdenum market over the forecast period.

Asia Pacific Molybdenum market accounted for a largest revenue share of around 60% in 2024, by China's significant role as both a leading producer and consumer of molybdenum. Rapid industrialization and robust steel manufacturing in countries like China and India have escalated the demand for molybdenum, which is essential for enhancing steel strength and durability. China is both the leading producer and consumer of molybdenum globally, driven by rapid industrialization and robust steel production. Ongoing infrastructure projects and urbanization efforts contribute to increased molybdenum consumption in construction materials and machinery. In regions like Uttar Pradesh, India, state policies on solid waste management are being developed to promote recycling and sustainability, which could positively impact the molybdenum recycling industry. North America is expected to hold significant share in the global Molybdenum market. The United States, a significant player in the North American molybdenum market, was sized at 28.9 thousand metric tons in 2024. The region's developed industrial base utilizes molybdenum across various sectors, including aerospace, automotive, and energy, maintaining steady demand. Europe holds a considerable share of the molybdenum market, driven by its robust industrial activities. Europe's well-established automotive sector relies on molybdenum-enhanced steels for manufacturing durable and lightweight components. The region's focus on energy infrastructure, including oil and gas as well as renewable energy projects, contributes to molybdenum demand.

Molybdenum Market Competition Landscape Analysis

the global Molybdenum market is poised for significant growth, with key players investing heavily in technology and infrastructure. Molybdenum companies are actively engaged in strategies such as mergers and acquisitions, joint ventures, and technological innovations to strengthen their market positions.

Global Molybdenum Market Recent Developments News:

November 2024: Freeport-McMoRan announced the acquisition of a minority interest in a molybdenum processing facility in Finland. This investment is intended to increase the company's processing capabilities and meet the growing demand for high-purity molybdenum products.

December 2024: Jinduicheng introduced a new line of high-purity molybdenum powders tailored for the electronics industry. These products are designed to meet the stringent quality requirements of semiconductor manufacturers. ​

July 2024: Antofagasta announced the expansion of its Los Pelambres mine in Chile, aiming to increase molybdenum production by 15% over the next three years. This expansion is part of the company's strategy to capitalize on the rising global demand for molybdenum.

June 2022: Alderan Resources and Rio Tinto subsidiary Kennecott Exploration (KEX) partnered in June 2022 to drill for copper and molybdenum at the Copper Gulch discovery in Utah's Frisco copper project. The Frisco project is 70% owned by KEX, who invested USD 30 million in it and obtained a 10-year exploration right. This investment emphasizes the strategic significance of investigating and creating additional copper and molybdenum sources.

The Global Molybdenum Market is dominated by a few large companies, such as

·         China Molybdenum Co., Ltd.

·         Freeport-McMoRan Inc.

·         Jinduicheng Molybdenum Co., Ltd.

·         Thompson Creek Metals Company

·         Grupo México

·         Molycorp Inc.

·         Rio Tinto

·         BHP Group

·         Anglo American plc

·         Codelco

·         Antofagasta PLC

·         Anglo American plc

·         Others