Molybdenum
Regions Covered
APAC
Regions Covered
APAC
Molybdenum is a light weight, highly resilient, durable metal with a low degree of thermal expansion and excellent corrosion resistance properties.
The global molybdenum market is expected to grow at a rate of 3.20% until 2021 owing to extremely high demand from the Asia-Pacific regions. Steel and wind energy industries are considered to be the key drivers for the expansion of the global molybdenum market.
Growing demand for energy from the large scale industries is expected to influence the demand for molybdenum in the near future. Increasing use of molybdenum in steel and specialty chemicals applications is further expected to aid the expansion of the molybdenum market, globally. Global molybdenum production increased at the rate of 4% IN 2017 compared to the year 2016. The global molybdenum market is expected to grow at a rate of 3% from 2017 to 2021. U.S. mine production of molybdenum increased by 25% in 2017 to reach 44600 tons and the corresponding value was USD 800 million. APAC is the largest and strongest growing market in the consumption of molybdenum. High demand from this region is expected to boost the global molybdenum market. Robust increase in industrialization and economic development in India, China and South Korea are the key drivers for increasing consumption of molybdenum in these regions.
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