Molybdenum Market is Driven by the Increase in Demand from large Scale Industries
Molybdenum
is a chemical element which is valued as an alloying agent in
stainless steel or structural steel due to its strength, ability to
hold shape, corrosion resistance, and ability to operate at high
temperatures. Molybdenum is a byproduct of copper mining. It is
lightweight, silvery-white lustrous metal, with reminiscence of tin.
It is reliable, durable, resilient, and has low degree of thermal
expansion.
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Global
Molybdenum Market: Drivers & Restraints
The
global molybdenum market is driven by the increase in demand from
large scale industries. The natural resources are depleting the
manufacturers are finding the way for the new energy sources, which
is required for the setting of the new renewable energy production
plants. This, in turn, is driving the molybdenum market for the
construction of production facilities. The demand for molybdenum is
high from special chemicals and steel industries, the leading
producers of the molybdenum are increasing their focus on the
introducing new primary & byproduct operations. However, high
price of molybdenum is a major restraint of the molybdenum market.
Molybdenum is not suitable for continuous temperatures above 500 °C
in an oxidized atmosphere unless it is protected by a coating. This
is likely to hamper the global molybdenum market.
Global
Molybdenum Market: Applications
Molybdenum
is used in various applications such as fully alloy, stainless steel,
cast steel, and catalysis. It is also used as a raw material in
end-use applications such as oil & gas, automotive, aerospace,
defense, electronics, and medical. Molybdenum is extensively used in
the oil & gas industry. It is also used in the construction
industry, as molybdenum is required in steel in large amount.
Molybdenum is also used in automotive, aerospace, defense,
electronics, and medical industries.
Global
Molybdenum Market: Key Segments
The
molybdenum market can be segmented based on product types such as
chemicals, steel, Mo-Metals, Foundries and others. In the steel and
chemical sectors there is high demand for the molybdenum bearing.
Mo-Metals are used as the additional material with the steel to
increase its strength.
Global
Molybdenum Market: Regional Outlook
Based
on region, the global molybdenum market can be segmented into North
America, Europe, Asia Pacific, Latin America, and Middle East &
Africa. In terms of revenue, Asia Pacific holds a prominent share of
the market due to the use of molybdenum and its alloys in electronics
and electrical devices in the region. Rapid industrialization and
rise in the consumption of molybdenum in steel are expected to boost
the molybdenum market in Asia Pacific. Increase in steel
manufacturing in emerging economics such as China and India is
expected to boost the molybdenum market in Asia Pacific. North
America and Europe hold considerable share of the global molybdenum
market. The market in these regions is expected to expand at a
sluggish pace in the near future. Latin America and Middle East &
Africa are projected to hold less share of the global molybdenum
market.
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Global
Molybdenum Market: Key Players
Key
players operating in the global molybdenum market include BHP
Billiton Group, Jinduicheng Molybdenum Co., Ltd., American CuMo
Mining, Compania Minera Dona Ines De Collahuasi S.C.M, S.A.B. de C.V,
Grupo México, Thompson Cek Metals, Moly metal LLP, and ENF Ltd.
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