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Molybdenum is a highly resilient, lightweight, reliable and durable metal, which has a silvery-white lustrous appearance. The metal has a relatively lower degree of thermal expansion, which enables it to be used in high temperature application, also the metal has high corrosion resistance. It has one of the highest melting temperatures of all the elements, yet unlike most other high-melting point metals, its density is only 25% greater than iron’s. Its coefficient of thermal expansion is the lowest of the engineering materials, while its thermal conductivity exceeds all but a handful of elements. Molybdenum-based alloys have a unique combination of properties, including high strength at elevated temperatures, high thermal and electrical conductivity, and low thermal expansion. Molybdenum metal and its alloys are the first choice in many demanding specialized applications.
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The surge in demand for molybdenum bearings in the industries of steel and chemicals is elevating the product’s rates. This is expected to propel the molybdenum market to a great extent. Additionally, the booming industrial activities, coupled with the infrastructural growth in countries, such as India, Indonesia, and China are forecasted to witness a higher demand for steel, which is predicted to fuel the global molybdenum market during the forecast period.
The demand for molybdenum is also seen to rise in the oil and gas sector on account of its applications as an alloying agent in oil and natural gas pipelines. Furthermore, it is also used as alloys and refinery catalysts in the oil and gas industry. The industry is anticipated to contribute considerably to the growth of the molybdenum market in the coming years, due to the increasing usage of molybdenum in applications including the development of liquefied natural gas (LNG) and deep oil production.
The global molybdenum market is predicted to find growth in profit-making industries such as oil and gas, aerospace and defense, energy, and heavy machinery. However, the demand for molybdenum could see a drastic increase owing to its role as an alloying agent in pipelines for oil and natural gas. The growing usage of molybdenum in deep oil production, LNG development, and other applications in the oil and gas industry could bode well for the market. Furthermore, the industry uses molybdenum as a refinery catalyst and an alloy. Molybdenum is also used as an additional component in the manufacture of tool, engineering, and stainless steels.
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Global Molybdenum Market: Trends and Opportunities
Extensive use of molybdenum in steel is mainly observed in the construction and automotive industries due to the growing interest of a large count of manufacturers. The world molybdenum market is foreseen to accept a positive impact from these industries because of the rising demand for the metal. Global steel consumption is said to be substantially accounted for by the construction industry. Nonetheless, the consumption could be relatively high in other industries, viz. transportation and automobile as well. The application of molybdenum in the steel industry is expected to gain impetus on the back of transportation, infrastructure, and other end-use industries significantly raising the demand for concrete.
Global Molybdenum Market: Market Potential
In April 2018, University of Alberta researchers under the leadership of Professor Abdulhakem Elezzabi converted a smart window into rechargeable battery with high capacity. According to the researchers, the transparent smart window could store electrical energy and also recover it when required to power electrical devices. Here, the use of tungsten molybdenum oxide nanowires was key for the nanohybridization of molybdenum oxide to allow energy storing smart windows exercise solution-processed fully reversible switching. This system helps molybdenum smart windows yield 50% optical contrast modulation and 100% enhanced energy capacity simultaneously.
Global Molybdenum Market: Regional Outlook
The international molybdenum market is projected to find growth opportunities resting on the rise of the automotive industry in the U.S. While this is forecasted to influence the market in a positive manner, the consumption of steel in Asia Pacific and ensuing increase in the demand for molybdenum could not be turned a blind eye to. The requirement of high-strength steel in Taiwan, China, and India is envisaged to increase with the economic development of the emerging countries. Moreover, rapid urbanization, increasing size of the middle-income population group, and high infrastructure development could further raise the consumption of steel and eventually molybdenum in Asia Pacific.
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Global Molybdenum Market: Competitive Landscape
Leading companies operating in the industry are envisioned to possess better ability to deal with changes in market conditions due to their superior molybdenum, financial, and technological sources. The international molybdenum market is marked by the presence of ace players such as Codelco, China Molybdenum, and Centerra Gold. Players are anticipated to compete on the grounds of economies of scale, price, operation cost, and other aspects.
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