High Demand from APAC to Boost the Global Molybdenum Market| Technavio

LONDON--(BUSINESS WIRE)--#Chemicals--The global molybdenum market is expected to grow at a CAGR of more than 3% from 2017-2021, according to a new market research report by Technavio.

Global molybdenum market segmentation by application and end-products

Technavio’s report on the global molybdenum market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, which includes oil and gas, automotive, heavy machinery, energy along with aerospace and defense. As projected in 2016, around 32% of the market share originated from oil and gas.

Based on end-products, the global molybdenum market has been segmented into steel, chemicals, foundries, mo-metals, and nickel alloys. As of 2016, 69% of the market share came from steel.

“The global molybdenum market by the steel segment is anticipated to experience high growth in terms of revenue during the forecast period. The growth in the steel market is attributed to the increase in demand for concrete in infrastructure, transportation, and other end-user industries around the world,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for metals and minerals research.

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Molybdenum market: competitive vendor landscape

The global molybdenum market is very concentrated. The major vendors of the molybdenum market compete on factors such as operation cost, price, economies of scale, product quality, and innovation. Centerra Gold, China Molybdenum, Codelco, Freeport-McMoRan, and Grupo Mexico are the leading players in the global molybdenum market. These vendors are better equipped to withstand changes in market conditions owing to their better technological, and financial resources.

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Other topics covered in the report:

Market drivers:

  • High demand from APAC
  • Demand from automotive and construction industries

Market challenges:

  • Volatility of steel prices
  • Regulation on excess production capacity in steel industry

Market trends:

  • Growing wind energy industry
  • Increasing demand for stainless-steel from Turkey

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