Molybdenum Market Size, Share, and Industry Analysis by Application (Stainless Steel, Engineering Steel, Nickel Alloys, Tool Steel, Alloy Metals, Foundries, and Others), and Regional Forecast, 2026-2034

The global molybdenum market is recording significant expansion due to the metal's exceptional properties and versatile applications. Renowned for its strength, heat resistance, and corrosion resistance, molybdenum is a key material used in industries such as construction, energy, automotive, and aerospace. It is extensively utilized in producing steel alloys to improve durability and strength, particularly for infrastructure and machinery. In the energy industry, molybdenum plays a vital role in oil and gas pipelines, power generation systems, and renewable energy solutions.

• According to India Brand Equity Foundation (IBEF), India's steel industry has grown rapidly, becoming the world's second-largest crude steel producer. In 2023, it produced around 140.17 million tonnes, marking an 11.8% year-on-year increase.
• According to the U.S. Energy Information Administration (EIA), in 2023, the U.S. consumed 94 quadrillion Btu of energy, with production at 102.83 quads, led by fossil fuels. The high energy demand supports the molybdenum market, crucial for pipelines, power plants, and renewable energy systems.

Molybdenum Market Driver

Energy and Construction Industries to Boost Molybdenum Consumption

The molybdenum market is driven by its critical role in strengthening steel and improving its heat and corrosion resistance. This makes it essential for industries such as construction, automotive, aerospace, and energy. The rising demand for energy infrastructure, including pipelines, power plants, and renewable energy systems, further propels market growth.

• According to the Observatory of Economic Complexity (OEC), in 2023, the global sales revenue from electrical energy exports reached USD 70.8 billion. Since 2019, the value of electrical energy exports has grown by an average of 113.8%, up from USD 33.1 billion.

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The pie chart illustrates the global export share of electrical energy by leading countries. France dominates with 10.40% of the total export market, showcasing its significant role in electrical energy manufacturing and distribution. The Germany follows with 9.10%, leveraging its advanced production capabilities.

Molybdenum Market Restraint

High Production Costs May Hinder the Molybdenum Market

High production costs are a major constraint in the market. Molybdenum is mainly obtained as a byproduct of copper and tungsten mining and its extraction is both energy-demanding and intricate. As molybdenum is found in low concentrations in ores, a large amount of ore must be processed to yield small amounts, thereby increasing resource consumption.

• NCBI reports that molybdenum-99 (Mo-99) production is costly due to high fixed costs for specialized reactors, variable costs for materials and labor, and the use of highly enriched uranium (HEU).

Molybdenum Market Opportunity

Expansion of the Solar Energy Solar to Bring New Opportunities for Industry Players

The molybdenum market holds considerable potential in the solar energy sector. Molybdenum plays a key role in manufacturing thin-film solar panels, especially in copper indium gallium selenide solar cells, which are recognized for their efficiency and lightweight characteristics. With the growing global demand for renewable energy, the use of molybdenum in solar technology is anticipated to increase.

• According to GACC, in 2023, China was the top exporter of solar power with an exporting value of USD 50.8 billion with a market share of 51.5%.

Segmentation

Analysis by Application

Based on application, the market is subdivided into stainless steel, engineering steel, nickel alloys, tool steel, alloy metals, foundries, and others.

The stainless steel segment is significant in the market, where molybdenum enhances strength, corrosion resistance, and durability. Molybdenum is added to improve performance in harsh environments, particularly in industries such as construction, automotive, and chemical processing. It helps stainless steel resist pitting and crevice corrosion, making it ideal for marine applications, pipelines, and chemical-exposed equipment. 

• According to the Observatory of Economic Complexity (OEC), in 2023, Indonesia was the top exporter of stainless steel with an exporting value of USD 2.8 billion with a market share of 54.1%.

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions
• Key Developments: Mergers, Acquisitions, Partnerships
• Latest Technological Advancements
• Insights on Sustainability
• Porters Five Forces Analysis
• Impact of COVID-19 on the Market

Regional Analysis

Based on region, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The molybdenum market is largely dominated by the Asia Pacific region, mainly due to the strong demand for steel in countries such as China and Japan. As the world’s largest steel consumer, China plays a key role in the molybdenum market, relying on it to enhance steel for sectors such as construction, automotive, and infrastructure. Japan, known for its advanced manufacturing and automotive industries, also makes a significant contribution to the market.

• According to World Steel Association (CISA), in October 2024, China’s steel production rose by 6.2% month-on-month and 2.9% year-on-year to 81.88 million tons, marking a positive recovery. The average daily output increased to 2.64 million tons, up from 2.57 million tons in September and 2.55 million tons in October 2023.

North America ranks as the second-largest player in the molybdenum market, fueled by the robust demand from Canada and the U.S. The U.S. leads in molybdenum consumption, particularly in sectors such as steel production, aerospace, and defense, where the metal’s durability and corrosion resistance are vital. Moreover, the growing application of molybdenum in high-performance alloys for energy infrastructure, such as oil and gas pipelines, further drives regional market growth.

• According to the World Nuclear Association, Canada’s nuclear sector provides 15% of its electricity with 17 reactors in Ontario. This growth benefits the molybdenum market as the metal is vital for strengthening reactor materials.

Key Players Covered

The global molybdenum market is fragmented with the presence of a large number of group and standalone providers. In Asia Pacific, the top 3 players account for only around 30% of the market.

The report includes the profiles of the following key players:

• CMOC (China)
• Climax Molybdenum (U.S.)
• Rio Tinto (U.K.)
• Anglo American (U.K.)
• Antofagasta plc (Chile)
• GRUPO MÉXICO (Mexico)
• JINDUICHENG MOLYBDENUM CO., LTD. (China)
• Teck Resources Limited (Canada)
• Codelco (Chile)
• JAYESH (India)

Key Industry Developments

• In February 2024, Anglo American acquired the high-quality 4.3 billion-tonne Serra da Serpentina iron ore resource from Vale SA, integrating it into its Minas-Rio operation in Brazil. The deposit's higher grade and softer ore will reduce extraction costs, securing Anglo American’s control over Minas-Rio and future expansions linked to Serpentina.
• In December 2024, Rio Tinto announced a significant investment of USD 2.5 billion aimed at expanding the capacity of its Rincon lithium project to 60,000 tonnes per year. This expansion is part of the company's strategy to meet the growing demand for lithium, a critical component in electric vehicle batteries and renewable energy storage systems.