Molybdenum is frequently used in stainless steel in the range of 2 to 4%, which helps to improve the resistance to fissure in Fe-Cr-Ni alloys and Fe-Cr alloys as well as pitting in chloride environments. This is one of the main elements boosting the molybdenum market's expansion. Additionally, this market is growing as a result of rising demand for several types of steel, notably in China, such as structural steel, stainless steel, and others. China is the world's greatest producer of steel, manufacturing 803.8 million metric tonnes in 2015 and 808.4 million metric tonnes in 2016. This is according to the World Steel Association. The automobile sector is anticipated to experience significant growth among end-use industries in the near future. Due to the exceptional strength to weight ratio of molybdenum alloy, which is utilised in a variety of automotive elements including the clutch, flywheel, and other parts, molybdenum is a crucial component of automobiles. Over the course of the forecast period, the fertiliser application is anticipated to experience considerable expansion in the worldwide molybdenum market.
Coherent Market Insights projects that at a projected CAGR of 2% over the forecast period, the Molybdenum Market is expected to grow from US$ 283.45 billion in 2021 to US$ 332.11 billion by 2029.
Key Competitors in the Molybdenum Industry:
1. Centerra Gold Inc.,
The business was started in 2002 and is located in Toronto, Canada. Mining is what Centerra Gold Inc. does. The Company focuses on creating, exploring, and acquiring assets with potential for gold and copper. A mine update on the Turkish earthquake was provided by Centerra Gold in February 2023. The completion of the Global Arrangement Agreement between Centerra Gold and Kyrgyzaltyn and the Kyrgyz Republic's government is announced in July 2022.
2. Codelco Mining Company
The business was founded in 1955 and is located in Santiago, Chile. An organisation called Codelco is committed to the exploration, development, and production of copper mines and byproducts. Refinery anode slimes, a byproduct of copper's electrorefining, also provide trace amounts of gold and silver.
3. China Molybdenum Company Limited
The business was started in 1969 and has its main office in China. The business is a mining and exploring enterprise for minerals. The Company concentrates on mining non-ferrous metals. China Molybdenum Company Limited was replaced with CMOC Group Limited as the company's official name in June 2022. The business was listed on the Fortune China 500 list later that year at position 74.
4. Freeport-McMoRan Inc.
The firm was established in 1987 and is based in Arizona, United States. The company manages substantial reserves of copper, gold, molybdenum, cobalt, oil, and gas in its vast, long-lived, and geographically diverse holdings. Copper Mark Received by Freeport-McMoRan at PT Freeport Indonesia in February 2023Freeport-McMoRan finished selling an undeveloped project in the Democratic Republic of the Congo for $550 million in December 2020.
5. Anglo American plc
The company was founded in 1917 and is based in London, England. In terms of base metals like copper and nickel, precious metals and minerals like platinum and diamonds, as well as bulk commodities like iron ore, manganese, and metallurgical coal, the company's mining portfolio also comprises basic commodities like iron ore, manganese, and coal. The largest hydrogen-powered mine haul truck in the world was revealed by Anglo American in May 2022 at the Mogalakwena PGM Mine in northeast South Africa.
6. Cronimet Group
The business was established in 1980 and is based in Germany. Recycling stainless steel waste is what Cronimet Corporation does. The company is an expert in providing scrap metal to stainless steel producers and also processes high temperature alloys like titanium and tungsten carbide goods.
7. Antofagasta plc.
The firm was founded in 1888 and is located in London, United Kingdom. Copper mines owned and run by Antofagasta plc are located in Chile, and the company also performs exploration work there and in Peru. The Group also manages a water distribution concession in this area and runs a rail network serving the northern Chilean mining region.
Definition: A strong, malleable, and ductile metal with a high melting point, exceptional strength at high temperatures, and high thermal conductivity, molybdenum is silver-gray in colour. Due to its excellent heat resistance, it is helpful in the creation of iron and steel alloys.
