Molybdenum Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Sales Channel (Direct, Indirect), By End Use (Engineering Steel, Chemicals, Electronics & Semiconductors, Aerospace, Others), By Region and Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 10368.21 Million
CAGR (2026-2031)	5.31%
Fastest Growing Segment	Direct
Largest Market	Asia Pacific
Market Size (2031)	USD 14142.35 Million

Market Overview

The Global Molybdenum Market will grow from USD 10368.21 Million in 2025 to USD 14142.35 Million by 2031 at a 5.31% CAGR. Molybdenum is a refractory metallic element primarily utilized as an alloying agent to enhance the hardenability, strength, and corrosion resistance of steel, cast iron, and superalloys. The fundamental drivers supporting the market's growth include the essential reliance of the global construction and energy sectors on high-performance stainless steels and the indispensable role of these alloys in developing durable infrastructure pipelines. These core industrial requirements provide a stable demand base that remains distinct from temporary adoption trends or shifting consumer preferences. According to the International Molybdenum Association, in 2024, global usage of molybdenum rose 3% to 648.4 million pounds.

Despite this robust demand, a significant challenge that could impede market expansion is the inherent volatility in the supply chain caused by geopolitical trade tensions and export restrictions. As production is heavily concentrated in specific geographic regions, any disruption in trade relations or regulatory frameworks can lead to unpredictable price fluctuations and availability issues. Consequently, this instability complicates long-term procurement strategies for manufacturers and remains a critical obstacle to steady market development.

Key Market Drivers

The rising global demand for stainless steel and specialty alloys serves as the foremost catalyst for the molybdenum market, particularly as industrial standards increasingly necessitate materials with superior resistance to corrosion and high temperatures. Molybdenum is a critical alloying element in Grade 316 stainless steel and various superalloys used in harsh environments, such as seawater desalination plants and chemical processing facilities. This dependency is most pronounced in major industrial economies where infrastructure upgrades and manufacturing expansion are accelerating. According to the International Molybdenum Association, April 2025, in the 'Global molybdenum production and use rises in 2024' press release, consumption in China, the world’s largest user, increased by 10% to reach 305 million pounds in 2024. This surge underscores the pivotal role of the Asian manufacturing sector in sustaining global consumption levels.

Simultaneously, the surging demand for molybdenum in renewable energy applications is reshaping the market's long-term trajectory, driven by the global transition toward low-carbon power generation. Wind energy technologies, specifically offshore turbines, require high-strength steel gearboxes and structural components capable of withstanding extreme mechanical stress, directly amplifying the need for molybdenum-bearing steels. According to Argus Media, September 2025, in the 'Molybdenum demand expected to rise in next decade' article, the Global Wind Energy Council projected that 350 GW of offshore wind capacity will be installed between 2025 and 2034, creating a substantial new avenue for material uptake. To meet these evolving requirements, supply dynamics are adjusting; according to the International Molybdenum Association, in 2025, global molybdenum production increased by 1% to 165.4 million pounds during the first quarter. This gradual supply growth reflects the industry's response to these dual demand pressures.

Download Free Sample Report

Key Market Challenges

The primary obstacle impeding the expansion of the Global Molybdenum Market is the inherent volatility within the supply chain, exacerbated by geopolitical trade tensions and rigorous export restrictions. Because molybdenum production is geographically concentrated in a few key regions, the market is disproportionately vulnerable to localized disruptions and shifting trade policies. When diplomatic relations strain or regulatory frameworks tighten in these production hubs, international availability becomes unpredictable. This uncertainty forces downstream manufacturers to operate in a high-risk environment where securing raw materials becomes a logistical struggle rather than a routine procurement process, directly undermining the stability required for consistent market growth.

This instability creates a disconnect between rising industrial requirements and actual material availability, preventing the market from fully capitalizing on demand from the energy and infrastructure sectors. Such supply-side constraints invariably lead to price turbulence, making it difficult for end-users to forecast costs or commit to long-term projects. Evidence of this production precariousness is visible in recent industry data. According to the International Molybdenum Association, in the third quarter of 2025, global production remained static at 167.8 million pounds, while production in South America specifically fell by 6% compared to the same period in the previous year. This stagnation and regional decline, occurring alongside rising usage, illustrate how supply limitations directly hamper the market's ability to scale effectively.

Key Market Trends

The Integration of Molybdenum-Based Catalysts in Green Hydrogen Electrolyzers is accelerating as the energy sector seeks cost-effective, durable alternatives to platinum group metals for large-scale hydrogen production. Molybdenum disulfide and specialized molybdenum-alloyed steels are increasingly essential components in electrolyzers, valued for their ability to withstand the corrosive alkaline environments and high current densities required for splitting water. This technological adoption is directly supported by massive capital inflows into hydrogen infrastructure, which are creating a new, high-value demand stream for the metal outside of traditional steelmaking. According to the International Energy Agency, June 2025, in the 'World Energy Investment 2025' report, global investment in clean hydrogen technologies is projected to surge by 70% to almost $8 billion in 2025, highlighting the rapid financial mobilization that is scaling this molybdenum-intensive application.

Simultaneously, the Development of Molybdenum-Enriched Alloys for Small Modular Nuclear Reactors is redefining material requirements within the power generation industry. Unlike conventional plants, these compact reactors operate under intensified neutron flux and thermal stress, necessitating containment materials with superior creep resistance and structural integrity, roles specifically filled by advanced molybdenum-steel blends. This development phase is characterized by a proliferation of competing engineering approaches, each demanding specialized alloy formulations to ensure long-term safety and performance. According to the Nuclear Business Platform, January 2025, in the '10 Major Nuclear Energy Developments to Watch in 2025' article, the global landscape for these next-generation reactors now showcases over 80 diverse designs, signaling a broad-based innovation cycle that is progressively deepening the sector's reliance on molybdenum-enhanced metallurgy.

Segmental Insights

The Direct sales channel is currently emerging as the fastest-growing segment in the Global Molybdenum Market, driven by the escalating demand for high-performance alloys across the aerospace, automotive, and energy sectors. Industrial manufacturers in these fields are increasingly prioritizing direct procurement models to ensure the consistent quality and precise material specifications required for critical applications, such as heat-resistant turbine blades and engine components. This approach facilitates better customization and stricter quality control compared to third-party distribution. Consequently, major end-users are establishing direct relationships with producers to secure reliable supply chains and meet rigorous engineering standards.

Regional Insights

Asia Pacific holds the leading position in the global molybdenum market, primarily driven by the expansive steel manufacturing sectors in China and India. The region's dominance results from rapid urbanization and industrial growth, which create substantial demand for high-strength stainless steel and specialized alloys. These materials are critical for infrastructure projects, automotive manufacturing, and the oil and gas industry. Consequently, the sustained requirement for hardened steel to support large-scale construction and energy developments ensures that Asia Pacific remains the central hub for molybdenum consumption and production activities globally.

Recent Developments

• In November 2025, Freeport-McMoRan announced the completion of a new water treatment facility at its Climax Molybdenum operation in Colorado. The company constructed this plant to remove molybdenum oxide from process water, aligning its operations with updated state water quality standards. The General Manager of Colorado Operations highlighted that the project represented a significant milestone in environmental stewardship and operational excellence. This new infrastructure ensures that water discharged into the local creek meets stringent purity levels, demonstrating the company's commitment to sustainable mining practices and responsible resource management within the global molybdenum market.
• In January 2025, Almonty Industries announced the execution of an exclusive offtake agreement with the SeAH Group, a prominent South Korean steel manufacturer. Under this strategic collaboration, the company committed to supplying the entire molybdenum production from its Sangdong Molybdenum Project in South Korea to the partner. This alliance aims to strengthen the domestic supply chain for critical raw materials in South Korea and reduce the region's reliance on foreign imports. The agreement also included a guaranteed minimum price for the molybdenum concentrate, providing financial stability and ensuring a consistent revenue stream for the ongoing development of the mining project.
• In September 2024, Centerra Gold released the results of a feasibility study and declared its strategic plan to restart operations at the Thompson Creek Mine in Idaho. The company outlined an initial capital investment of approximately $397 million to bring the mine back into active production. The study indicated that the restart would vertically integrate the mine with the Langeloth Metallurgical Facility, optimizing the production of high-grade molybdenum products for the steel and chemical industries. The company stated that the mine is expected to commence production in the second half of 2027, significantly enhancing its position in the North American molybdenum market.
• In March 2024, Antofagasta Minerals announced that it had secured definitive agreements for the financing of the Centinela Second Concentrator Project in Chile. The company signed a term loan facility worth $2.5 billion with a group of international lenders to fund the extensive construction of the new facility. This expansion is designed to produce an additional 144,000 tonnes of copper equivalent annually, which includes a significant output of molybdenum as a key by-product. The project also involves a separate collaboration with an international consortium to acquire and expand the water transportation system, further supporting the mine's operational infrastructure and long-term production capabilities.

Key Market Players

• China Molybdenum Co., Ltd.
• Freeport-McMoRan Inc.
• Grupo México, S.A.B. de C.V.
• Antofagasta plc
• Rio Tinto plc
• BHP Group Limited
• KGHM Polska Miedź S.A.
• Southern Copper Corporation
• Teck Resources Limited
• Codelco – Corporación Nacional del Cobre de Chile

By Sales Channel	By End Use	By Region
Direct Indirect	Engineering Steel Chemicals Electronics & Semiconductors Aerospace Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Molybdenum Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Molybdenum Market, By Sales Channel:

• Direct
• Indirect

• Molybdenum Market, By End Use:

• Engineering Steel
• Chemicals
• Electronics & Semiconductors
• Aerospace
• Others

• Molybdenum Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE