Molybdenum is considered an alloying agent as it contributes to the toughness and hardenability of tempered steels. Molybdenum is a lightweight lustrous metal appears in silvery-white color, and is durable, reliable, and resilient. The molybdenum has a relatively lower degree of thermal expansion, this property of it helps to improve strength of steel at high temperature. In addition, molybdenum properties comprise of high electrical conductivity, and good resistance against corrosion.
Increasing adoption of molybdenum in electronics & electrical devices, and medical equipment owing to its high electrical conductivity which is a key factor driving growth of the global molybdenum market. In addition, rising adoption of molybdenum in thermal spray coatings, and aerospace & defense sector are other factors anticipated to fuel growth to the global molybdenum market over the forecast period. Also, molybdenum is used in material processing equipment’s and high temperature furnaces which are another factors expected to support growth of the global molybdenum market.
However, high price of molybdenum is a major factor restraining growth of the global molybdenum market. In addition, molybdenum is not suitable for continued service at temperatures above 500°C in an oxidizing atmosphere unless protected by an adequate coating, which is another factor expected to hamper growth of the global molybdenum market over the forecast period.
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The global molybdenum market report has been segmented on the basis of application, end user, and region. On the basis of region, the global molybdenum market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in Asia pacific is expected to dominate the global molybdenum market and accounts for highest market share in terms of revenue owing to rising adoption of molybdenum and it’s alloys in electronics and electrical devices in countries in the region. The market in North America is expected to account for the second-highest revenue share contribution to the global molybdenum market followed by markets in Europe, Latin America, and Middle East & Africa respectively. The growth in these market is anticipated by increasing demand for molybdenum from aerospace & defense sector.