Molybdenum is a lightweight highly resilient, durable and reliable metal, which has a silvery-white appearance. The metal has a relatively lower degree of thermal expansion, which enables it to be used in high temperature applications. It also has high corrosion resistance.
A growing demand for energy from large scale industries is expected to influence the demand for molybdenum in the near future. As the natural resources continue to deplete, manufacturers are seeking new energy sources, which requires setting renewable energy production plants. This, in turn, is driving the demand for steel and molybdenum for construction of production facilities. This remains a major growth enabler of the global molybdenum market. Some of the prominent molybdenum producers are shifting their focus towards introducing new primary & byproduct operation in order to ramp up production output.
Use of molybdenum is also increasing in steel and specialty chemical application. As per the recent report published by Future Market Insights (FMI), the global market for molybdenum is set to exhibit a steady growth between 2017 and 2026. The market revenues are expected to surpass US$ 350,000 Mn by the year 2026.