The International Molybdenum Association (IMOA), a non-profit trade association that carries out various assessments in North, Central and South America, and globally, has announced that end-use demand for molybdenum is forecast to increase by an average of 3.6 percent in the period to 2024.
A number of sectors are expected to generate future demand for molybdenum through use in applications influenced by global megatrends. Automobile lightweighting is one such area, in which thinner-gauge, high-strength steels, many of which contain molybdenum, are used to reduce total vehicle weight for greater efficiency. Molybdenum also plays a key role in hydrodesulfurization of fuels, resulting in the reduction in sulfur dioxide emissions.
The alloy also is used in power generation, including boosting the efficiency of coal-fired power stations and in renewable energy applications, such as solar, wind and hydropower. Growth of renewable energy generation is predicted to more than double in the period to 2020.