Global Molybdenum Market Report 2023: Usage in in Aerospace & Defense Bolsters Sector Growth
DUBLIN, April 27, 2023 /PRNewswire/ -- The "Global Molybdenum Market Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global Molybdenum market is expected to witness a significant growth rate during the forecasted period.
Factors like increasing the use of Molybdenum in the Aerospace & Defense Industry to help balance and stabilize the control surfaces of ailerons, elevators, rubber sections of aircraft, helicopter rotor blades, and cockpit instrumentation that withstand high temperatures thermal and mechanical stress are expected to drive the global Molybdenum Market.
Further, the use of Molybdenum in the Electronics Industry, due to its high electric conductivity, development of cladding Molybdenum with various metals or elements, improves the electronic device's reliability, reducing the production costs is projected to drive the Global Molybdenum Market.
Furthermore, in Building & Construction, Molybdenum containing stainless steel is used in reinforcing bars for concrete in buildings, bridges, transit facilities, urban furniture, sculptures, etc., which has exceptional corrosion resistance is expected to drive the Global Molybdenum Market.
However, the price of Molybdenum is very high, and continuous temperature above 500 degrees celsius is not suitable for Molybdenum is expected to hinder the future market growth of Molybdenum.
Molybdenum is used to manufacture surfaces of ailerons, elevators, rubber sections of aircraft, helicopter rotor blades, cockpit instrumentation, and in electrodes of electrically heated glass furnaces and electrical filaments core wires and lead wires. It is used in bars for concrete in buildings, bridges, transit facilities, urban furniture, and sculpture, as well as it is used in medicines and fertilizers.
The Aerospace & Defence Industry is the most primary and vital consumer of Molybdenum and is estimated to drive the global demand for Molybdenum. In the Aerospace & Defence Industry, Molybdenum is one of the essential materials due to its various properties such as density, tensile strength, radiation protection, and excellent material machinability made the demand for Molybdenum grow for the industry. Solid rocket motors use Molybdenum based products to improve thrust and guide propulsion through vanes and nozzles.
According to Grupo Mexico, the mining division achieved USD 6.03 billion in revenues in 2021, 63.8% higher than in 2020, due to a significant increase in the price of the metals that contributes most to their revenues are copper (+65.6%), Molybdenum (+41.2%) and zinc (+37.6%).
Further, the use of Molybdenum in the Aerospace Industry reduces the vibrations, and it improves the pilot and passengers' comfort as the material has a lightweight and high strength is projected to drive the demand for Molybdenum in the segment.
Furthermore, in Defence Industry, Molybdenum is used to manufacture premier warheads, nozzles, and shaped charged liners due to its properties, such as small expansion coefficient and high conductivity, which are projected to drive the demand for the Molybdenum market.
Thus, the above factors have made the Aerospace & Defence industry a vital segment of growth for the Global market of Molybdenum.
Some of the market's key players are ABSCO Limited, Anglo American Plc, Antofagasta Plc, Grupo Mexico, Centerra Gold Inc., China Molybdenum Company Limited, among others.
The Asia Pacific region is on its way to becoming the global leader in the production and consumption of Molybdenum, with most of the consumption in populated countries like China and India. There is an increase in the adoption of Molybdenum in the Aerospace & Defence sector in the region, engine performance is optimized, backflow is diminished, fuel consumption is reduced, and safer engine operation is enabled by thermal spray applications drive the global Molybdenum market.
Due to rising population and industrialization account for the highest market share in terms of revenue due to the rising adoption of Molybdenum and its alloys in electronic and electronic devices, thus adding to the Molybdenum demand in the region.
Due to growing urbanization in the region, there is an amount of growth in building & Construction as Molybdenum can increase the strength of steel at average and elevated temperatures without sacrificing its toughness, driving the demand for Global Molybdenum Industry.
The Molybdenum used in the Medical sector is also increasing in the region; an appropriate amount of Molybdenum can promote human development, inhibits tumors, and maintain energy metabolism, thus driving the Global Molybdenum Industry. Thus, factors like these have made the Asia Pacific region a vital area for the development of Molybdenum.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
A selection of companies mentioned in this report includes
- ABSCO Limited
- Anglo American Plc
- Antofagasta Plc
- Grupo Mexico
- Centerra Gold Inc.
- China Molybdenum Company Limited
- Codelco Mining Company
- Freeport McMoRan Inc
- BPH Billiton
- Jinduicheng Molybdenum Co., Ltd
- American CuMo Mining
- Thompson Creek Metals
- Moly Metal LLP
- Chengdu LianHong Molybdenum Co, Ltd
- Sothern Copper Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9rl281
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