Covina, Jan. 31, 2023 (GLOBE NEWSWIRE) — Global Molybdenum Market accounted for US$ 4.6 billion in 2020 and is estimated to be US$ 5.8 billion by 2030 and is anticipated to register a CAGR of 2.50%. Most molybdenum compounds have low solubility in water, but when molybdenum-bearing minerals contact oxygen and water, the resulting molybdate ion MoO2−4 is sort of soluble. Industrially, molybdenum compounds (about 14% of world production of the element) are utilized in high-pressure and high-temperature applications as pigments and catalysts. Molybdenum-bearing enzymes are far and away the foremost common bacterial catalysts for breaking the bond in atmospheric molecular nitrogen within the process of biological organic process. A minimum of 50 molybdenum enzymes are now known in bacteria, plants, and animals, although only bacterial and cyanobacterial enzymes are involved in organic process. These nitrogenases contain an iron-molybdenum cofactor FeMoco, which is believed to contain either Mo (III) or Mo (IV). This is often distinct from the fully oxidized Mo (VI) found complexed with molybdopterin altogether other molybdenum-bearing enzymes, which perform a spread of crucial functions. The variability of crucial reactions catalyzed by these latter enzymes means molybdenum is an important element for all higher eukaryote organisms, including humans.
The report “Global Molybdenum Market, By Application (Full Alloy, Stainless Steel, Cast Iron, and Catalysis), By End User (Oil & Gas, Automotive, Aerospace and Defense, and Electronics and Medical) and Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Trends, Analysis and Forecast till 2030”
Key Highlights:
- In 2023, U.S. Food and Drug Administration approved Nulibry (fosdenopterin) for injection to reduce the risk of death due to Molybdenum Cofactor Deficiency Type A, a rare, genetic, metabolic disorder that typically presents in the first few days of life, causing intractable seizures, brain injury and death.
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Analyst View:
Molybdenum is one among the essential materials for the aerospace and defense industry due to various properties, like high-temperature stability, lastingness, density, radiation protection, and their excellent material machinability. In the aerospace industry, molybdenum is employed to scale back the vibration and to enhance the pilot and passenger comfort, because the material has high strength and fewer weight. It’s also used for the stabilization of control surfaces for ailerons, elevators, and rudder sections of aircraft, helicopter rotor blades, and cockpit instrumentation. The commercial airline sector is predicted to continue its decade-long trend of above-average growth rates. This market has been growing globally, particularly at a better rate within the emerging economies, due to increasing purchasing power. These applications of molybdenum drives the market during the forecast year.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Molybdenum Market, By Application (Full Alloy, Stainless Steel, Cast Iron, and Catalysis), By End User (Oil & Gas, Automotive, Aerospace and Defense, and Electronics and Medical) and Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Trends, Analysis and Forecast till 2030“
Key Market Insights from the report:
The Global Molybdenum Market accounted for US$ 4.6 billion in 2020 and is estimated to be US$ 5.8 billion by 2030 and is anticipated to register a CAGR of 2.50%. The Global Molybdenum Market is segmented based on the application, end-user and region.
- By Application, the Global Molybdenum Market is segmented into Full Alloy, Stainless Steel, Cast Iron, and Catalysis.
- By End-user, the market is segmented into Oil & Gas, Automotive, Aerospace and Defense, and Electronics and Medical.
- By Region, the Global Molybdenum Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific holds the largest share in the molybednum market.
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Competitive Landscape:
Key players operating in the global molybdenum market include, Freeport-McMoRan Inc., China Molybdenum Co., Ltd., Luoyang Hi-Tech Metals Co., Antofagasta PLC, Jinduicheng Molybdenum Co., Ltd., Thompson Creek Metals Company Inc., Codelco Inc., Southern Copper Corporation, Rio Tinto Group, and Teck Resources Limited.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
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