Aug 24, 2021 (The Expresswire) -- Global "Molybdenum Market" research analysis is provided on major factors such as consumer needs and changes observed in them over time, market sales in terms of value and volume, emerging opportunities, market growth trends, factors driving this market, threats associated with them and market performance of key vendors along with key regions. Industry experts project Molybdenum market to grow at a CAGR of during the period.
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About Molybdenum Market:
The global molybdenum market is expected to witness a CAGR of 3.5% during the forecast period of 2018 - 2023. The major factor driving the market is the increasing industrial activity in China and expansion of the energy sector.
Growing Demand for Molybdenum Bearings
The growing demand for molybdenum bearings in the steel and chemical sectors is alleviating its prices. This is expected to benefit the molybdenum market to a great extent. Additionally, the increase in industrial activities, accompanied by the infrastructural expansion in countries, like China, India, and Indonesia, are expected to witness a growth in demand for steel, which is likely to drive the market for molybdenum during the forecast period. The deceleration of demand from the Chinese oil and gas sector due to the decline in exploration and production activities, where molybdenum steel bearings are heavily used, may hamper the growth of the molybdenum market.
Growing Demand from End-user Industries
Molybdenum is heavily required in steel for the building and construction sector, and the growth of the construction market in Asia-Pacific is likely to boost the demand for molybdenum. The growing steel consumption in end-user industries including the automotive and transportation sector is expected to account for a huge share in the market. With the growing demand for lightweight and electronic vehicles globally, there has been a huge increase in the total automotive production. These levels are expected to rise further, boosting the demand for steel, which in turn, is expected to benefit the market for molybdenum during the forecast period.
Asia-Pacific Dominates the Market
Asia-Pacific is expected to have the largest market globally for molybdenum during the forecast period. The rapid industrialization and rising consumption are expected to boost the market. Additionally, steel manufacturing in emerging economies, such as China and India, is expected to further augment the growth of the molybdenum market during the forecast period.
Key Developments in the Market
August 2017: China Molybdenum is on the lookout for cheap mines overseas after fundraising.
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