San Francisco, California, May 24, 2018 – The global molybdenum market is anticipated to create growth opportunities in heavy machinery, energy, aerospace and defense, oil and gas, and other industry verticals. Molybdenum could find application in the manufacture of oil and natural gas pipeline due to its role as an alloying agent. There could also be other applications such as LNG development and deep oil production helping molybdenum to increase its demand in the oil and gas industry. A report by TMR Research brings to light some of the critical factors foreseen to stimulate the demand in the market. It bears the title “Molybdenum Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
Of all important roles played by molybdenum in the oil and gas industry, refinery catalyst could become largely popular in the near future. Moreover, molybdenum could be used in the manufacture of stainless steels and engineering tools while functioning as an additional component. As a result of rising interest of several manufacturers, molybdenum finds extensive usage in steel applications, chiefly in industries such as automotive and construction. Owing to swelling demand for metal, these industries could put a positive influence on the global molybdenum market.
The U.S. witnessing expansion of the automotive industry is expected to cause a surge in the demand for molybdenum. However, steel consumption in Asia Pacific and resultant increase in the growth of the global molybdenum market could not be ignored. Economic development of India, China, and Taiwan is said to escalate their demand for high-strength steel in the coming years. Furthermore, consumption of steel and thereby molybdenum in Asia Pacific could see a rise due to high infrastructure development, increasing population, and aggressive urbanization.
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Ability to deal with market changes is prophesied to define the position of players in the global molybdenum market. Companies such as China Molybdenum and Codelco could be among tough competitors of the market.