VALLEY COTTAGE, New York, November 29, 2017 /PRNewswire/ —
Molybdenum is a lightweight highly resilient, durable and reliable metal, which has a silvery-white lustrous appearance. The metal has a relatively lower degree of thermal expansion, which enables it to be used in high temperature application, also the metal has high corrosion resistance.
Growing demand for energy from large scale industries is expected to influence the demand for molybdenum in the near future. As the natural resources continue to deplete, manufacturers are seeking new energy sources, which requires setting renewable energy production plants. This, in turn, is driving the demand for steel and molybdenum for construction of production facilities. This remains a major growth enabler of the global molybdenum market. Some of the prominent molybdenum producers are shifting their focus towards introducing new primary & byproduct operation in order to ramp up production output. Use of molybdenum is also increasing in steel and specialty chemical application. Both international and domestic vendors are concentration of offer more application-specific products that can cater to a larger base of end-users. Factors as such are expected to drive the global sales of molybdenum in the foreseeable future. As per the recent report published by FMI, the global market for molybdenum is set to exhibit a steady growth between 2017 and 2026. The market revenues are expected to surpass US$ 350,000 Mn by the year 2026.
Read Report Overview @ https://www.futuremarketinsights.com/reports/Molybdenum-Market
Oil & Gas Industry will continue to be a leading End User of Molybdenum Over 2026
Molybdenum is anticipated to find extensive application in the oil and gas industry despite the innate cost ramifications associated with industry. Recovering of oil prices and growing stakeholder confidence are two major forces that are expected to support the growth in consumption of molybdenum by the oil & gas industry. Meanwhile, chemicals & petrochemicals and automotive are among the other important end-use industries of molybdenum.
APEJ to the Spearhead the Global Market for Molybdenum Over 2026
Among regions, Asia-Pacific excluding Japan (APEJ) is likely to remain the most lucrative market for molybdenum during the forecast period. Factors such as robust industrialization and economic growth is likely to favour the consumption of molybdenum in the region over the next couple years. In addition, growth of the steel manufacturing sector in emerging countries such as China and India is expected to have