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The market for molybdenum in the Asia Pacific is expected to witness prominent growth due to the rapid industrialisation, and the flourishing infrastructure and construction activities. Moreover, the increasing production and manufacturing in emerging economies such as India and China are increasing the demand for molybdenum in end-use industries, consequently augmenting the market growth. Molybdenum is also used in paints and dyes to stabilise colour and inhibit corrosion and fading of paints. Moreover, it is an essential component of nitrogenase and is used as a fertiliser for plants like cauliflower and beans to increase crop yield, consequently invigorating the industry growth. Additionally, molybdenum supplements are used for molybdenum deficiency in the body and the treatment of various diseases such as cancer and Wilson disease, hence catalysing the industry growth. Moreover, it is also an excellent material for various scientific research and serves as a significant indicator of ancient oceanic chemistry.
China Molybdenum Co. (SHA: 603993), one of the major companies in the industry, entered into a strategic partnership with CATL New Energy Company Ltd. to develop world-class copper and cobalt mine in the Democratic Republic of China in April 2021. The strategic partnership would also establish both the companies in the field of new-energy mineral resources and aid in targeting comprehensive and in-depth cooperation in nickel resources development and smelting and procession in various countries, including Indonesia. Moreover, it also enhances the leading position of the company as a premier supplier of battery metals and EV raw materials to aid in the development of green energy. Such mergers and acquisitions are increasing the demand for molybdenum, which is expected to augment the industry growth in the forecast period.
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The major players in the global market for molybdenum are Anglo American plc, Antofagasta plc, China Molybdenum Co., Ltd, Codelco, and Freeport-McMoRan Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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