Global Molybdenum Ores Market to Reach 412K Tons and $9.5B by 2030, Fueled by Increasing Demand Worldwide

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The demand for molybdenum ores is on the rise globally, leading to an anticipated growth trend in both volume and value of the market over the next seven years. With an estimated CAGR of +1.6% in volume and +3.8% in value, the market is expected to see significant expansion by 2030.

Market Forecast

Driven by increasing demand for molybdenum ores worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.6% for the period from 2023 to 2030, which is projected to bring the market volume to 412K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2023 to 2030, which is projected to bring the market value to $9.5B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Molybdenum Ores and Concentrates

In 2023, global molybdenum ore consumption expanded significantly to 370K tons, picking up by 8.8% compared with 2022 figures. The total consumption volume increased at an average annual rate of +1.1% over the period from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global molybdenum ore market value soared to $7.4B in 2023, rising by 20% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a prominent expansion from 2013 to 2023: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by +82.8% against 2020 indices. Global consumption peaked in 2023 and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were the United States (52K tons), South Korea (33K tons) and Japan (32K tons), together accounting for 32% of global consumption. Chile, China, Brazil, the Netherlands, the UK, Thailand and Belgium lagged somewhat behind, together comprising a further 38%.

From 2013 to 2023, the biggest increases were recorded for China (with a CAGR of +13.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.2B), Japan ($869M) and South Korea ($615M) appeared to be the countries with the highest levels of market value in 2023, together accounting for 36% of the global market. Chile, China, the Netherlands, the UK, Brazil, Belgium and Thailand lagged somewhat behind, together accounting for a further 35%.

Among the main consuming countries, China, with a CAGR of +17.7%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of molybdenum ore per capita consumption in 2023 were Chile (1,609 kg per 1000 persons), Belgium (1,203 kg per 1000 persons) and the Netherlands (1,017 kg per 1000 persons).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +13.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Molybdenum Ores and Concentrates

In 2023, the amount of molybdenum ores produced worldwide expanded modestly to 334K tons, growing by 2.6% compared with the previous year's figure. The total output volume increased at an average annual rate of +1.1% over the period from 2013 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 with an increase of 9.2%. Global production peaked in 2023 and is likely to continue growth in the near future.

In value terms, molybdenum ore production rose notably to $6.8B in 2023 estimated in export price. Overall, the total production indicated a temperate increase from 2013 to 2023: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by +54.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 40% against the previous year. Over the period under review, global production attained the maximum level in 2023 and is likely to continue growth in years to come.

Production By Country

The countries with the highest volumes of production in 2023 were Chile (89K tons), the United States (69K tons) and Peru (59K tons), together comprising 65% of global production. Mexico, Malaysia, Armenia, Canada, the Philippines, Kazakhstan and Mongolia lagged somewhat behind, together accounting for a further 28%.

From 2013 to 2023, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Malaysia (with a CAGR of +17.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Molybdenum Ores and Concentrates

In 2023, purchases abroad of molybdenum ores was finally on the rise to reach 386K tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, total imports indicated a noticeable increase from 2013 to 2023: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 21%. As a result, imports attained the peak of 398K tons. From 2021 to 2023, the growth of global imports failed to regain momentum.

In value terms, molybdenum ore imports skyrocketed to $9.2B in 2023. In general, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 51% against the previous year. Global imports peaked in 2023 and are likely to continue growth in the near future.

Imports By Country

In 2023, the Netherlands (65K tons), China (51K tons), South Korea (40K tons), the United States (32K tons), Japan (31K tons), Belgium (31K tons), Chile (30K tons), Thailand (22K tons) and Brazil (20K tons) represented the major importer of molybdenum ores in the world, generating 83% of total import.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +13.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($1.7B), China ($1B) and Japan ($994M) appeared to be the countries with the highest levels of imports in 2023, with a combined 40% share of global imports. The United States, South Korea, Belgium, Chile, Brazil and Thailand lagged somewhat behind, together comprising a further 39%.

Thailand, with a CAGR of +32.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average molybdenum ore import price stood at $23,813 per ton in 2023, jumping by 20% against the previous year. Overall, the import price posted a prominent increase. The most prominent rate of growth was recorded in 2021 an increase of 56%. Global import price peaked in 2023 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Japan ($31,756 per ton), while Thailand ($10,900 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (+18.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Molybdenum Ores and Concentrates

In 2023, shipments abroad of molybdenum ores was finally on the rise to reach 351K tons for the first time since 2020, thus ending a two-year declining trend. In general, total exports indicated noticeable growth from 2013 to 2023: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -8.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 26% against the previous year. Over the period under review, the global exports attained the maximum at 385K tons in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, molybdenum ore exports surged to $8.4B in 2023. Over the period under review, exports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2018 when exports increased by 53%. Over the period under review, the global exports reached the maximum in 2023 and are likely to see gradual growth in the immediate term.

Exports By Country

In 2023, Chile (88K tons), distantly followed by Peru (50K tons), the United States (49K tons), the Netherlands (47K tons), China (22K tons), Belgium (17K tons) and Malaysia (16K tons) represented the main exporters of molybdenum ores, together generating 82% of total exports.

From 2013 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of +87.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest molybdenum ore supplying countries worldwide were Chile ($2.4B), the United States ($1.5B) and the Netherlands ($1.4B), together comprising 64% of global exports. Peru, China, Belgium and Malaysia lagged somewhat behind, together comprising a further 21%.

In terms of the main exporting countries, Malaysia, with a CAGR of +94.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average molybdenum ore export price amounted to $23,799 per ton, surging by 16% against the previous year. Over the period under review, the export price saw a buoyant increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 53%. Over the period under review, the average export prices reached the peak figure in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United States ($31,304 per ton), while Malaysia ($1,476 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (+8.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform