Molybdenum Ore Market

The article explores the rising demand for molybdenum ores worldwide, predicting an upward consumption trend over the next eight years. Market performance is expected to accelerate, with a forecasted CAGR of +2.3% for the period from 2022 to 2030. By the end of 2030, the market volume is projected to reach 419K tons, with a value of $8.3B. The article details the consumption patterns, production volumes, import and export statistics, and key players in the global molybdenum ore market. It highlights the countries with the highest consumption, production, import, and export volumes, as well as trends in prices and growth rates over the analyzed period.

Market Forecast

Driven by increasing demand for molybdenum ores worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 419K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $8.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Molybdenum Ores and Concentrates

In 2022, after three years of growth, there was significant decline in consumption of molybdenum ores, when its volume decreased by -6.9% to 350K tons. Over the period under review, consumption, however, recorded a modest expansion. The pace of growth appeared the most rapid in 2017 when the consumption volume increased by 8.5% against the previous year. Global consumption peaked at 376K tons in 2021, and then fell in the following year.

The global molybdenum ore market value contracted to $5.7B in 2022, waning by -1.8% 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). The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $5.8B, and then contracted slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Chile (55K tons), the United States (53K tons) and Japan (36K tons), with a combined 41% share of global consumption. South Korea, China, Brazil, Peru, Belgium, Armenia, the UK, Canada and India lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +30.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($960M), Chile ($874M) and Japan ($757M) appeared to be the countries with the highest levels of market value in 2022, together comprising 46% of the global market. South Korea, China, Brazil, the UK, India, Belgium, Canada, Armenia and Peru lagged somewhat behind, together comprising a further 38%.

Canada, with a CAGR of +27.7%, recorded the highest rates of growth with regard to market size among the main consuming countries 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 2022 were Armenia (3,762 kg per 1000 persons), Chile (2,857 kg per 1000 persons) and Belgium (995 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Canada (with a CAGR of +29.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Molybdenum Ores and Concentrates

Global molybdenum ore production totaled 317K tons in 2022, picking up by 2.2% against 2021 figures. The total output volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 14% against the previous year. As a result, production reached the peak volume of 322K tons. From 2015 to 2022, global production growth failed to regain momentum.

In value terms, molybdenum ore production declined modestly to $3.3B in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2018 when the production volume increased by 32% against the previous year. Global production peaked at $4.3B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Chile (114K tons), the United States (68K tons) and Peru (62K tons), with a combined 77% share of global production. Armenia, Mexico, Canada and Mongolia lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the biggest increases were recorded for Armenia (with a CAGR of +7.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Molybdenum Ores and Concentrates

In 2022, purchases abroad of molybdenum ores decreased by -16.4% to 331K tons, falling for the second consecutive year after two years of growth. In general, total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -20.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 28%. As a result, imports attained the peak of 416K tons. From 2021 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, molybdenum ore imports rose notably to $6.5B in 2022. Over the period under review, imports, however, showed a temperate expansion. The pace of growth was the most pronounced in 2017 when imports increased by 50% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

The countries with the highest levels of molybdenum ore imports in 2022 were the Netherlands (49K tons), China (41K tons), South Korea (36K tons), Japan (36K tons), the United States (32K tons), Chile (29K tons), Belgium (26K tons) and Brazil (20K tons), together amounting to 81% of total import.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +15.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest molybdenum ore importing markets worldwide were the Netherlands ($945M), Japan ($840M) and South Korea ($800M), together accounting for 40% of global imports. China, the United States, Chile, Belgium and Brazil lagged somewhat behind, together comprising a further 40%.

In terms of the main importing countries, Brazil, with a CAGR of +14.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average molybdenum ore import price amounted to $19,516 per ton, increasing by 30% against the previous year. In general, the import price posted perceptible growth. The most prominent rate of growth was recorded in 2021 an increase of 56% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($23,640 per ton), while Brazil ($14,926 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Molybdenum Ores and Concentrates

In 2022, shipments abroad of molybdenum ores decreased by -9.7% to 297K tons, falling for the second consecutive year after five years of growth. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 28% against the previous year. As a result, the exports reached the peak of 386K tons. From 2021 to 2022, the growth of the global exports remained at a lower figure.

In value terms, molybdenum ore exports rose significantly to $5.9B in 2022. Over the period under review, exports, however, enjoyed perceptible growth. The growth pace was the most rapid in 2018 with an increase of 52% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, Chile (88K tons), distantly followed by the United States (47K tons), Peru (47K tons), the Netherlands (43K tons), China (16K tons) and Belgium (15K tons) represented the main exporters of molybdenum ores, together mixing up 86% of total exports. Armenia (10K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Armenia (with a CAGR of +29.4%), 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 ($1.8B), the United States ($1.1B) and the Netherlands ($945M), with a combined 66% share of global exports. Peru, China, Belgium and Armenia lagged somewhat behind, together accounting for a further 26%.

Armenia, with a CAGR of +34.0%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average molybdenum ore export price amounted to $19,722 per ton, jumping by 20% against the previous year. In general, the export price enjoyed modest growth. The growth pace was the most rapid in 2021 when the average export price increased by 55% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($22,942 per ton), while Belgium ($12,923 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform