Molybdenum Growth Outlook Revised Downward Due to Automotive and Aerospace Issues

Global Molybdenum Growth Forecast Revised Down
The global growth forecast for molybdenum usage has been revised downward due to ongoing issues in the automotive and aerospace industries. While automobile production is expected to rise by 11% by 2033, this is less than earlier estimates of 30%.

Electric Vehicle Market Growth Slows
The electric vehicle market, a key molybdenum consumer, is projected to grow at 21% annually from 2024 to 2027, down from 61% between 2020 and 2023.

Aerospace and Renewable Energy Maintain Demand
Despite stable demand from aerospace and renewable energy sectors, challenges remain due to supply chain constraints affecting major companies like Airbus and Boeing. Meanwhile, high interest rates and a weakening property market in China have negatively impacted demand from construction and engineering sectors.

2023 Global Molybdenum Consumption
In 2023, global molybdenum consumption rose by 1% to 630 million pounds, with China being the largest consumer and producer. Overall, the molybdenum market is expected to remain tight due to persistent demand, despite lower growth expectations.