IMOA predicts growth in molybdenum end use

The International Molybdenum Association (IMOA) has announced that end-use demand for molybdenum is forecast to increase by an average of 3.6 percent in the period to 2024. Global molybdenum production and use were down 9 and 10 percent, respectively, in 2015 compared to 2014.

According to IMOA, the reduction in use was related mainly to a significant fall in demand from the oil and gas sector, caused by low oil prices and their effect on exploration and production—two activities in which molybdenum-bearing steels are widely used. Slower growth in China also had an effect. However, most other sectors showed only small reductions, with a couple showing modest increases.

A number of sectors are expected to generate future demand for molybdenum through use in applications influenced by global megatrends. Automobile lightweighting is one such area, in which thinner-gauge, high-strength steels, many of which contain molybdenum, are used to reduce total vehicle weight for greater efficiency. Molybdenum also plays a key role in hydrodesulfurization of fuels. Using molybdenum-based catalysts, this technology has achieved a 100-fold reduction in sulfur dioxide emissions from the European vehicle sector since 1993 and will play an important role in the future as emissions standards are tightened worldwide.

The alloy also is used in power generation, including boosting the efficiency of coal-fired power stations and in renewable energy applications, such as solar, wind, and hydropower. Growth of renewable energy generation is predicted to more than double in the period to 2020.