According to a new market report published by Lucintel, the future of molybdenum in the global automotive market looks promising with opportunities in the passenger car and light commercial vehicle markets. The molybdenum in the global automotive market is expected to grow with a CAGR of 5.9% from 2019 to 2024. The major drivers for this market are increasing penetration of high strength steel per vehicle and growing demand for lithium-ion batteries in electric vehicles.
In this market, molybdenum is primarily used in steel for the manufacturing of engine blocks, exhaust systems, crankshaft, piston rings, steering components, and axle shafts. Molybdenum enhances strength, hardenability, weldability, toughness, and corrosion resistance of steel. On the basis of its comprehensive research, Lucintel forecasts that engine blocks will remain the largest segment for molybdenum material, as molybdenum improves high internal operation pressure and peak firing pressure in engines.
The Asia Pacific will remain the largest region; it is also expected to witness the highest growth over the forecast period due to high vehicle production and increasing demand for advanced high strength steel (AHSS) for various engine applications.
An emerging trend, which has a direct impact on the dynamics of the industry, includes increasing applications for molybdenum steel alloys in engines, such as driving pinion, Cardan joints, and turbocharger housings. Centerra Gold, Codelco Mining, China Molybdenum Company, Grupo Mexico, Freeport-McMoRan, Anglo American, and Jinduicheng Molybdenum Group Co. are the major molybdenum suppliers in the global automotive market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for molybdenum in the global automotive market by application, vehicle type, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities for Molybdenum in the Global Automotive Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategies, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for molybdenum in the global automotive market by application, vehicle type, and the region as follows:
By Application [Volume (Million lbs) and $M Shipment analysis from 2013 to 2024]:
- Engine Block
- Exhaust System
- Piston Rings
By Vehicle Type [Volume (Million lbs) and $M Shipment analysis from 2013 to 2024]:
- Passenger Cars
- Small Cars
- Compact Cars
- Mid-Sized Cars
- Luxury Cars
- SUVs & Crossovers
- Light Commercial Vehicles
By Region [Volume (Million lbs) and $M Shipment analysis from 2013 to 2024]:
- North America
- United Kingdom
- Asia Pacific
- South Korea
- The Rest of the World
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at email@example.com.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for molybdenum in the global automotive market by application (engine blocks, exhaust systems, crankshaft, and piston rings), vehicle type (passenger cars and light commercial vehicles), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market, and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity did occur in the last five years, and what has its impact been on the industry?
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