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Global molybdenum production and use rises in 2024
02/04/2025
Global production of molybdenum was at 639.7 million pounds (mlbs) in 2024, a rise of 2% from 625.4 mlbs in 2023, figures released by the International Molybdenum Association (IMOA) show. Global usage rose 3% to 648.4 mlbs from 630 mlbs the previous year.
China remained the largest producer of molybdenum in 2024 at 294.8 mlbs, up 5% from 281.8 mlbs in 2023. South America remained the second largest producer at 174.7 mlbs - a rise of 4% from 168.5 mlbs the previous year. North America saw production rise 1% to 114.5 mlbs from 113 mlbs the previous year. Other Regions saw a decrease of 10% in production to 55.7 mlbs from 62.1 million pounds in 2023.
Global production in Q4 2024 saw a 3% rise to 164.3 mlbs when compared to the same quarter of the previous year. North America saw the largest rise, 9%, to 31.3 mlbs, while South America saw a 4% rise to 44.3 mlbs and China saw a 2% rise to 74.8 mlbs. Other Regions saw production decrease 4% in Q4 to 14 mlbs, when compared to the same quarter of the previous year. When compared to the previous quarter (Q3, 2024), North America saw a 15% rise, Other Regions 2%, China 1%, while production in South America fell by 5%.
China, the largest user of molybdenum, saw the biggest increase in usage, 10%, to 305 mlbs in 2024, when compared to 2023, while usage in the USA remained largely static. Europe, the second largest user of molybdenum, saw a 2% decrease in usage to 122.3 mlbs, while Other Regions saw a 1% fall to 92.1 mlbs. Japan saw the largest percentage decrease in usage, 7%, to 44.1 mlbs in 2024, while CIS saw a 3% reduction to 20.8 mlbs.
In Q4 2024 global usage fell 3% to 160.6 mlbs when compared to Q3, 2023, with a fall of 5% in Europe, 7% in USA, 10% in both Other Regions and CIS and 2% in Japan. China was the only region to see a rise in usage, 1%, when compared to the same quarter of the previous year. When compared to the previous quarter (Q3, 2024), global usage fell by 2%, with a fall of 3% in China and Japan, 5% in USA and 6% in CIS. Usage in Other Regions remained mainly static, while Europe saw the only rise, 2%, in usage.
General information for media
IMOA is a non profit trade association, representing the majority of the molybdenum industry worldwide. It works to raise awareness about the unique properties of molybdenum, its beneficial effects on materials performance, its safety in use and its contribution to sustainable development.
Molybdenum is added to alloy steels to improve strength, toughness, hardenability and weldability for numerous applications in the automotive, shipbuilding, construction, mining, chemical, oil & gas and energy generation industries. In stainless steels and superalloys, it improves corrosion resistance and high-temperature performance and finds uses in many industrial applications. It is also used in a variety of products from catalysts and lubricants to pigments and paint.
IMOA has a strict antitrust compliance policy which delegates of all meetings are required to observe. All such meetings are observed by legal counsel.
For more information please email the communications team at media@imoa.info.
For up-to-date information please follow IMOA on Twitter and LinkedIn.
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