Molybdenum Use Surges in New Energy, Wind PV Lead Demand

According to the data of the International Molybdenum Industry Association, under the promotion of the global "dual carbon" goal, the energy transformation is accelerating. Molybdenum with excellent characteristics is breaking through the limitations of the traditional steel field and deeply penetrating into new energy industries such as global wind power and photovoltaics, driving the demand for the international molybdenum market. surge. The field of new energy has become the core of molybdenum demand growth, among which wind power and photovoltaics are the largest incremental engines of molybdenum demand in the world, promoting the optimization of molybdenum demand structure and the transformation of the industry to high-end. Estimates show that in 2026, the global demand for molybdenum in the new energy field will account for more than 70% of emerging fields, and wind power and photovoltaics will contribute more than 90%.

Wind power is the largest demand scenario for molybdenum in the field of new energy. Benefiting from the expansion of wind power installed capacity in the world's major economies, the demand for molybdenum has blown out. Wind power equipment needs to withstand complex environments. Molybdenum can significantly improve steel performance and is a key addition element for core components such as wind power gearboxes and superalloys. Among them, the molybdenum content of the core parts of the gearbox needs to be controlled at 0.3%-0.8% to improve stability and reduce operation and maintenance costs; The addition of molybdenum to superalloys can resist harsh environments and ensure the stable operation of fans.

Wind power consumes 100-120 kilograms of molybdenum per megawatt of installed capacity, and the consumption of offshore wind power is even higher. Europe, North America, and the Asia-Pacific are the core regions of global wind power, and countries have increased the layout of offshore wind power. According to IEA statistics, by the end of 2025, the global offshore wind power installed capacity will exceed 90GW, with Europe and Asia-Pacific leading the way; It is estimated that the global demand for wind power molybdenum will exceed 30,000 tons in 2030, with a compound growth rate of 12% from 2026 to 2030. In addition, the operation and maintenance of wind power stock and the application of lubrication coatings also bring additional demand for molybdenum

Photovoltaic is another major growth pole of molybdenum demand. The popularization of N-type battery technologies such as TOPCon and HJT around the world has driven the explosion of demand for high-purity molybdenum targets. N-type cells have high efficiency and low attenuation, and have become the mainstream of the industry. High-purity molybdenum targets directly determine their photoelectric conversion efficiency and stability, which can improve conductivity, match silicon substrates, and avoid thermal stress cracks.

With the large-scale development of the global photovoltaic industry, the Asia-Pacific accounts for more than 80% of the industrial chain, the demand for installed capacity in Europe, America and Southeast Asia is increasing, and many countries are accelerating the layout of production capacity. According to TrendForce's forecast, by the end of 2025, the global TOPCon battery production capacity will account for 83%, directly driving the demand for molybdenum targets. Each GW N-type battery consumes about 8 tons of molybdenum targets, and the consumption of HJT batteries is even higher; It is estimated that the total global demand for photovoltaic molybdenum will exceed 12,000 tons in 2026, a year-on-year increase of 60%.

The global high-purity molybdenum target industry is breaking through technical bottlenecks. Enterprises have increased research and development, increased mass production purity and production capacity, and gradually increased self-sufficiency rate, supporting the growth of photovoltaic molybdenum demand. In addition, the research and development of new photovoltaic technologies such as CIGS thin-film batteries is advancing, and molybdenum sheets are required for their back electrodes. The current conversion efficiency of flexible CIGS chips has exceeded 20.56%, and the demand for photovoltaic molybdenum will be further released in the future.

Generally speaking, under the global energy transformation, the large-scale development of wind power and photovoltaics has reshaped the demand pattern of molybdenum and promoted the transformation of the molybdenum industry to high-end. With the expansion of wind power installed capacity, the popularization of N-type batteries and the breakthrough of high-purity molybdenum technology, the demand for molybdenum in the global new energy field will continue to increase rapidly in the future, supporting energy transformation and the high-quality development of the molybdenum industry, and driving the evolution of the global molybdenum market towards a tight balance.