According to the IMOA, in 2022, molybdenum production fell by a mere 1 percent compared to 2021, while global consumption rose by 3 percent to hit 635.1 million pounds. The US Geological Survey states that world mining output of molybdenum was down in 2022 at 250,000 metric tons (MT) compared to 255,000 MT in 2021. China remains the world's leading producer of molybdenum, putting out 100,000 MT in 2022, and Chile is the second top mining jurisdiction for the versatile metal, with output of 44,000 MT. The US is another top-tier producer, mining 42,000 MT of molybdenum in 2022. The 12 month period brought an 8 percent increase in the country's rate of import for consumption. Chile isn't the only Latin American country that was a top molybdenum producer. Peru ranks fourth, with its mining industry producing 32,000 MT in 2022, while Mexico had the fifth highest output at 16,000 MT. Applications for molybdenum are rising, as are products in the pipeline that utilize the affordable material. Due to its resistance to corrosion and ability to withstand high temperatures, molybdenum offers excellent thermal conductivity and low thermal expansion, making it ideal for a number of technological applications. In addition, the metal is in a strong position to gain as the energy sector expands.