Most of the countries in the world have realized the importance that access to raw materials has and try to respond differently to this global challenge taking into consideration national interests, resource endowment circumstances and historical experience in addressing supply risks, and different policies. Raw materials fuel prosperity and growth, while consumption of natural resources increases at par with population growth. More raw materials have been consumed since World War II than in the entire history of humankind.

As the European Union transitions to a greener society, securing a stable supply of raw materials becomes more crucial than ever. With the goal of becoming climate neutral by 2050, the requirements on raw materials to facilitate the energy transition are greater than ever, while at the same time, geopolitics pose a greater challenge affecting the whole ecosystem. The rising imbalance between the demand for certain raw materials and their tighter supply is not only an EU phenomenon but also a global one and is more present in the developed world developing as demand and consumption levels have long outpaced domestic supply availability.

Molybdenum holds a significant role in the global economy due to its properties that render it a vital component in the manufacturing of robust, resistant, and enduring steels and alloys that can withstand high strength, corrosion, and heat. By utilizing these long-lasting products, the necessity for frequent maintenance and replacement is reduced, consequently leading to a decrease in carbon emissions and a more positive environmental footprint.

The European Union has almost 100% import reliance on molybdenum in the extraction stage and almost 85% import reliance on the processing stage, as the local processing industry needs to import concentrates for further processing. Since the EU does not categorize Molybdenum as a critical raw material, it is important to have a clear comprehension of what drives the demand for this raw material, its supply determinants, applications, and the significance that it has for the European industry.