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Molybdenum is a metallic element that is most commonly used as an alloying agent to enhance metals' strength and durability. It is also used for a range of chemical purposes, for instance as a lubricant or pigment. In most applications, moly has no substitutes, a fact that helps keep demand steady.

While the average price of moly rose in 2014, it may fall in 2015. That expectation is based on the fact that the Chinese government canceled export quotas for the metal in 2015 following a World Trade Organization (WTO) ruling that such restrictions violate WTO rules. A lack of quotas is likely to increase world moly supply.

With that in mind, it's interesting to look at the top molybdenum-producing countries of 2014.

1. China

China produces the vast majority of the world's moly, and despite a 1,000-tonne drop in production between 2014 and 2015, the country remains the globe's biggest producer by a large margin.

2. United States

The US ramped up its moly output in 2014, raising production by 4,800 tonnes, but its demand for the metal still remains higher than domestic supply — last year, its imports of the metal rose by 17 percent.

Though the US produces much less moly than China, it is home to over one-third of the world's known reserves, which indicates that it will likely remain a key producer of the metal for years to come.

3. Chile

Chile increased its moly production slightly in 2014, and anticipates a larger jump in production during 2015.

4. Peru

Peruvian moly production held steady between 2013 and 2014. According to a recent EY report, the majority of investment in Peru's mining industry is directed at copper.

5. Mexico

Moly production fell by over 1,000 tonnes in Mexico last year, but the country's output has been growing since 1997, as per MBendi Information Services.

6. Canada

Most of Canada's moly production occurs in British Columbia, which is home to Endako, one of the largest moly-producing mines in North America.

7. Armenia

Armenia has significant moly reserves.

8. Iran

In 2014, Iran increased its moly production by 2013 tonnes. That jump represents the cuntry’s investment in moly mining, and Iran will probably focus more on moly in the years to come.

9. Russia

The USGS' data for Russian moly output is an estimate, and remains unchanged from 2013. The country retains much of its production for projects at home. A report from Emerging Markets notes that Russian nuclear reactors are specifically designed to use a type of moly only produced within the country.

10. Turkey

In the early parts of this century, Turkey's moly output was unknown, as per a separate USGS report. The country's production data is now known, and the organization states that between 2013 and 2014 the country increased its moly output by 1,300 tonnes.