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The global antimony market size was USD 0.88 billion in 2021. The market is projected to grow from USD 0.94 billion in 2022 to USD 1.4 billion in 2029 exhibiting a CAGR of 6.5% during the forecast period. The global impact of COVID-19 has been unprecedented and staggering, with antimony experiencing a lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 1.38% in 2020 as compared to 2019.
Antimony also called as stibnite (Sb) is a silver-grey chemical element with a silky, glossy surface. At ambient temperature, it is stable, but when heated, it interacts with oxygen to generate stibnite trioxide (Sb2O3). It has a melting point of 630°C and a density of 6.697 g/cm3 despite its low melting point. It is extremely rare in the Earth's crust, with only 0.4 parts per million (ppm) in the upper crust. It can be found in over 100 different mineral species, often combined with other elements, including mercury, silver, and gold. Stibnite is the most common ore material (Sb2S3). In 2011, 2014, and 2017, it was on the EU's list of key raw commodities.
Certain semiconductor devices, such as infrared detectors and diodes, are made with Sb in the electronics sector. To increase their hardness and strength, it is alloyed with certain other metals such as lead. Batteries make use of a Pb-Sb alloy. cable sheathing, and bullets are some of the other applications for alloys. Flame retardant materials, ceramics, glass, paints, and enamels are all made using its compounds.
Unavailability of Labor and Stringent Regulation Caused Halt in Mining Activities
The COVID-19 outbreak had a heavy toll on the mining industry. The worldwide Sb market has been hit by disruptions in supply chains from key locations and uncertainty in demand from throughout the world. Additionally, the government restrictions on mobility and production operations and the workforces confronting risk of infections add another depth to the calamity. Consumers, communities, and industries worldwide have suffered economic, social, and commercial consequences as a result of the COVID-19 pandemic. Regardless of the pandemic's subsequent path, the scenario is predicted to have long-term consequences.
The post-COVID condition displays market recovery indicators, such as lower unemployment. Regardless of projects being restarted, rising product and raw material costs indicate a solid economic recovery.
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Recovery and Recycling to Foster Market Growth
Antimony has become a more important element in recent years due to increased industrial demand and China's dominance in primary production. Its products can be manufactured using recycled antimony. Secondary supply, such as recycling and valorizing industrial waste, may be a viable option for ensuring a more secure long-term supply.
Secondary Sb can be found in two places: waste from the processing of Sb-bearing commodities and end-of-life products from urban mines and manufacturing leftovers. According to the UNEP antimony's global end-of-life (EoL) recycling rate is expected to be between 1% and 10%. According to the Raw Materials Supply Assessment (RMSA) study, conducted by BIO by Deloitte in 2015, the EoL recycling rate in the EU might be as high as 28%. Lead-acid batteries are the most common source of secondary antimony. As a result, its supply is virtually entirely determined by the level of lead recycling and market conditions for lead and lead-acid battery trash.
Increasing Demand for Flame Retardants to Propel Antimony Market Growth
Most of the world's reserve is utilized in flame-retardant raw materials such as its trioxide. Powdered trioxide is chemically inserted or physically blended into various products, including textiles. Although it is not a flame retardant in and of itself, the flame retardant apparels are manufactured using Sb as it suppresses and decreases the spread of flames when mixed with halogens such as bromine in polymers. Sb2O3 is commonly utilized in plastics, rubbers, paints, textiles, and various industrial safety garments and clothing for children to make them resistant to the spread of fire. Additionally, the stringent regulations mandated by the Occupational Safety and Health Administration OSHA to practice flame retardant clothing are driving the demand for flame retardants, further boosting the antimony market. For instance, OHSA regulation 1910.269 is referred to as the 269 Standard. This factor is related to people working in the electric power generation, transformation, control, and transmission industries. Electrical arcs are a common hazard for these workers.
Employers must train employees about potential hazards, according to the 269 Standard. Electrical arcs and how they can cause flames should be taught to them. The 269 Standard also forbids personnel from wearing garments that could catch fire and injure them. Clothing that catches fire and continues to burn is prohibited.
Availability of Substitutes May Hamper Market Growth
In some of its applications, it can be easily substituted. For example, a composite of chromium, tin, titanium, zinc, and zirconium can be used as replacement in pigments and glass. Sb can be partially replaced in flame-retardant materials by compounds such alumina trihydrate, magnesium hydroxide, and zinc borate. It can be replaced in plastics manufacturing with various combinations of cadmium, barium, calcium, lead, tin, zinc, and germanium. This is projected to limit market growth.
Global Antimony Market Share, By Application, 2021
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Flame Retardants Segment to Hold the Key Share Owing To Better Performance
The market is segmented into flame retardants, chemicals & alloys, lead-acid batteries, emulsion and others applications. Because of the increasing demand from the polymer production industry, the flame retardants grade segment held the largest market share in 2021. By the conclusion of the projection period, the chemicals & alloys and lead-acid batteries segments are predicted to grow significantly.
Asia Pacific Antimony Market Size, 2021 (USD Billion)
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In 2021, Asia Pacific led the global market, and this dominance is likely to continue due to the presence of a substantial production base and end-user industries. Because of its enormous reserves, China produces more than half of the world's production. In addition, the regional market is being driven by rising demand from other countries.
Europe is one of the key market. Since the previous decade, the EU has been a major global producer of its oxide. Oxide manufacturing in the EU is reliant on unwrought element imports. It is imported from nations like China and India to meet the rest of the demand. High demand Lead Acid Batteries from Europe is expected to boost the demand.
The market in North America is expected to expand significantly. The increased need for flame retardants is affecting growth in North America, owing to rigorous rules implemented by authorities to protect employees from risks. Furthermore, rising demand from the electronics sector for manufacturing consumer electronics assists growth.
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Latin America and Middle East and Africa are expected to show sluggish growth due to growing industrialization and urbanization. The increasing mining activities and elemental stibnite reserves in Bolivia are expected to drive market growth.
Key Companies Investing in Technologies to Broaden their Market Presence
With many global players, the market is consolidated in nature. Campine NV, United States Antimony Corp, Lambert Metals International, and Suzuhiro Chemical & Materials are the key manufacturers.
Players in the industry mostly operate based on the product's pricing and application features. Companies are getting into partnerships to enhance product portfolio in order to increase their market share and get a competitive edge.
An Infographic Representation of Antimony Market
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The global antimony market research study examines the industry in depth, focusing on critical factors such as key players operating, products, and raw materials. In addition, the study provides insights into market trends as well as key industry advancements. The study includes different variables that have contributed to the market's growth in recent years, in addition to the reasons listed above.
This study examines the industry's newest market dynamics and opportunities, as well as historical data and revenue growth estimates at the global, regional, and national levels.
Value (USD Billion) , Volume (Kilo Tons)
Application, and By Region
Fortune Business Insights says that the global market size was USD 0.88 billion in 2021 and is expected to reach USD 1.4 billion by 2029.
In 2021, the Asia Pacific market size stood at USD 0.56 billion.
Growing at a CAGR of 6.5%, the market will exhibit a steady growth rate during the forecast period (2022-2029).
The Chemical & Materials segment is expected to be the leading segment in this market during the forecast period.
Growing demand for flame retardants is expected to drive the market.
Campine NV, United States Antimony Corp, Lambert Metals International, and Suzuhiro Chemical & Materials are major players in the global markets.
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