Antimony Market Report

Exploring new reserves and advancing recycling initiatives represent significant growth opportunities in the antimony market. The current concentration of antimony production in a few countries, notably China, which accounts for over 50% of global output and has restricted the exports of antimony from the country, highlights the need for diversifying sources to mitigate supply risks. For instance, new mining projects and exploration efforts in countries such as Russia, Tajikistan, Bolivia and Turkey are gaining attraction. Tajikistan, with its potential reserves in the Sughd province, and Turkey, with its exploration activities in the Eastern Anatolia region, are expected to contribute to global antimony supply in the coming years.

Recycling initiatives offer another critical avenue for growth in the market. The recovery of antimony from end-of-life products, such as used batteries and electronic waste, is becoming increasingly important. For instance, antimony recovery from lead-acid battery recycling is gaining attention due to the high concentration of antimony in these batteries. In 2023, an estimated 1.5 million metric tons of lead-acid batteries were recycled in the U.S., with a significant portion containing antimony. The European Union has been particularly proactive in promoting recycling, supported by directives such as the Waste Electrical and Electronic Equipment (WEEE) Directive, which mandates the recycling of electronic waste. Together, exploring new reserves and enhancing recycling efforts offer promising opportunities for the antimony market, ensuring a more stable and sustainable supply while meeting growing industrial demands.

Safety standards and the development of alternatives to antimony are significant factors that might hamper the growth of the antimony market. Increasingly stringent safety and environmental regulations are reshaping the landscape for antimony-based products. For instance, antimony is considered to have high acute toxicity based on short-term oral tests in rats, mice, and guinea pigs. Regulatory agencies are imposing stricter guidelines and limitations on its use, which can limit its application in certain products. For instance, the European Food Safety Administration (EFSA) limited the use of Diantimony Trioxide as catalyst for the polymerization of PET resin at 0.04 mg/kg of food allowing for 10% of the Tolerated Daily Intake (TDI) being allocated to food contact materials. Similarly, Diantimony Trioxide is listed as causing cancer (based on the IARC classification) in the California Proposition 65 or Safe Drinking Water and Toxic Enforcement Act of 1986. Such regulatory pressures drive industries to seek alternatives that are perceived as safer or more environmentally friendly. Antimony based flame retardants are also not considered safe and can cause environment pollution. As a result, companies are investing in phosphorus-based flame retardants, such as those using triphenyl phosphate, and intumescent systems that do not rely on antimony. For instance, in April 2024, CAI Performance Additives announced the launch of ST-FR322 flame retardant synergist, which is an environmentally friendly alternative to traditional flame retardants containing antimony trioxide, which raise environmental and health concerns, that delivers exceptional performance and cost savings for a wide range of plastic applications. These alternatives offer effective fire protection while addressing the safety and environmental concerns associated with antimony.

In the battery sector, the rise of new battery technologies poses a similar challenge. Lithium-ion batteries, which have gained widespread adoption for their high energy density and improved safety features, are increasingly replacing lead-acid batteries that traditionally use antimony. The growing popularity of lithium-ion and other advanced battery technologies, such as solid-state and sodium-ion batteries, reduces the demand for antimony in traditional lead-acid batteries. For instance, electric vehicles and renewable energy storage systems are increasingly using lithium-ion batteries, which offer superior performance and longer life spans compared to antimony-containing lead-acid batteries. This shift not only impacts the demand for antimony but also accelerates the development and adoption of safer and more efficient alternatives. While antimony remains critical in many applications, the evolving safety standards and the availability of effective alternatives are presenting challenges that could constrain market growth.

In August 2024, China announced export restrictions on antimony, an important element in manufacturing of various military products, including bullets and armour-piercing ammunition. According to the report, export restrictions will go into effect from September 2024 for six antimony-related products including antimony ore, antimony metals, antimony oxide, and gold-antimony smelting and separation technologies. Anyone wanting to export these materials will have to apply for a license through China’s Commerce Ministry. Additionally, the new policy bans gold-antimony smelting and separation technology exports without permission from the ministry. As a result, governments and key players in the market have observed the importance of antimony in various industrial sectors as well as military and defence sector and trying to extract the element. For instance, in April 2024, Perpetua Resources, had received a letter of interest from the U.S. Export-Import Bank (EXIM) for a loan worth up to US$ 1.8 billion to develop an antimony and gold mine in northern Idaho. There are various investments, partnerships, mergers and acquisitions going on in the market by numerous companies to gain the upper hand in the market. For instance, in August 2021, Perpetua Resources Corp., a U.S. company in the exploration and development of mineral properties, had entered into an agreement to supply a portion of antimony production from the Stibnite Gold Project to Ambri Inc., a U.S. company, establishing the foundation to help facilitate the decarbonization of energy grids in the U.S. and around the world.  Perpetua's Stibnite Gold Project, located in central Idaho, provided Ambri with antimony from the only responsible and domestically mined source of the critical mineral in the United States.

Antimony is a raw ingredient in industries such as lead-acid batteries and flame-retardants in construction and consumer electronics. Many research and development activities are revolving around the antimony market. For instance, in January 2024, Ipower Batteries Pvt Ltd became the first company in India to successfully launch Graphene series lead-acid batteries. The new battery variants had been tested by ICAT for AIS0156 and had been awarded the Type Approval Certificate (TAC) for their innovative Graphene series lead-acid technology. Similarly, in April 2024, ArcActive, a New Zealand-based battery tech specialist, announced plans to set up a factory in Australia. The facility would be able to produce 30,000 lead acid-based residential energy storage systems per year.

The Asia Pacific region dominates the antimony market, driven by a combination of significant industrial activity, extensive production capabilities, and increasing demand across various sectors. China, in particular, plays a pivotal role as both the largest producer and consumer of antimony. It produces approximately 140,000 metric tons of antimony in various forms annually. This dominance is underscored by the large-scale mining operations in provinces such as Guangxi, Hunan and Gansu, which are integral to the global supply chain. The demand for antimony in Asia Pacific is fueled by its extensive use in flame retardants and batteries, sectors that are experiencing robust growth in the region. For instance, the automotive industry in China, which is the largest automotive market in the world, relies heavily on lead-acid batteries that use antimony to enhance performance. As of 2023, China’s automotive sector produced around 27 million vehicles, creating substantial demand for antimony-containing batteries. Similarly, the construction and electronics industries in Asia Pacific leverage antimony-based flame retardants to meet stringent fire safety standards, further driving consumption. The rise in electronics manufacturing in countries like South Korea and Japan also supports the demand for antimony in various electronic components. Additionally, the Asia Pacific region benefits from cost advantages and economies of scale in antimony production. The lower production costs associated with mining and processing in countries as China allow for competitive pricing in the global market, reinforcing the region's dominance.

In North America, the antimony market is notably influenced by its significant applications in the automotive and electronics industries. The United States, a major consumer, utilizes antimony primarily in lead-acid batteries, crucial for automotive starting, lighting, and ignition (SLI) systems. Approximately 50% of antimony demand in the U.S. is tied to the battery sector. Additionally, antimony is used in flame retardants for electronic components and materials, driven by stringent safety regulations. Canada, producing approximately 364 tons of antimony annually with reserves in places such as Cordilleran and Appalachian regions, also contributes to regional demand. The North American market is characterized by a focus on high-quality, compliant antimony products to meet regulatory standards, including those set by the Environmental Protection Agency (EPA) for hazardous substances. While North America is not a major producer, its strong industrial base ensures substantial consumption of antimony.

In Europe, the antimony market is shaped by stringent environmental and safety regulations that drive demand for safer and more sustainable materials. The European Union's REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) regulations significantly impact the use of antimony, particularly in flame retardants. Approximately 30% of antimony demand in Europe is linked to the electronics and automotive sectors, where it is used in lead-acid batteries and various flame retardant formulations. The region's focus on reducing the environmental footprint has led to increased use of alternative, less hazardous flame retardants. Germany and France are notable consumers, driven by their advanced manufacturing and automotive industries. Europe’s emphasis on regulatory compliance and sustainability influences the market, encouraging innovation and adaptation in antimony usage and promoting the development of eco-friendly alternatives.