Global Antimony Market Set For 6.6% Growth, Reaching $6.13 Billion By 2028
Antimony Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The growth trajectory of the antimony market has been impressive in recent years. The market size is expected to increase from $4.43 billion in 2023 to $4.76 billion in 2024, exhibiting a compound annual growth rate CAGR of 7.4%. This buoyant growth in the historical period can be traced back to increasing industrial demand, wider application of antimony as a flame retardant, regulatory influences, growth in the electronics sector, and dynamic shifts in mining and supply.
What Is Expected of the Antimony Market Size and Growth Rate in the Coming Years?
Further predictions indicate a robust growth in the antimony market in the upcoming years. The market size is forecasted to reach $6.13 billion in 2028 at a compound annual growth rate CAGR of 6.6%. This development in the forecast period is influenced by factors such as rapid growth in advanced electronics, evolution of electric vehicles, stringent regulations, global economic conditions and emerging exploration and mining developments. Other prominent trends in the forecast period include the adoption of green and battery technologies, expansion of the market in Asia-Pacific, move towards sustainable antimony production, but also challenges that come with supply chain and possible price volatility.
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What Are The Major Drivers of the Antimony Market?
An increase in the number of fire accidents and stringent fire safety regulations are among the main factors propelling the growth of the antimony market. According to fire safety rules, prevention is the first step in avoiding fire-related accidents. Consequently, as fire accidents increased, the demand for fire safety regulations also mounted, leading to a surge in antimony production, as antimony is commonly used as a flame inhibitor in fire-resistant apparel, flame retardants, and various fire protection systems. For instance, in November 2023, reports published by the National Fire Protection Association NFPA, a US-based nonprofit organization, indicated that in 2022, US local fire departments had to react to an estimated 1.5 million fire incidents. These fires claimed the lives of 3,790 civilians and caused injuries to 13,250 people. The property damage from these fires is estimated at $18 billion. Additionally, between 2021 and 2022, the number of apartment fire deaths increased by 14%, injuries by 7%, and property losses by 6%. Therefore, a rise in fire incidents and stricter fire safety regulations continue to drive the antimony market.
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Who Are The Key Players in the Antimony Market?
The antimony market report features numerous major companies operating in this field. These include Village Main Reef Ltd., Badische Anilin- und Sodafabrik BASF, China Minmetals Corporation, United States Antimony, and GeoProMining Ltd. Other significant players are C. Steinweg Group, Tri-Star Resources PLC, China Antimony Trioxide Corporation, Consolidated Murchison Mine, AMG Advanced Metallurgical Group, Recylex S.A., Campine NV, Beaver Brook Antimony Mine Inc., Mandalay Resources Ltd, Hsikwangshan Twinkling Star Co. Ltd., Dongguan Jiefu Flame-Retarded Materials Co. Ltd., Nihon Seiko Co. Ltd., and NYACOL Nano Technologies Inc.
What Are The Emerging Trends in the Antimony Market?
Strategic collaborations and joint ventures between companies are an emerging trend gaining popularity in the antimony market. Companies specialising in antimony production are engaging in partnerships and collaborations to develop new technologies and antimony products. For instance, United States Antimony, a company that produces antimony and sells antimony products, signed a collaboration agreement with Perpetua, a US-based mining company, in May 2021. This potential collaboration would enable the companies to supply the only antimony products mined and refined in the United States, taking advantage of the mine's close proximity to US Antimony's processing facilities.
How Is the Antimony Market Segmented?
The antimony market report provides segmentation based on the following factors:
Type - including Antimony Trioxide, Antimony Pentoxide, Alloys, Metal Ingots, and other types.
Application - such as Flame retardant, Plastic additives, Lead acid batteries, Glass & ceramics, and other applications.
End-User Industry - including Chemical, Automotive, Electrical & Electronics, and other end-users.
Regional Insights: Growth in the Asia-Pacific Antimony Market
Asia-Pacific accounted for the largest portion of the antimony market in 2023. The region is also projected to be the fastest-growing during the forecast period. The regions covered in this antimony market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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