Antimony Market Set to Hit $4.1 Billion by 2034 as Battery and Defense Demand Surges

Key Highlights:

• Antimony market projected to grow at a 5.2% CAGR, reaching $4.1B by 2034
• Asia Pacific leads supply; U.S. ramps up domestic efforts
• Key players include US Antimony Corp, Mandalay Resources, and Hunan Gold Group
• Rising demand from flame retardants, battery tech, and military uses driving growth

Antimony Market Set to Surge: Poised to Hit $4.1 Billion by 2034 on Battery, Defense, and Flame Retardant Demand

The global antimony mineral market is heating up, projected to expand from $2.5 billion in 2024 to $4.1 billion by 2034, marking a robust 5.2% CAGR. Antimony’s versatility across flame retardants, energy storage, semiconductors, and defense applications is reshaping global supply chains, driving both geopolitical and industrial interest.

The market’s growth is underpinned by rising demand for antimony trioxide, the dominant product form, used extensively as a flame retardant in plastics, textiles, and electronics. As the electric vehicle (EV) revolution and energy storage markets expand, antimony’s role as a stabilizing agent in advanced battery chemistries—like lead-acid and emerging sodium-ion batteries—further cements its importance.

Asia Pacific: The Global Powerhouse

China remains the global antimony juggernaut, accounting for over 70% of production. Major producers like Hunan Gold Group and Yiyang Huachang Antimony are modernizing mining operations, integrating green technologies, and expanding recycling initiatives amid environmental pressures.

Vietnam and Myanmar are also emerging as significant regional contributors, while China’s pivot toward sustainable mining practices signals a new chapter for the sector.

U.S. Focus on Critical Minerals

In North America, the antimony market is gaining strategic momentum. The U.S. has classified antimony as a critical mineral, intensifying efforts to reduce reliance on imports. Companies like United States Antimony Corporation (USAC) are ramping up domestic processing capacity, while Perpetua Resources advances the Stibnite Gold Project to secure future supply.

USAC’s investment in environmentally conscious smelting and waste management aligns with broader policy goals for supply chain resilience. The U.S. also views antimony as a strategic material for defense, where it’s used in armor-piercing rounds and military-grade semiconductors.

Europe’s Sustainable Approach

Europe’s antimony demand is driven by strict fire safety regulations and its green economy ambitions. While local mining is limited, recycling efforts are expanding, particularly in recovering antimony from e-waste and spent batteries. Mandalay Resources, through its Björkdal Gold Mine, and Tri-Star Resources in Oman, are exploring partnerships with battery manufacturers to secure long-term supply for the region’s growing EV market.

Beyond the Numbers: The Nuclear and Battery Connection

Antimony’s growing role in battery technology mirrors the broader shift toward energy independence and decarbonization. Its use in lead-acid batteries, particularly for grid-scale storage, and in advanced lithium-sulfur and sodium-ion chemistries, positions it as a critical enabler for the clean energy transition.

The nuclear fuel cycle also underscores antimony’s strategic importance. As uranium supply chains tighten, critical minerals like antimony, used in reactor components and radiation shielding, are gaining attention. The recent push by the U.S. government to strengthen domestic critical mineral supply, alongside Trump’s nuclear executive order announcements, highlights this broader context.

Key Players Driving the Market

Major companies shaping the antimony landscape include:

• United States Antimony Corporation (USAC) – Expanding U.S.-based processing
• Mandalay Resources Corporation (Canada) – Building battery partnerships
• Hunan Gold Group (China) – Market leader and innovator in sustainable mining
• Glencore International AG (Switzerland) – Global trading powerhouse
• Perpetua Resources (USA) – Advancing the Stibnite Gold Project for U.S. supply security

Looking Ahead: Risks and Opportunities

While the antimony market’s growth outlook is strong, challenges remain. Environmental concerns, particularly in China, could tighten supply. Meanwhile, the recycling of antimony from spent batteries and e-waste represents a promising yet underdeveloped opportunity to ease supply constraints and support circular economy goals.

As global industries race to secure critical minerals, antimony stands out not just for its niche applications, but for its strategic role in shaping energy, defense, and industrial policy in the years to come.