Antimony Ore and Concentrate Market

The global antimony ore and concentrate market is expected to see growth in both volume and value over the period from 2022 to 2030. Consumption is forecasted to increase, with China leading as the largest consumer and producer. The market saw fluctuations in production, imports, and exports, with notable price increases observed in recent years.

Market Forecast

Driven by rising demand for antimony ore and concentrate worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.6% for the period from 2022 to 2030, which is projected to bring the market volume to 604K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market value to $2.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Antimony Ores and Concentrates

In 2022, consumption of antimony ores and concentrates was finally on the rise to reach 574K tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, continues to indicate a pronounced setback. The growth pace was the most rapid in 2018 with an increase of 5% against the previous year. Over the period under review, global consumption attained the peak volume at 892K tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global antimony ore and concentrate market revenue rose slightly to $1.9B in 2022, surging by 2.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 9.4%. Over the period under review, the global market hit record highs at $4.6B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

China (331K tons) remains the largest antimony ore and concentrate consuming country worldwide, accounting for 58% of total volume. Moreover, antimony ore and concentrate consumption in China exceeded the figures recorded by the second-largest consumer, Russia (110K tons), threefold. The third position in this ranking was taken by Tajikistan (55K tons), with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to -7.8%. In the other countries, the average annual rates were as follows: Russia (+21.8% per year) and Tajikistan (+11.3% per year).

In value terms, China ($1.2B) led the market, alone. The second position in the ranking was held by Russia ($353M). It was followed by Tajikistan.

In China, the antimony ore and concentrate market declined by an average annual rate of -11.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Russia (+21.5% per year) and Tajikistan (+11.3% per year).

In 2022, the highest levels of antimony ore and concentrate per capita consumption was registered in Tajikistan (5.5 kg per person), followed by Bolivia (0.8 kg per person), Russia (0.8 kg per person) and Australia (0.4 kg per person), while the world average per capita consumption of antimony ore and concentrate was estimated at 0.1 kg per person.

In Tajikistan, antimony ore and concentrate per capita consumption expanded at an average annual rate of +8.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Bolivia (-9.6% per year) and Russia (+21.8% per year).

Production

World Production of Antimony Ores and Concentrates

In 2022, the amount of antimony ores and concentrates produced worldwide shrank slightly to 566K tons, approximately reflecting the year before. Over the period under review, production showed a perceptible curtailment. The growth pace was the most rapid in 2018 with an increase of 5.3%. Global production peaked at 884K tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, antimony ore and concentrate production amounted to $1.8B in 2022 estimated in export price. In general, production continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2016 when the production volume increased by 14% against the previous year. Global production peaked at $4.6B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (303K tons) constituted the country with the largest volume of antimony ore and concentrate production, comprising approx. 53% of total volume. Moreover, antimony ore and concentrate production in China exceeded the figures recorded by the second-largest producer, Russia (125K tons), twofold. Tajikistan (65K tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at -7.8%. The remaining producing countries recorded the following average annual rates of production growth: Russia (+13.1% per year) and Tajikistan (+6.9% per year).

Imports

World Imports of Antimony Ores and Concentrates

In 2022, global imports of antimony ores and concentrates contracted to 57K tons, falling by -6.5% compared with the previous year. In general, imports recorded a noticeable downturn. The pace of growth was the most pronounced in 2017 when imports increased by 43%. Over the period under review, global imports hit record highs at 110K tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, antimony ore and concentrate imports dropped slightly to $233M in 2022. Overall, imports saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. Over the period under review, global imports hit record highs at $302M in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, China (29K tons) represented the major importer of antimony ores and concentrates, creating 51% of total imports. India (12K tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (13%) and Thailand (4.5%). The following importers - the Netherlands (1.9K tons) and Italy (1.7K tons) - each resulted at a 6.2% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to antimony ore and concentrate imports into China stood at -8.2%. At the same time, Vietnam (+38.0%), the Netherlands (+26.5%), India (+10.2%) and Italy (+1.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +38.0% from 2012-2022. By contrast, Thailand (-7.5%) illustrated a downward trend over the same period. India (+16 p.p.), Vietnam (+13 p.p.) and the Netherlands (+3.1 p.p.) significantly strengthened its position in terms of the global imports, while Thailand and China saw its share reduced by -1.9% and -27.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($124M) constitutes the largest market for imported antimony ores and concentrates worldwide, comprising 53% of global imports. The second position in the ranking was held by India ($35M), with a 15% share of global imports. It was followed by Vietnam, with a 15% share.

In China, antimony ore and concentrate imports contracted by an average annual rate of -5.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+3.2% per year) and Vietnam (+36.0% per year).

Import Prices By Country

In 2022, the average antimony ore and concentrate import price amounted to $4,073 per ton, rising by 2.3% against the previous year. Overall, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, antimony ore and concentrate import price increased by +70.7% against 2017 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 34% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($8,070 per ton), while the Netherlands ($1,508 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+16.6%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Antimony Ores and Concentrates

In 2022, the amount of antimony ores and concentrates exported worldwide reduced sharply to 50K tons, which is down by -29.5% on the year before. Over the period under review, exports showed a pronounced decline. The most prominent rate of growth was recorded in 2017 when exports increased by 58% against the previous year. The global exports peaked at 104K tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, antimony ore and concentrate exports declined to $221M in 2022. Overall, exports recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2021 when exports increased by 55% against the previous year. The global exports peaked at $278M in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

The biggest shipments were from Russia (15K tons), Tajikistan (9.9K tons) and Australia (8.1K tons), together resulting at 65% of total export. It was distantly followed by Bolivia (3.2K tons), Turkey (2.3K tons) and Thailand (2.3K tons), together generating a 16% share of total exports. Democratic Republic of the Congo (1.5K tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +5.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Australia ($62M), Russia ($56M) and Tajikistan ($21M) constituted the countries with the highest levels of exports in 2022, together comprising 63% of global exports. Democratic Republic of the Congo, Turkey, Bolivia and Thailand lagged somewhat behind, together comprising a further 25%.

Bolivia, with a CAGR of +2.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average antimony ore and concentrate export price stood at $4,437 per ton in 2022, surging by 21% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, antimony ore and concentrate export price increased by +85.1% against 2017 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 25%. The global export price peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Democratic Republic of the Congo ($13,693 per ton), while Thailand ($1,838 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform