Investment Rating - The report does not explicitly state an investment rating for the metal antimony industry Core Insights - The demand for metal antimony in China is projected to increase from 7.95 million tons in 2021 to 9.37 million tons in 2023, with a slight decline expected thereafter [10] - The demand for antimony in flame retardants is expected to stabilize around 4.0 million tons from 2024 to 2030 [11] - The demand for antimony in photovoltaic glass is anticipated to grow significantly, reaching 2.02 million tons in 2023 and 3 million tons by 2030 [12][67] - The demand for antimony in lead-acid batteries is expected to decline sharply, from 1.97 million tons in 2021 to 0.24 million tons by 2027 [13][100] - The overall demand for antimony in various sectors, including chemical products and other applications, shows a mixed trend with some growth and some decline [103][107] Summary by Sections Antimony Demand in China - The total demand for metal antimony in China is calculated as the sum of various sectors, including flame retardants, photovoltaic glass, lead-acid batteries, and chemical products [10] Flame Retardants - The production of flame retardants in China is projected to increase from 117.14 million tons in 2021 to 150.04 million tons by 2030 [16] - The proportion of brominated flame retardants is expected to decrease from 16.8% in 2021 to 12.5% by 2030 [20] Photovoltaic Industry - The estimated new installed capacity for photovoltaics in China is expected to rise significantly, reaching 216.88 GW in 2023 and 297.05 GW by 2030 [34] - The market share of single-sided photovoltaic modules is projected to decline from 62.6% in 2021 to 0% by 2030, while double-sided modules will increase from 37.4% to 100% [39][49] Lead-Acid Batteries - The production of lead-acid batteries in China is expected to grow from 2.52 billion kWh in 2021 to 3.24 billion kWh by 2030 [72] - The antimony content in lead-acid batteries is projected to decrease significantly, with the proportion of antimony-containing batteries dropping from 75% in 2021 to 0% by 2030 [90] Chemical Products - The demand for antimony in chemical products, specifically as a polyester catalyst, is expected to remain stable around 0.87 million tons from 2023 to 2030 [103] - Other sectors are expected to see a gradual increase in antimony demand, reaching 0.56 million tons by 2030 [107]