Why it matters
- Flame retardants account for about half of global demand.
- China controls most of the world's mined and refined supply and restricted exports in 2024.
- Listed as a critical mineral by the United States and the European Union.
Used in
Flame retardantsLead-acid batteriesSolar glassAmmunition
Supply
Heavily concentrated in China, with smaller output from Tajikistan, Russia, and Bolivia.
Demand
Flame retardants, lead-acid batteries, solar glass, and defense.
Role in the portfolio
Supply-shock play. Small market, few producers, and policy-driven price moves.
Scorecard
Scarcity75
Industrial demand70
Supply concentration95
Liquidity35
Team view, not market data.