Antimony

Antimony Market Outlook

The global antimony market is projected to reach approximately USD 2.79 billion by 2033, growing at a compound annual growth rate (CAGR) of around 3.5% during the forecast period from 2025 to 2033. This growth is primarily driven by the increasing demand for flame retardants in various industries, particularly in construction and textiles, which aim to enhance safety standards. Additionally, the surging production of lead-acid batteries, which utilize antimony to improve performance and longevity, continues to bolster market dynamics. Moreover, advancements in antimony-based products and their extensive applications in emerging economies are expected to further propel market growth. The growing awareness of fire safety regulations across the globe is also a contributing factor that is leading to an uptick in antimony consumption.

Growth Factor of the Market

The antimony market is experiencing growth due to several key factors that are influencing its demand across various sectors. First, the increased use of antimony trioxide as a flame retardant in plastics, textiles, and coatings is significantly boosting its market share, as manufacturers strive to meet stringent safety regulations. Furthermore, the rise in the automotive sector, especially for lead-acid batteries which require antimony to enhance battery performance, is another major contributor to the market's expansion. Additionally, technological advancements in the extraction and processing of antimony are making it more accessible, leading to a decrease in production costs and a rise in supply. The construction industry is also embracing antimony-based materials due to their durability and resistance to heat, which is proving to be a vital factor in driving market growth. Lastly, the growing emphasis on sustainability is prompting industries to seek materials like antimony that meet environmental standards, thus fostering the market's overall growth.

Key Highlights of the Market

• The global antimony market is expected to grow at a CAGR of 3.5% from 2025 to 2033.
• Flame retardants account for a significant portion of antimony applications.
• Lead-acid batteries are a primary driver for the demand for antimony metal.
• Asia-Pacific region holds the largest market share, driven by industrial growth.
• Technological advancements in processing techniques are reducing production costs.

By Product Type

Antimony Trioxide:

Antimony trioxide is one of the most significant products within the antimony market, primarily utilized as a flame retardant in various materials such as plastics, textiles, and coatings. Its effectiveness in enhancing fire safety standards has made it a preferred choice among manufacturers aiming to comply with stringent regulations. Additionally, antimony trioxide serves as a synergist for halogenated flame retardants, further increasing its demand in industries where fire hazards are a concern. The escalating need for fire-resistant materials in construction and automotive applications is expected to sustain the growth trajectory of antimony trioxide in the coming years. Furthermore, innovations in antimony trioxide formulations to improve its efficiency further solidify its position in the market. Overall, the product is poised for growth, driven by increasing regulatory requirements and industry demand for safer materials.

Antimony Metal:

Antimony metal is primarily utilized in the manufacturing of lead-acid batteries, where it plays a crucial role in enhancing battery performance and longevity. The growing automotive sector, particularly in electric vehicles that rely on lead-acid battery technology, is a significant driver for the demand for antimony metal. Moreover, antimony metal is used to produce various alloys, which are employed in applications that require materials with specific mechanical properties. The increasing use of antimony metal in the electronics industry, particularly for soldering and circuit board manufacturing, is also contributing to its market expansion. As industries continue to evolve and innovate, the versatile properties of antimony metal will likely propel its demand across multiple sectors. This segment is expected to witness steady growth as new applications and technologies emerge, further solidifying its essential role in various industrial applications.

Antimony Alloys:

Antimony alloys, known for their exceptional hardness and wear resistance, find significant applications in the manufacturing of lead-acid batteries, where they improve performance and durability. These alloys are also prevalent in the production of various types of electronic components, such as connectors and circuit boards, due to their excellent conductivity and solderability. The growing demand for lightweight and high-performance materials in the automotive and aerospace sectors is further enhancing the attractiveness of antimony alloys. Moreover, as industries strive to improve energy efficiency and reduce emissions, the use of antimony alloys in innovative applications is expected to rise. The evolving landscape of manufacturing technologies is likely to create new avenues for the utilization of antimony alloys, driving their market growth in the foreseeable future.

Antimony Compounds:

Antimony compounds, which include various chemical formulations of antimony, are widely used across numerous industries, including pharmaceuticals, ceramics, and glass manufacturing. These compounds serve a multitude of purposes, from acting as catalysts in chemical reactions to providing unique coloration properties in glass and ceramics. The demand for antimony compounds is on the rise, especially in sectors that prioritize product quality and safety. Furthermore, the increasing emphasis on research and development to discover new applications for antimony compounds is expected to drive innovation within this segment. As industries continue to explore the potential of antimony compounds in specialty products, the market for these compounds is likely to expand, supported by evolving consumer preferences and market needs.

Antimony Salts:

Antimony salts, derivatives of antimony used in various applications, are gaining traction due to their diverse utility in sectors such as textiles, rubber, and pharmaceuticals. Antimony trioxide, a prominent type of antimony salt, is particularly notable for its role in flame retardancy. The increasing awareness regarding fire safety in various industries has led to an uptick in the demand for antimony salts, driving their market growth. Additionally, antimony salts are utilized as stabilizers in the production of certain plastics and rubber products, further expanding their market reach. The ongoing research into the potential applications of antimony salts in healthcare and pharmaceuticals is expected to introduce new opportunities for growth. Overall, the antimony salts segment is anticipated to flourish as industries recognize their benefits and seek to integrate them into diverse applications.

By Application

Flame Retardants:

Flame retardants are one of the largest application segments for antimony, driven predominantly by stringent fire safety regulations across various industries. The usage of antimony trioxide as a synergist in halogenated flame retardants has been particularly significant, as it enhances the effectiveness of these chemicals in preventing and slowing down fires. The construction and automotive sectors are major consumers of flame retardants, where safety is of paramount importance. With the increasing demand for fire-resistant materials, the flame retardants segment is expected to see robust growth in the coming years. Additionally, advancements in flame retardant formulations that incorporate antimony are likely to open up new opportunities for market expansion, fostering innovation and improved product performance.

Lead-acid Batteries:

The lead-acid battery sector is a critical application of antimony, primarily due to the use of antimony metal to enhance battery performance and lifespan. Antimony is commonly added to lead alloys in these batteries to improve their charge retention and reduce grid corrosion. As the demand for energy storage solutions rises, particularly with the growth of renewable energy systems and electric vehicles, the lead-acid battery application is expected to expand significantly. The increasing reliance on lead-acid batteries in various sectors, including automotive, telecommunications, and renewable energy, underscores the importance of antimony in addressing the growing energy needs. This trend is poised to continue as industries seek reliable and efficient energy storage solutions, sustaining the demand for antimony in this application.

Antimony Trioxide:

Antimony trioxide is widely utilized in various applications, particularly in the production of flame retardants and polymer additives. Its effectiveness in improving fire resistance makes it a critical component in industries such as textiles, electronics, and coatings. The increasing regulatory focus on safety standards has propelled demand for materials that can withstand high temperatures and prevent the spread of flames. Additionally, antimony trioxide's role as a catalyst in chemical processes and its use in glass manufacturing further enhance its market position. As manufacturers continue to innovate and develop new applications for antimony trioxide, its significance in the market is expected to grow, fueled by rising safety concerns and evolving consumer preferences.

Textiles:

The textiles industry is experiencing a growing demand for antimony-based products, primarily for their flame-retardant properties. As safety regulations become increasingly stringent, manufacturers in the textiles sector are incorporating antimony trioxide to enhance the fire resistance of fabrics used in upholstery, clothing, and industrial applications. The rising awareness of fire hazards in residential and commercial settings is driving the need for treated textiles. Furthermore, the increasing popularity of high-performance and technical textiles that require specialized treatments for safety and durability is contributing to the growth of antimony applications in this sector. With the continuous advancement in textile technology, the role of antimony in enhancing product safety is likely to expand, driving the overall market growth.

Ceramics:

In the ceramics industry, antimony compounds are utilized for their unique properties, such as color stabilization and as fluxing agents. Antimony aids in achieving desired characteristics in ceramic materials, including enhanced durability and aesthetic appeal. The growing demand for high-quality ceramic products in construction, interior design, and consumer goods is fueling the use of antimony in this sector. Additionally, innovations in ceramic formulations incorporating antimony are expected to create new opportunities for market expansion. As the ceramics industry continues to evolve, the integration of antimony-based materials will play a vital role in meeting consumer demands for quality and performance.

By Distribution Channel

Direct Sales:

Direct sales remain a significant distribution channel in the antimony market, allowing manufacturers to maintain greater control over pricing and customer relationships. This channel enables companies to engage directly with customers, providing them with tailored solutions and fostering long-term partnerships. By eliminating intermediaries, manufacturers can offer competitive pricing and ensure timely delivery of products. Furthermore, direct sales facilitate better communication regarding product specifications and quality standards, which are crucial in industries relying on antimony for safety and performance. As manufacturers continue to prioritize customer satisfaction and build loyal client bases, the direct sales channel is expected to remain a prominent avenue for distributing antimony products.

Indirect Sales:

Indirect sales, encompassing wholesalers, distributors, and resellers, play a vital role in the antimony market by widening the reach of products to various end-users across different regions. This channel allows manufacturers to tap into established networks with existing customer bases, facilitating market penetration and expansion without direct investments in infrastructure. Indirect sales channels can also provide valuable insights into market trends and customer preferences, which can inform product development strategies. As businesses seek to optimize their supply chains and improve logistics, the indirect sales model will continue to be a significant component of the antimony market, ensuring that products are accessible to a broader audience. The growth of e-commerce also enhances the effectiveness of indirect sales, allowing for seamless transactions and improved customer engagement.

By Ingredient Type

Antimony Ores:

Antimony ores, which are the primary source of antimony extraction, play a crucial role in supplying the raw material needed for various derivatives. The mining and processing of antimony ores is foundational to the overall market, as it lays the groundwork for the production of antimony products, including metal, trioxide, and alloys. As global demand for antimony increases, the focus on efficient mining practices and sustainable sourcing of ores is becoming increasingly important. The rise of environmentally responsible mining initiatives is likely to shape the strategies of companies operating in this space, driving innovation in extraction and processing techniques. The antimony ores segment is expected to witness steady growth, supported by robust demand across multiple applications in different industries.

Antimony Concentrates:

Antimony concentrates, derived from the processing of antimony ores, are essential for producing pure antimony products. These concentrates are crucial for manufacturers looking to create high-quality antimony derivatives, particularly for applications requiring specific purity levels. The growing demand for antimony in high-performance applications, such as electronics and batteries, necessitates a focus on quality and consistency in concentrates. As the market evolves, advancements in processing technologies will likely enhance the efficiency of converting ores to concentrates, reducing costs and improving yield. The segment is poised for growth, driven by the increasing need for high-quality antimony in various industrial applications, and the ongoing efforts to optimize extraction processes.

By Region

The Asia-Pacific region dominates the global antimony market, accounting for over 40% of the total market share as of 2023. The significant industrial growth, particularly in countries like China and India, has fueled the demand for antimony for various applications, including flame retardants and lead-acid batteries. The region is characterized by a robust manufacturing base and a growing emphasis on safety standards, which is likely to sustain the demand for antimony products. Moreover, the increasing investments in infrastructure and housing projects are expected to further drive consumption in the construction sector. With a projected CAGR of 4% over the forecast period, the Asia-Pacific region is set to remain a key player in the antimony market.

North America follows closely, holding a significant share of the antimony market, driven primarily by demand from the automotive and electronics sectors. The U.S. is a major consumer of lead-acid batteries, which utilize antimony to enhance performance and longevity. Additionally, the growing awareness regarding fire safety regulations is propelling the demand for flame retardants in various industries. The North American antimony market is expected to grow steadily, with a CAGR of 3.2%, as the region continues to focus on improving safety standards and enhancing product performance across applications. Conversely, regions like Europe and Latin America are expected to experience moderate growth due to mature market conditions and the need for stricter environmental regulations.

Opportunities

The antimony market presents numerous opportunities for growth, particularly as industries increasingly recognize the importance of safety and performance in their products. With the ongoing development of fire safety regulations globally, manufacturers are under pressure to provide flame-retardant materials across various applications, such as textiles, plastics, and construction. This trend is expected to create a significant demand for antimony, particularly antimony trioxide, which is renowned for its effectiveness as a flame retardant. Furthermore, the expanding automotive industry, especially with the rise of electric vehicles, offers substantial opportunities for antimony’s use in lead-acid batteries. As the market for renewable energy solutions continues to grow, the demand for reliable energy storage options powered by antimony-enhanced technologies will likely increase. Companies investing in research and development to unlock new applications for antimony-based materials will find themselves well-positioned to capitalize on these emerging opportunities.

Additionally, the global push towards sustainability presents a unique chance for the antimony market to innovate and evolve. With consumers and regulatory bodies increasingly prioritizing environmentally friendly solutions, there is a growing interest in sustainable mining and production practices for antimony. Companies that focus on ethical sourcing and environmentally responsible production methods can differentiate themselves in the marketplace. Moreover, the development of novel antimony compounds and formulations optimized for specific applications can lead to new growth avenues. Collaborations between key stakeholders, such as manufacturers, research institutions, and regulatory bodies, will be instrumental in unlocking the full potential of the antimony market while addressing sustainability challenges. The convergence of these trends is set to create a dynamic landscape for antimony, fostering innovation and long-term growth opportunities.

Threats

Despite the positive outlook for the antimony market, several threats could potentially hinder its growth. One of the primary concerns is the volatility of supply and pricing fluctuations associated with antimony ores. As mining operations become more environmentally regulated, companies may face challenges in maintaining consistent production levels and managing costs. Moreover, geopolitical factors, such as trade restrictions and export tariffs imposed by key producers like China, may lead to supply chain disruptions and increased market uncertainty. Additionally, the rising popularity of alternative flame retardants and energy storage solutions could pose a threat to the traditional consumption of antimony-based products. As industries strive to adopt greener and more sustainable technologies, the demand for antimony may be adversely impacted if alternatives prove to be more efficient or cost-effective. Consequently, businesses in the antimony market must remain vigilant and adaptable to navigate these potential challenges.

Another critical restraining factor is the scrutiny surrounding the environmental impact of antimony mining and processing. As awareness of environmental issues increases, regulatory bodies are likely to implement stricter guidelines governing the production and use of antimony, which could increase compliance costs for manufacturers. The risk of negative publicity associated with unsustainable practices may also lead to decreased consumer trust and demand for antimony products. Companies must be proactive in adopting sustainable practices, including responsible sourcing, waste minimization, and efficient resource utilization, to mitigate these risks. Failure to address these environmental concerns could result in reputational damage and a decline in market competitiveness. As the antimony market evolves, stakeholders must prioritize sustainability to ensure long-term success and mitigate the threats posed by environmental and regulatory challenges.

Competitor Outlook

• China Minmetals Corporation
• Yunnan Tin Company Limited
• Hunan Nonferrous Metals Corporation
• Georgian Manganese
• Jiangxi Dongpeng New Material Co., Ltd.
• United States Antimony Corporation
• Minmetals Development Co., Ltd.
• Qingyang Antimony Industry Co., Ltd.
• Stibium Mining
• Antimony and Special Metals, Inc.
• Chengdu Yuanda Antimony Industry Co., Ltd.
• MetaLloy Co. Limited
• Changsha South Antimony Co., Ltd.
• Rao Antimony & Chemicals
• Vatsal Group

The competitive landscape of the antimony market is characterized by a mix of established players and emerging companies, all vying for market share amid evolving industry standards and consumer demands. Major players such as China Minmetals Corporation and Yunnan Tin Company Limited dominate the market due to their expansive operations, extensive product portfolios, and well-established distribution networks. These companies leverage their scale to achieve cost advantages and maintain strong relationships with key clients in various sectors. Additionally, their commitment to research and development allows them to innovate and introduce new antimony-derived products tailored to meet the specific requirements of diverse applications. As competition intensifies, these companies are likely to focus on enhancing their product offerings and expanding their geographical reach to secure a competitive edge in the market.

Emerging players, such as Jiangxi Dongpeng New Material Co., Ltd. and United States Antimony Corporation, are also making significant strides in the antimony market. These companies are capitalizing on the growing demand for antimony in industries such as electronics, automotive, and construction. By adopting innovative production techniques and exploring new applications for their products, these emerging companies are positioning themselves as key players in the market. Furthermore, partnerships and collaborations with research institutions and industry stakeholders will likely play a crucial role in driving growth for these companies, facilitating the development of advanced antimony-based materials and solutions.

As the antimony market evolves, companies must remain vigilant and responsive to changing market dynamics, including fluctuations in demand and pricing, regulatory developments, and technological advancements. The successful players will be those who can effectively balance operational efficiency with innovation while addressing the growing emphasis on sustainability. By proactively identifying and capitalizing on emerging trends, companies in the antimony market can ensure their long-term competitiveness and growth. The integration of sustainable practices within their operations will not only strengthen their market position but also resonate with increasingly eco-conscious consumers, thereby enhancing brand reputation and loyalty.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Vatsal Group
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Stibium Mining
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Georgian Manganese
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 MetaLloy Co. Limited
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Rao Antimony & Chemicals
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Yunnan Tin Company Limited
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 China Minmetals Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Minmetals Development Co., Ltd.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Antimony and Special Metals, Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Changsha South Antimony Co., Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 United States Antimony Corporation
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Hunan Nonferrous Metals Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Qingyang Antimony Industry Co., Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Jiangxi Dongpeng New Material Co., Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Chengdu Yuanda Antimony Industry Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Antimony Market, By Application
    • 6.1.1 Flame Retardants
    • 6.1.2 Lead-acid Batteries
    • 6.1.3 Antimony Trioxide
    • 6.1.4 Textiles
    • 6.1.5 Ceramics
  • 6.2 Antimony Market, By Product Type
    • 6.2.1 Antimony Trioxide
    • 6.2.2 Antimony Metal
    • 6.2.3 Antimony Alloys
    • 6.2.4 Antimony Compounds
    • 6.2.5 Antimony Salts
  • 6.3 Antimony Market, By Ingredient Type
    • 6.3.1 Antimony Ores
    • 6.3.2 Antimony Concentrates
  • 6.4 Antimony Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Antimony Market by Region
  • 10.3 Asia Pacific - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 India
      • 10.3.1.2 China
      • 10.3.1.3 Japan
      • 10.3.1.4 South Korea
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Antimony market is categorized based on

By Product Type

• Antimony Trioxide
• Antimony Metal
• Antimony Alloys
• Antimony Compounds
• Antimony Salts

By Application

• Flame Retardants
• Lead-acid Batteries
• Antimony Trioxide
• Textiles
• Ceramics

By Distribution Channel

• Direct Sales
• Indirect Sales

By Ingredient Type

• Antimony Ores
• Antimony Concentrates

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• China Minmetals Corporation
• Yunnan Tin Company Limited
• Hunan Nonferrous Metals Corporation
• Georgian Manganese
• Jiangxi Dongpeng New Material Co., Ltd.
• United States Antimony Corporation
• Minmetals Development Co., Ltd.
• Qingyang Antimony Industry Co., Ltd.
• Stibium Mining
• Antimony and Special Metals, Inc.
• Chengdu Yuanda Antimony Industry Co., Ltd.
• MetaLloy Co. Limited
• Changsha South Antimony Co., Ltd.
• Rao Antimony & Chemicals
• Vatsal Group