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Here are 1-3 brief analogies for Albemarle (ALB):

• Rio Tinto, but for the essential battery metal, lithium.
• TSMC for electric vehicle batteries, supplying the essential lithium.
• A modern Dow Chemical, specializing in essential industrial chemicals like lithium for EVs.

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Albemarle (ALB) specializes in critical chemicals, primarily operating in the following major product areas:

• Lithium: Produces lithium compounds such as lithium hydroxide and lithium carbonate, crucial for electric vehicle batteries, consumer electronics, and other industrial applications.
• Bromine: Offers bromine-based solutions including fire safety products (flame retardants), chemical synthesis intermediates, and specialty chemicals for various industrial uses.
• Catalysts: Provides fluid catalytic cracking (FCC) catalysts for petroleum refining and specialty catalysts used in chemical processes and polymer production.

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Albemarle (symbol: ALB) sells primarily to other companies (Business-to-Business).

While Albemarle does not publicly disclose individual major customers by name due to confidentiality and the fact that no single customer typically accounts for a significant majority of its sales, its products are critical inputs for several major industries.

The most prominent segment of Albemarle's business is its Lithium division, which supplies lithium compounds essential for lithium-ion battery production. Therefore, its primary customers, directly or indirectly through supply agreements, are the world's leading battery manufacturers. These companies then supply electric vehicle (EV) manufacturers, consumer electronics companies, and energy storage solution providers.

Based on their market share and consistent demand for lithium, the major companies that are direct or indirect customers for Albemarle's lithium products include (but are not limited to):

• CATL (Contemporary Amperex Technology Co. Limited) (SHE: 300750)
• LG Energy Solution (KRX: 373220)
• Panasonic Holdings Corporation (TYO: 6752)
• Samsung SDI (KRX: 006400)
• SK Innovation (parent of SK On) (KRX: 096770)
• BYD Company Limited (HKEX: 1211, SZSE: 002594)

Albemarle's Bromine Solutions and Catalysts segments also serve a broad range of industrial customers:

• Bromine Solutions: Customers include companies in electronics (for flame retardants), oil and gas (for well completion fluids), agriculture, and pharmaceuticals. Due to the diverse and fragmented nature of these industries, specific "major customers" are not typically identified publicly.
• Catalysts: Customers are primarily petroleum refineries worldwide, utilizing catalysts for fuel production and other refining processes. Similar to Bromine, specific major customers are not generally disclosed.

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J. Kent Masters, Chairman and Chief Executive Officer

Kent Masters was named Chairman and Chief Executive Officer of Albemarle Corporation in April 2020, having joined the company's board of directors in 2015. Prior to Albemarle, he served as an Operating Partner for Advent International, an international private equity group. He was also the Chief Executive Officer of Foster Wheeler AG, a global engineering and construction contractor and power equipment supplier, which was acquired by Amec plc to form Amec Foster Wheeler plc. Mr. Masters is also a former member of the executive board of Linde AG.

Neal R. Sheorey, Executive Vice President and Chief Financial Officer

Neal Sheorey joined Albemarle as Executive Vice President and Chief Financial Officer in 2023. Before joining Albemarle, he spent over 20 years at Dow, a global materials science company, in various progressive leadership roles in finance, business, and corporate organizations. Most recently at Dow, he served as Vice President of the Coatings & Performance Monomers business unit, which had a global portfolio of over $4 billion in sales. His previous roles at Dow also included Vice President of Investor Relations, Senior Director of Corporate Development, and Global Finance Director for the Chemicals business group.

Eric Norris, Chief Commercial Officer

Eric Norris joined Albemarle in 2018 and has more than 25 years of experience in strategy, corporate development, and general management. He previously founded and led an internet-based firm that provided formulation and design tools to the chemical industry. Mr. Norris began his career with various leadership roles at Rohm and Haas Company and spent 16 years at FMC, where his roles included Investor Relations, Corporate Development, and Director of FMC Healthcare Ventures.

Melissa H. Anderson, Executive Vice President, Chief People & Transformation Officer

Melissa Anderson is the Executive Vice President, Chief People & Transformation Officer at Albemarle. Her role, effective November 1, reflects her oversight of people, strategy, and transformation.

Stacy Grant, General Counsel, Corporate Secretary and Chief Compliance Officer

Stacy Grant became General Counsel, Corporate Secretary, and Chief Compliance Officer for Albemarle, effective October 2024. She joined Albemarle in 2023 and previously served as Vice President & Deputy General Counsel, Global Corporate Affairs.

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Key Risks to Albemarle (ALB)

1. Fluctuations in Lithium Prices and Market Oversupply: Albemarle faces significant and ongoing challenges due to the volatility of lithium prices and an oversupplied market. Weak lithium prices have negatively impacted the company's revenue and profitability, particularly in 2024, and this oversupply is projected to continue into 2026. The increasing popularity of plug-in hybrid vehicles, which use less lithium than all-electric vehicles, and the potential emergence of alternative battery technologies like solid-state and sodium-ion batteries, which may use less or no lithium, pose long-term threats to demand and pricing.
2. Geopolitical and Regulatory Risks, particularly in China: Albemarle's substantial international operations, with 36% of its 2024 net sales originating from China and four production facilities located there, expose it to considerable geopolitical and regulatory uncertainties. These risks include potential impacts from global trade tensions, tariffs, and evolving foreign government regulations. Changes in environmental, health, and safety regulations, as well as new restrictions on mining and chemical production in various jurisdictions, could lead to increased compliance costs and affect operational efficiency.
3. Credit Rating Downgrades and Increased Financing Costs: In 2024, two of the three major credit rating agencies downgraded Albemarle's credit ratings, leading to an increase in the cost of its borrowings. Further downgrades could limit the company's access to capital markets and negatively affect its financial condition, making it more expensive to fund future projects and ongoing operations.

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There are two clear emerging threats for Albemarle (ALB):

• Proliferation of Sodium-ion Batteries: Sodium-ion battery technology, which does not rely on lithium, is gaining significant commercial traction, particularly in China. Major battery manufacturers like CATL are already mass-producing sodium-ion cells for applications such as entry-level electric vehicles, two-wheelers, and grid-scale energy storage. While not yet competing directly with lithium-ion in high-performance EVs, the increasing viability and cost-effectiveness of sodium-ion batteries pose a clear threat by potentially capping demand growth for lithium and displacing it in specific market segments where cost and material abundance are critical. This could erode Albemarle's primary growth driver, its lithium business, much like a new disruptive technology offering a cheaper, accessible alternative.

• Accelerated Global Transition Away from Fossil Fuels: Albemarle's Catalysts segment, which produces catalysts primarily for petroleum refining (hydroprocessing and fluid catalytic cracking), faces a fundamental threat from the accelerating global shift towards electric vehicles, renewable energy, and sustainable fuels. As governmental policies, consumer preferences, and technological advancements increasingly favor non-fossil fuel alternatives, the long-term demand for traditional refined petroleum products (gasoline, diesel) is projected to decline. An accelerated pace of this transition, driven by factors like plummeting EV costs or rapid renewable energy adoption, directly threatens the core demand for Albemarle's refining catalysts, undermining a significant portion of its chemicals business akin to how streaming services threatened the traditional cable TV business model.

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Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with main products and services primarily in three segments: Energy Storage (Lithium), Specialties (Bromine and derivatives), and Ketjen (Catalysts).

The addressable markets for Albemarle's main products are:

• Lithium: The global lithium market size was valued at approximately USD 36.78 billion in 2024. It is projected to reach about USD 158.57 billion by 2033, growing at a compound annual growth rate (CAGR) of 17.63% from 2025. Other estimates place the global lithium market at USD 28.08 billion in 2024, expected to reach USD 74.81 billion by 2030, with a CAGR of 18.2% from 2025 to 2030. Another source indicates a market size of USD 37.43 billion in 2024, projected to grow to USD 164.77 billion by 2033 with a CAGR of 17.9% from 2025. The market size is also estimated at 0.85 million LCE tons in 2025, expected to reach 2.08 million LCE tons by 2030, at a CAGR of 19.57%. Asia Pacific dominates the global lithium market, with North America projected to acquire a significant market share by 2035.

• Bromine: The global bromine market was valued at approximately USD 3.1 billion in 2024 and is anticipated to reach around USD 6.5 billion by 2035. Other reports state the global bromine market size was valued at USD 3.63 billion in 2024 and is estimated to reach USD 5.40 billion by 2033, with a CAGR of 4.04% during 2025-2033. Another valuation for the global bromine market is USD 2.8 billion in 2025, projected to reach USD 5.2 billion by 2035, growing at a 6.3% CAGR. Asia-Pacific currently dominates the market, holding over 37% of the market share in 2024. North America is estimated to be the fastest-growing region during the forecast period of 2025-2034.
• Catalysts: The global catalyst market size was valued at approximately USD 37.70 billion in 2024 and is predicted to reach USD 49.04 billion by 2030 with a CAGR of 4.5% from 2025-2030. Other estimates indicate the global catalyst market size was USD 32.34 billion in 2024 and is expected to register a CAGR of 4.5% from 2025 to 2034. The market is further expected to reach a value of USD 67.32 billion by 2034, growing at a CAGR of 5.00% from 2025. Asia-Pacific accounted for a major market share in 2024 and is projected to grow at the highest CAGR of 5.4% during the forecast period.

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Albemarle Corporation (ALB) is poised for future revenue growth over the next 2-3 years, primarily driven by several key factors in its core segments.

1. Volume Growth in Energy Storage Products: Albemarle anticipates continued robust volume growth in its Energy Storage segment, which is predominantly driven by increasing global demand for lithium, particularly from the electric vehicle (EV) and stationary storage markets. The company reported notable volume growth in its Energy Storage segment in Q3 2025 and expects energy storage sales volume to grow by 10% or more year-over-year. CEO Kent Masters highlighted a 35% year-to-date increase in estimated global lithium consumption, including strong volumes in stationary storage and EVs. Analysts and company management project that global lithium demand and EV adoption will eventually outpace near-term supply pressures, with Albemarle's management anticipating lithium demand to double by 2030.
2. Recovery in Lithium Market Pricing: While recent lithium prices have faced challenges, there is an expectation of a market recovery that will positively impact Albemarle's revenue. The company anticipates full-year 2025 results towards the upper end of its guidance, with lithium market pricing expected to average around $9.50/kg. Analysts suggest a potential market tightening for lithium beginning in 2027, which could lead to considerably higher lithium prices and increased sales and profitability for Albemarle.
3. Operational Efficiency and Cost Reduction Initiatives: Albemarle's aggressive focus on cost reduction and operational efficiency is expected to enhance profitability and financial flexibility, indirectly supporting revenue growth. The company has already achieved approximately $450 million in annual run-rate cost and productivity improvements, surpassing its initial target. These improvements have helped mitigate the impact of lower lithium pricing and are crucial for maintaining margins and competitiveness in the evolving market landscape.
4. Strategic Capacity Utilization and Expansion: Albemarle is leveraging its existing and expanded production capacity to meet future demand. The company has achieved record production at its La Negra and Meishan lithium conversion plants. While near-term capital expenditures are being reduced, Albemarle is maintaining "growth optionality for future investments" and is strategically optimizing its conversion network to enhance profitability and adapt to market dynamics. This readiness in production capacity positions Albemarle to capitalize on the anticipated growth in lithium demand.

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Outbound Investments

• In September 2021, Albemarle acquired Guangxi Tianyuan New Energy Materials, a manufacturer of lithium carbonate & hydroxide battery materials, for $200 million.

Capital Expenditures

• Albemarle's capital expenditures were $850.5 million in 2020, $953.7 million in 2021, $1.262 billion in 2022, $2.149 billion in 2023 (peaking in this year), and $1.686 billion in 2024.
• Expected capital expenditures for 2025 are approximately $600 million, a 65% reduction from 2024.
• The focus of these capital expenditures for 2025 includes prioritizing sustaining existing assets and resources, allocating funds to select growth projects, and re-phasing larger projects such as commissioning the Meishan lithium conversion facility, completing Kemerton lithium conversion Trains 1 and 2, and deferring investment for the Richburg mega-flex lithium conversion facility and Albemarle Technology Park.