Tianqi Lithium Valuation Multiples

Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people.

Merck KGaA operates in three main segments: life science, electronics, and healthcare. The life science segment provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. The electronics segment offers specialty materials to manufacture a variety of products, such as semiconductors and flat-screen televisions. In the healthcare segment, Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In 1995, the E. Merck family publicly sold part of the company, resulting in the current 30% public ownership of the firm.

Disco is a Japan-based semiconductor production equipment manufacturer. Founded in 1937, the company manufactures diamond, water, and laser saws, as well as grinders and polishers, used mainly in back-end processes of semiconductor manufacturing, which involves treating processed silicon during the front-end process by thinning and dicing the wafers into bare dies for packaging.It is the world’s largest manufacturer of semiconductor-grade saws and grinders, with an estimated 60%-70% market share in the semiconductor dicing and grinding industry as of 2025. The company operates three main factories, all located in Hiroshima and Nagano, Japan.

Qnity is a specialty chemicals company created in 2025 after being spun off from DuPont. It sells chemicals and materials to the semiconductor industry, which generates the majority of sales, and also the electronics industry. Qnity specializes in materials science, including supplying key materials required to manufacture semiconductors and interconnected devices.

Pidilite Industries Ltd manufactures and sells paints, adhesives, and sealants in two segments based on the customer: The Branded Consumer & Bazaar segment, which generates the majority of revenue, sells adhesives and sealants, construction and paint chemicals, art and craft materials, and others. These products are widely used by carpenters, painters, plumbers, mechanics, households, students, offices, etc. The Business to Business segment sells industrial products such as industrial adhesives, resins, and organic pigments and preparations, etc., and caters to various industries like packaging, joineries, textiles, paints, printing inks, paper, leather, etc. Pidilite Industries sells its products through dealers and distribution networks. The vast majority of its revenue comes from India.

JX Advanced Metals Corp is engaged in business activities, with its main products being sputtering targets for semiconductors and rolled copper foil. In addition, the group is also involved in copper and rare metal resource development, smelting and recycling businesses, and is involved in a wide range of businesses from upstream to downstream equipment manufacturing. The Group consists of three reportable segments: Semiconductor Materials, Information and Communication Materials, and Basic Materials.

CETC Lantian Technology Co Ltd is mainly engaged in the research and development, production, sales, and services of electrical energy materials, products, and systems. Its business areas include physical power supplies, chemical power supplies, power supply systems, and other upstream and downstream products in the power supply chain.

Guangdong HEC Technology Holding Co Ltd is engaged in the manufacture and distribution of electronic materials and alloy materials. The company's products consist of high-purity aluminum, electrode foil, hydrophilic foil and coatings for hydrophilic foil, aluminum electrolytic capacitors, soft magnetic materials, and electrochemical products.

Ganfeng is the world’s third largest and China’s largest lithium compounds producer and the world’s largest lithium metals producer in terms of production capacity. The company offers five major categories of more than 40 lithium compounds and metals products, which is one of the most comprehensive product offerings among the suppliers globally. Starting as a midstream manufacturer of lithium compounds and lithium metals, the company has successfully expanded into a vertically integrated business model with operations along the critical stages of the industry value chain, including upstream lithium extraction, midstream lithium compounds and metals processing, and downstream lithium battery production and recycling.

Trelleborg AB manufactures products to seal, damp, and protect critical applications for a multitude of industries. It focuses on improving functionality, productivity, and minimizing energy waste for customers in transportation equipment, aerospace, and other industrial markets. The company has several different business areas: coated systems, industrial solutions, offshore and construction, sealing, and wheel. Products and components are molded to limit vibrations, provide automotive support, fit and protect tires, produce printing solutions, or offer support for other applications. Western Europe is an important region for the company and accounts for approximately half of total revenue.segments.

Grace Fabric Technology Co Ltd is mainly engaged in the research and development, production and sales of electronic grade glass fiber cloth. The company's main products are high-end electronic grade glass fiber cloth products, mainly including ultra-thin, ultra-thin, thin electronic grade fiberglass cloth.

Posco Future M is in the business of coal chemistry and carbon materials. Its key business includes refractory manufacture and sale, furnace construction and maintenance, lime business, environmental business, comprehensive chemicals, carbon materials, and secondary battery anode materials, among others. The group operates in two segments: Basic Materials Division, which includes Refractory Business, Lime Mars Business, and Energy Materials Division, which includes the manufacture and sale of cathode and cathode materials. It generates the majority of its revenue from the Energy Materials Division.

Solstice Advanced Materials is a diversified specialty chemicals company created in late 2025 after being spun off from Honeywell. It sells chemicals and materials to a wide range of end markets. Its largest product category is refrigerants used in heating, ventilation and air conditioning systems, and autos, where Solstice sells low global warming potential refrigerants. The company also sells materials used for building and construction, semiconductor production, healthcare packaging, and defense. Additionally, Solstice runs the only US uranium conversion business currently in operation.

Owens-Corning Inc is a building products company that offers roofing products and systems, insulation products (hermal and acoustical batts, loose fill insulation, spray foam insulation, wet use chopped strand, etc.), and doors and door systems. The company's reportable segments are: Roofing, Insulation, and Doors. Maximum revenue is generated from the Roofing segment, which manufactures and sells residential roofing shingles, oxidized asphalt materials, roofing components, and composite lumber mainly used in residential construction. This segment also manufactures and sells glass mat and specialty veil materials used in building and construction applications. Geographically, the company generates maximum revenue from the United States, followed by Europe, Asia-Pacific, and other markets.

Taiwan Union Technology Corp is engaged in the production and distribution of materials for printed circuit boards. The company mainly produces copper clad laminate, prepreg and mass lamination, and is a supplier of printed circuit boards. It segments includes reportable segments were as follows: Taiwan Union Technology Corporation; Mainland China and other subsidiaries. Geographically operates in Asia, and Others.

Kuang-Chi Technologies Co Ltd is engaged in the research and development, production, and sales of new-generation metamaterial cutting-edge equipment products in China. The company has two segments, which include the Metamaterials business segment and the Metamaterials research and development business segment. The company generates the majority of its revenue from the Metamaterials business segment.

Tokyo Ohka Kogyo Co Ltd is a Japan-based company that manufactures functional materials and processing equipment. The processing equipment sold by the firm is mainly used in the manufacturing of semiconductors and liquid crystal display products. The materials used in the manufacturing of these products are also sold by the company, particularly for the photolithography process. The firm also sells inorganic and organic chemicals.

E Ink Holdings Inc researches, develops, manufactures, and sells electronic paper display panels. The Company sells e-paper products such as Internet of Things applications and consumer electronics.

Kingfa Sci & Tec Co Ltd is a China-based company engaged in the modified plastics industry. Its products include the development of modified plastics, fully biodegradable plastics, high-performance carbon fiber and composite materials, special engineering plastics, environmentally-friendly recycled plastics, fire retardant, and toughened plastics.

Chongqing Genori Technology Co Ltd is engaged in the research, development, production and sales of core components for semiconductor equipment, as well as the provision of surface treatment services. The company's main products include equipment components made of silicon, quartz, silicon carbide, and alumina ceramics, as well as surface treatment services such as plasma regeneration, anodizing, and precision cleaning. These components and surface treatment services are used in semiconductor equipment for processes such as plasma etching and thin film deposition in the integrated circuit industry, and in panel manufacturing equipment for processes such as plasma etching, thin film deposition, and evaporation in the display panel industry.

Epiworld International Co Ltd is principally engaged in the manufacturing and sale of SiC epitaxial wafers under Turnkey service and provision of processing services for SiC epitaxial wafers under Consign service in the PRC. It provides commercially available 3-inch, 4-inch, 6-inch, and 8-inch silicon carbide epitaxial wafers. The majority of the company's revenue is generated from the manufacturing and sale of silicon carbide epitaxial wafers in Asia - Greater China.

Shenzhen HFC Co Ltd is an integrated enterprise specializing in the R&D, manufacturing, and sales of thermal management and EMC materials. The company has developed a series of proprietary thermal interface materials for data centers (AI high-power chips, optical modules), smart cars, 5G communications, and consumer electronics, including oriented graphene thermal pads, oriented carbon fiber pads, and compatible metal sheets.

Chengdu Ultra Pure Applied Materials Co Ltd is engaged in the research, development, production and sales of special coated parts for semiconductor equipment, precision optical devices and special materials.

Materion Corp offers products that include precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium and copper-based alloys, beryllium composites, ceramics, and engineered clad and plated metal systems. Its segments are: Performance Materials provides beryllium and non-beryllium containing alloy systems and custom engineered parts. Electronic Materials produces chemicals, microelectronics packaging, and specialty metal products, including vapor deposition targets and preforms. Precision Optics produces thin film coatings and optical filter materials. The Other reportable segment includes unallocated corporate costs and assets. It operates in the United States, Asia, Europe, and other countries.

Cathay Biotech Inc is engaged in research, development, production, and sales of new bio-based materials. The company owns the TERRYL brand, which focuses on bio-based polyamide fibers for textiles, and ECOPENT, which serves the engineering materials market.

Hengdian Group Dmegc Magnetics Co Ltd is a Chinese company engaged in making products based on hard ferrite and magnet soft ferrite cores. The products of the company include hard ferrite magnets, ferrite cores, solar cells, solar modules, rare earth magnets, motor housing, hard alloys, batteries, and flexible copper clad laminate. These products are widely used in the fields of the electronic appliance, automotive, communication and others. In addition, the group is also involved in the business of hotels, mining, health care home, international trade and others. The company exports its products to EU, USA, Japan, South America, South East Asia and other regions.

State Grid Yingda Co Ltd, formerly Shanghai Zhixin Electric Co Ltd specializes in the development, production and sale of amorphous alloy transformers in China.

Johnson Matthey PLC is a platinum group metals (PGMs) company. It uses metal chemistry, catalysis, and process engineering and provides technology and expertise to energy, chemicals, and automotive companies to decarbonise, reduce harmful emissions, and improve sustainability. Its segments include Clean Air, PGM Services, Catalyst Technologies, Hydrogen Technologies and Value Businesses. The company generates maximum revenue from the PGM Services segment, which enables the energy transition through providing circular solutions as demand for scarce critical materials increases, provides a strategic service to the group supporting the other segments with security of metal supply, and manufactures value-added PGM products. The company derives key revenue from the United Kingdom.

Zhejiang Zhenshi New Materials Co Ltd is engaged in the research and development, production, and sale of fiber reinforcement materials for clean energy applications. Its activities include the manufacturing and sale of fiberglass, glass fiber reinforced plastic products, high-performance fibers and composites, as well as related power electronic components. The company specializes in the research and development, production and sales of high-performance fiber weaving, thermosetting and thermoplastic composite products. The products are used in new energy wind power, solar photovoltaic, new energy vehicles, transportation, building materials and home furnishings.

Poco Holdings Co Ltd is engaged in production and sales of alloy powder. The company manufactures magnetic materials, inductors, chip inductors, coils, magnetic electronic components and related equipment; stainless steel powder, steel alloy powder, iron powder, copper powder, aluminum powder, special metal alloy powder.

Mitsui Chemicals Inc manufactures and sells a variety of chemicals, plastics, and chemical-based products. The firm organizes itself into four segments. The Basic & Green Materials segment provides ethylene, propylene, polyethylene, polypropylene, catalysts, phenols, PTA, PET resins, polyurethane, and industrial chemicals. The ICT Solutions segment supplies semiconductors, electronic components, process and optical materials, and battery-related materials. The Life & Healthcare Solutions segment covers vision care, nonwovens, oral and personal care materials, and agricultural chemicals. The Mobility Solutions segment offers elastomers, functional compounds, polypropylene compounds, and automotive-related products, while Others include related businesses.

USA Rare Earth Inc is a vertically integrated, domestic rare earth magnet supply chain that supports the state of energy, mobility, and national security in the United States. USARE is developing an NdFeB magnet manufacturing plant in the United States, and establishing domestic rare earth and critical minerals supply, extraction, and processing capabilities to both supply its manufacturing plant and market surplus materials to third parties. Rare earth magnets are critical to various business sectors and industries, including the defense, automotive, aviation, industrial, medical and consumer electronics industries.

Mitsubishi Materials Corp is a Japan-based company engaged in the production of processed copper products, electronic materials, and cemented carbide products, as well as the smelting and sale of metals such as copper, gold, silver, and palladium. The company operates through four segments. The Highly Functional Products segment includes processed copper products and electronic materials. The Metal segment is engaged in the smelting and refining of non-ferrous metals, including copper, gold, silver, lead, tin, and palladium, as well as the recycling of home appliances. The Processing segment covers carbide products, while the Renewable Energy segment focuses on renewable energy operations. The Other segment includes cement-related and engineering-related businesses.

Himadri Speciality Chemical Ltd is an Indian Coal Tar Pitch manufacturer with supplies to aluminium and graphite manufacturers. The company operates its business through two segments, which include Carbon Materials and chemicals; and Power. Through its operating segments, the company serves coal tar pitch to various industries to help manufacture aluminum, graphite electrodes, warhead missiles, lithium-ion batteries, and sulfonated naphthalene formaldehyde. Himadri also generates power through the windmills, which are marketed to the state electricity grid. The majority of its revenue is derived from the Carbon materials and chemicals segment. The group has a business presence in India and Outside India.

Fangda Carbon New Material Co Ltd is a China-based company engaged in the production and sales of graphite and carbon products. Its main products include ultra-high power, high power and common power graphite electrodes, microporous carbon bricks, semi-graphite carbon bricks, aluminum carbon bricks, isostatic graphite products, special graphite products, biological carbon products and carbon composite materials, among others.

Shaanxi Huaqin Technology Industry Co Ltd specializes in the research and development, production and sales of stealth materials, camouflage materials and protective materials. The products and technologies are mainly used in the stealth of national defense weapons and equipment, the camouflage of important ground military targets and the surface protection of various equipment.

Shenzhen FRD Science & Techonology Co Ltd is a China based company engaged in manufacturing of EMI shielding materials, Thermal interface materials and other related electronic materials. The company has a business presence in China, and other countries. EMI shielding materials include metal shielding products, electrically conductive elastomer, fabric over foam and conductive, electrically conductive plastics, and microwave absorber. Thermal materials comprise graphite film, thermal interface material, and thermally conductive plastics. The other supporting materials offered by the entity are PUR hot melt adhesive, and graphics overlay and labels.

Grindwell Norton makes abrasives, ceramics, and silicon carbide products for automotive, steel, and engineering buyers. It is a subsidiary of Saint-Gobain. Headquartered in Mumbai.

5N Plus Inc is a Canadian-based company producing specialty semiconductors and performance materials. It operates in two segments: Specialty Semiconductors and Performance Materials. The Specialty Semiconductors segment manufactures and sells products used in several applications such as renewable energy, space satellites, and imaging. The Performance Materials segment manufactures and sells products that are used in several applications in pharmaceutical & healthcare, industrial, and catalytic and extractive. Main products are sold as active pharmaceutical ingredients, animal feed additives, specialized chemicals, commercial-grade metals, alloys, and engineered powders. The maximum revenue is derived from the Specialty Semiconductors segment.

Carborundum Universal makes abrasives, ceramics and electrominerals, and industrial ceramic products for steel, auto, power and other industries. Part of the Murugappa Group. Headquartered in Chennai.

Teijin Ltd is a Japanese industrial conglomerate engaged in healthcare, materials, textiles, and other businesses. The company organizes itself into four primary segments. The Healthcare segment manufactures and sells pharmaceuticals, medical devices, and home medical services. The Material segment covers aramid fibers, polycarbonate resins, carbon fibers, and composite molding materials. The Textiles/Products segment produces polyester fibers and textile products. The Others segment includes businesses outside the reporting segments, such as battery components, membranes, regenerative medicine, and implantable medical devices.

Nippon Electric Glass Co Ltd is in the business of the production and sale of glass products and glassmaking machinery. Its business is divided into two categories: Electronics and Information Technology, and Performance Materials and Others. The company produces glass for flat panel displays, optical devices, chemical strengthening, electronic devices, solar cells, fiber, and building materials. The company generates the majority of its sales from the electronics and information technology category.

Bodycote PLC provides thermal processing services including heat treatment, metal joining, surface coating technologies, and hot isostatic pressing. The aerospace, defence, and energy segment offer thermal processing services across applications including general aviation, aircraft, helicopters, power generation, and others. The automotive and general industrial markets segment provides thermal processing services across the automotive industry and general industries. The company has a geographical presence in the USA, France, Germany, the UK, Sweden, Netherlands. It majority of its revenue from Automotive & General Industrial segment.

Ningbo Ronbay New Energy Technology Co Ltd is engaged in the research and development, production, and marketing of multi-materials, lithium ferromanganese phosphate (lmfp) materials, sodium battery materials, and multi-precursors. The products are mainly used in the manufacturing of lithium/sodium batteries and are mainly applied in fields such as electric vehicles, electric two-wheelers, energy storage equipment, and electronic products.

Ube Corp manufactures and sells chemicals, construction materials, and machinery products. The firm organizes itself into five segments based on product type. The High-performance urethane segment, Pharmaceutical segment, Resin and Chemical Products Segment, Machinery segment, and Other segments. The company derives maximum revenue from Resin and Chemical Products Segment engaged in sales of nylon polymers, caprolactam, and other products.

Garware Hi-Tech Films makes polyester films, including solar control, paint protection and specialty films for automotive, architectural and industrial use. It sells in India and abroad. Headquartered in Mumbai.

Minerals Technologies Inc mines, produces, and sells mineral-based products. The firm organizes itself into two segments: The Consumer & Specialties segment that derives maximum revenue, serves consumer end markets directly with mineral-to-market finished products and also provides specialty mineral-based solutions and technologies that are an essential component of its customers' finished products; and The Engineered Solutions segment serves industrial end markets with engineered systems, mineral blends, and technologies that are designed to improve its customers' manufacturing processes and projects. The majority of revenue comes from the United States, while it also has its presence in Canada/Latin America, Europe/Africa, and Asia.

Yantai Zhenghai Magnetic Material Co Ltd is a China-based company engaged in the development, production, sale, and service of high-performance NdFeB permanent magnet materials. Its product is widely used in the fields of IT, automobile, petrochemical, mechanics, aerospace, mechanoelectronic and medical.