Exhibit 2
Country Concentration by Chemical
Qualified production share by country. Ordered by concentration (HHI). Dashed line = 50% single-country dominance.
Chemical Country share Dominant Sev
ABF Resin
JP 95%
 Japan 5
EUV Photoresist
JP 91%
 Japan 4
12N UHP HF
JP 85%
KR
 Japan 4
CNT Pellicle
FI 85%
JP
 Finland 4
Spherical Silica
JP 85%
 Japan 3
EUV PAG
JP 70%
DE
 Japan 4
LiPF₆
CN 55%
JP
 China 3
NF₃
KR 50%
JP 45%
 S. Korea 4
UF₆
US 45%
RU* 35%
FR
 US 5
PFPE Fluid
BE 40%
US 30%
JP
 Belgium 4
Japan
S. Korea
China
US
DE / FR
Belgium
Finland
Russia*
Other
7 of 10 chemicals have >50% production in a single country. 4 are fluorine-chain chemicals (HF, NF₃, LiPF₆, UF₆) — a single fluorspar disruption hits 40% of this list. *Russia capacity sanctioned under US/EU/UK regimes.
Volume 3 — Specialty Chemistry Supercycle · ForcedAlpha · forcedalpha.com
Sources: SEMI, company investor materials, industry reports (2024–2026). ForcedAlpha Supply Chain Intelligence Graph. *ROSATOM sanctioned; effective Western supply lower than stated share.
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