Sociedad Quimica y Minera de Chile S.A.’s SQM shares have shot up 86.4% so far this year, outperforming the industry’s rise of 19.7%. The company has also topped the S&P 500’s 17.3% decline over the same period.Let’s dive into the factors behind this Zacks Rank #1 (Strong Buy) stock’s price appreciation. Image Source: Zacks Investment Research What’s Driving the Stock?Sociedad Quimica is gaining from favorable trends in the lithium market underpinned by strong electric vehicle sales. The expansion of lithium operations is also supporting the company’s lithium sales volumes. Strong demand and limited supply are also boosting lithium prices.The company, in its third-quarter call, said that it envisions lithium demand to grow at least 40% in 2022 factoring in strong electric vehicles sales in China. It expects sales volumes to be more than 150,000 metric tons this year. The company also expects the high pricing environment to continue for the balance of 2022 and into 2023.Iodine volumes are also being supported by growing demand following the post-pandemic recovery. In Iodine and Derivatives, the company expects demand growth to reach roughly 2-3% in 2022.Higher realized prices and strong demand are driving the company’s results as witnessed in the third quarter. Revenues from the Lithium and Derivatives segment surged more than twelvefold year over year to $2,334.9 million in the quarter. The upside was driven by significantly higher prices and volumes. The Specialty Plant Nutrients segment also saw a 28% increase in revenues to $292.5 million, driven by higher prices. The momentum is expected to continue in the fourth quarter.Earnings estimates for Sociedad Quimica have also been going up over the past two months, reflecting analysts’ optimism. The Zacks Consensus Estimate for Sociedad Quimica for 2022 has increased around 1.5%. The consensus estimate for fourth-quarter 2022 has also been revised roughly 7.3% upward over the same time frame.The Zacks Consensus Estimate for earnings for 2022 for Sociedad Quimica is currently pegged at $13.13, reflecting an expected year-over-year growth of 540.5%. Earnings are also expected to register a 237.2% growth in fourth-quarter 2022. Sociedad Quimica y Minera S.A. Price and Consensus Sociedad Quimica y Minera S.A. price-consensus-chart | Sociedad Quimica y Minera S.A. Quote Stocks to ConsiderOther top-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. STLD, Olympic Steel, Inc. ZEUS and Commercial Metals Company CMC.Steel Dynamics has a projected earnings growth rate of 36.1% for the current year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 7.3% upward in the past 60 days.Steel Dynamics has a trailing four-quarter earnings surprise of roughly 6.2%. STLD has rallied roughly 74% in a year. The company currently carries a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.Olympic Steel currently carries a Zacks Rank #1. The consensus estimate for ZEUS's current-year earnings has been revised 4.8% upward in the past 60 days.Olympic Steel’s earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 25.4%, on average. ZEUS has rallied around 58% in a year.Commercial Metals currently carries a Zacks Rank #1. The Zacks Consensus Estimate for CMC's current-year earnings has been revised 13.8% upward in the past 60 days.Commercial Metals’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 19.7%, on average. CMC has gained around 37% in a year. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Steel Dynamics, Inc. (STLD): Free Stock Analysis Report Sociedad Quimica y Minera S.A. (SQM): Free Stock Analysis Report Commercial Metals Company (CMC): Free Stock Analysis Report Olympic Steel, Inc. (ZEUS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research