Battery cathode materials: Production
How one Chinese firm came to make almost a quarter
What this tab covers Who makes it and how much: world capacity and output, utilisation, the top producing countries and companies globally and in India, concentration, new capacity coming, and each region's position.| Measure | Figure | Detail | Source |
|---|---|---|---|
| World capacity | not published as a world total; heavy overcapacity in LFP | SMM put China's LFP operating rate at about 50% in 2025, with top producers above 70%. New 2025 LFP capacity included about 200 kt in Jiangxi, 100 kt in Shandong, 95 kt in Hubei and 80 kt each in Sichuan and Hunan. | SMM (Apr 2025) |
| World output | about 4.95 Mt shipped worldwide (2025) | SNE: world shipments 4.95 Mt (up 34%) and demand 4.79 Mt (up 42%); LFP 3.47 Mt. GGII's separate survey of Chinese producers gives 5.025 Mt for China (LFP 3.87 Mt, ternary 0.83 Mt, LCO 0.125 Mt); it counts on a different basis and is not comparable with SNE's world total. | SNE Research (Jun 2026); GGII (Feb 2026) |
| Capacity utilisation | about 50% for LFP in China (2025) | Low utilisation squeezed processing fees in 2024-2025; demand growth of 42% in 2025 (SNE) and rising input prices let cathode makers push prices up in 2026. | SMM (Apr 2025); GGII (Feb 2026) |
| Concentration | China about 98% of NMC CAM; Hunan Yuneng alone about 23% of world shipments | Hunan Yuneng shipped 1.14 Mt of 4.95 Mt in 2025 (23%). The top six companies (Yuneng, Wanrun, Dynanonic, Youshan, Lopal, Gotion) shipped 2.41 Mt, about 49%. | SNE Research (Jun 2026), shares derived; IEEFA (Jan 2026) |
| New capacity | China over 6.5 Mt shipments in 2026 (GGII, on its own China basis); overseas LFP capacity above 600 kt by 2028 (SMM) | Chinese makers are building LFP plants in Morocco, Indonesia, Hungary and Spain (indicative). In India: Altmin 10 kt (2026), Himadri 40 kt phase 1, Sudeep 35 kt precursor (2027). Benchmark forecasts only about 7 GWh of Indian cell output by 2030 against a 66 GWh pipeline. | GGII (Feb 2026); SMM (Apr 2025); Benchmark Source (Nov 2025) |
Top producing countries
- China: about 98% of NMC cathode and almost all LFP; all top-six cathode companies by volume are Chinese
- South Korea: EcoPro, L&F, POSCO Future M: 50-80 kt each of ternary in 2025
- Japan: Sumitomo Metal Mining (NCA for Panasonic), Nichia; volumes not in sources used
- Belgium/Europe: Umicore and BASF; small share; volumes not in sources used
- Indonesia, Morocco, Hungary (Chinese-owned plants): overseas LFP output expected above 20 kt in 2025 and overseas LFP capacity above 600 kt by 2028
- India: no commercial output in 2025; Altmin 10 kt LFP from 2026
Largest producers: global
| Company | Country | Volume | Year | Source |
|---|---|---|---|---|
| Hunan Yuneng largest supplier to CATL | China | 1.14 Mt cathode shipped (mostly LFP) | 2025 | SNE Research |
| Hubei Wanrun LFP | China | 0.375 Mt cathode shipped | 2025 | SNE Research |
| Shenzhen Dynanonic LFP and LMFP | China | 0.28 Mt cathode shipped | 2025 | SNE Research |
| Huayou Cobalt (Youshan) integrated from Indonesian nickel and DRC cobalt | China | 0.215 Mt cathode shipped | 2025 | SNE Research |
| Lopal Tech LFP; building in Indonesia (indicative) | China | 0.2025 Mt cathode shipped | 2025 | SNE Research |
| Reshine largest ternary supplier | China | 0.177 Mt ternary cathode shipped | 2025 | SNE Research |
| Ronbay Technology about 80 kt high-nickel NCM to CATL | China | 0.104 Mt ternary cathode shipped | 2025 | SNE Research |
| EcoPro BM 50-80 kt band with L&F, Easpring, POSCO Future M | South Korea | not published | 2025 | SNE Research |
Largest producers: India
| Company | Country | Volume | Year | Source |
|---|---|---|---|---|
| Altmin Balapur, Hyderabad; 100 kt/yr planned in the 2030s; lithium from CBL (Brazil) and YLB (Bolivia) | India | 10 kt/yr LFP capacity | 2026 | Benchmark Source (Nov 2025) |
| Himadri Speciality Chemical Odisha; phase 1 about Rs 1,125 crore; total capex over Rs 4,800 crore | India | 40 kt/yr LFP phase 1 (200 kt/yr total plan) | announced Dec 2023 | Autocar Pro (Dec 2023) |
| Epsilon Advanced Materials named with Himadri as having the largest pipeline after Altmin; capacity not stated | India | not published | 2025 | Benchmark Source (Nov 2025) |
| Sudeep Advanced Materials Gujarat; pilot 200 kg/day | India | 35 kt/yr iron phosphate precursor by 2027 (100 kt by 2030) | 2025 | Benchmark Source (Nov 2025) |
India had no commercial cathode output in 2025 and imports nearly all cells. Benchmark expects India's cathode pipeline to grow more than 50-fold over a decade, almost all LFP. The ACC PLI supports cells, not materials (EVreporter, Jan 2025).
Position by region
| Region | Position |
|---|---|
| US | Imports almost all cathode or cells; the 45X credit and foreign-entity rules aim to exclude Chinese-owned supply (indicative). Commerce set anti-dumping duties of 93.5-102.7% on Chinese anode material in February 2026, but the ITC's negative injury vote in March 2026 meant they never took effect. |
| EU | Umicore and BASF scaled back plans; the Battery Regulation adds carbon footprint declarations and 2031 recycled-content minimums (16% Co, 6% Li, 6% Ni). |
| India | No production yet; Altmin, Himadri and Epsilon plans are LFP; zero ACC PLI incentives disbursed by Oct 2025 (IEEFA). |
| China | Makes about 98% of NMC CAM and almost all LFP; low utilisation and price wars in 2024-25 turned to price rises in 2026. |
| Japan | Sumitomo Metal Mining and others supply NCA and high-nickel grades to Panasonic and Toyota (indicative). |
| Middle East | Morocco is attracting Chinese LFP and precursor plants for US and EU free-trade access (indicative). |