Material Insights · Understanding the Material World

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.
MeasureFigureDetailSource
World capacitynot published as a world total; heavy overcapacity in LFPSMM 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 outputabout 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 utilisationabout 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)
ConcentrationChina about 98% of NMC CAM; Hunan Yuneng alone about 23% of world shipmentsHunan 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 capacityChina 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
IEEFA (Jan 2026); SNE Research (Jun 2026); SNE Research (Jun 2026); Indicative; SMM (Apr 2025); Benchmark Source (Nov 2025)

Largest producers: global

CompanyCountryVolumeYearSource
Hunan Yuneng largest supplier to CATL China1.14 Mt cathode shipped (mostly LFP) 2025SNE Research
Hubei Wanrun LFP China0.375 Mt cathode shipped 2025SNE Research
Shenzhen Dynanonic LFP and LMFP China0.28 Mt cathode shipped 2025SNE Research
Huayou Cobalt (Youshan) integrated from Indonesian nickel and DRC cobalt China0.215 Mt cathode shipped 2025SNE Research
Lopal Tech LFP; building in Indonesia (indicative) China0.2025 Mt cathode shipped 2025SNE Research
Reshine largest ternary supplier China0.177 Mt ternary cathode shipped 2025SNE Research
Ronbay Technology about 80 kt high-nickel NCM to CATL China0.104 Mt ternary cathode shipped 2025SNE Research
EcoPro BM 50-80 kt band with L&F, Easpring, POSCO Future M South Koreanot published 2025SNE Research

Largest producers: India

CompanyCountryVolumeYearSource
Altmin Balapur, Hyderabad; 100 kt/yr planned in the 2030s; lithium from CBL (Brazil) and YLB (Bolivia) India10 kt/yr LFP capacity 2026Benchmark Source (Nov 2025)
Himadri Speciality Chemical Odisha; phase 1 about Rs 1,125 crore; total capex over Rs 4,800 crore India40 kt/yr LFP phase 1 (200 kt/yr total plan) announced Dec 2023Autocar Pro (Dec 2023)
Epsilon Advanced Materials named with Himadri as having the largest pipeline after Altmin; capacity not stated Indianot published 2025Benchmark Source (Nov 2025)
Sudeep Advanced Materials Gujarat; pilot 200 kg/day India35 kt/yr iron phosphate precursor by 2027 (100 kt by 2030) 2025Benchmark 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

RegionPosition
USImports 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.
EUUmicore and BASF scaled back plans; the Battery Regulation adds carbon footprint declarations and 2031 recycled-content minimums (16% Co, 6% Li, 6% Ni).
IndiaNo production yet; Altmin, Himadri and Epsilon plans are LFP; zero ACC PLI incentives disbursed by Oct 2025 (IEEFA).
ChinaMakes about 98% of NMC CAM and almost all LFP; low utilisation and price wars in 2024-25 turned to price rises in 2026.
JapanSumitomo Metal Mining and others supply NCA and high-nickel grades to Panasonic and Toyota (indicative).
Middle EastMorocco is attracting Chinese LFP and precursor plants for US and EU free-trade access (indicative).