# Battery cathode materials: Production

How one Chinese firm came to make almost a quarter

Source page: https://www.materialinsights.org/chemicals/cathode_materials/production/

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
 IEEFA (Jan 2026); SNE Research (Jun 2026); SNE Research (Jun 2026); Indicative; SMM (Apr 2025); Benchmark Source (Nov 2025)

#### 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](https://sneresearch.com/en/insight/release_view/681/page/0) |
| **Hubei Wanrun** LFP | China | 0.375 Mt cathode shipped | 2025 | [SNE Research](https://sneresearch.com/en/insight/release_view/681/page/0) |
| **Shenzhen Dynanonic** LFP and LMFP | China | 0.28 Mt cathode shipped | 2025 | [SNE Research](https://sneresearch.com/en/insight/release_view/681/page/0) |
| **Huayou Cobalt (Youshan)** integrated from Indonesian nickel and DRC cobalt | China | 0.215 Mt cathode shipped | 2025 | [SNE Research](https://sneresearch.com/en/insight/release_view/681/page/0) |
| **Lopal Tech** LFP; building in Indonesia (indicative) | China | 0.2025 Mt cathode shipped | 2025 | [SNE Research](https://sneresearch.com/en/insight/release_view/681/page/0) |
| **Reshine** largest ternary supplier | China | 0.177 Mt ternary cathode shipped | 2025 | [SNE Research](https://sneresearch.com/en/insight/release_view/681/page/0) |
| **Ronbay Technology** about 80 kt high-nickel NCM to CATL | China | 0.104 Mt ternary cathode shipped | 2025 | [SNE Research](https://sneresearch.com/en/insight/release_view/681/page/0) |
| **EcoPro BM** 50-80 kt band with L&F, Easpring, POSCO Future M | South Korea | not published | 2025 | [SNE Research](https://sneresearch.com/en/insight/release_view/681/page/0) |

#### 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)](https://source.benchmarkminerals.com/article/site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions) |
| **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)](https://www.autocarpro.in/news/himadri-speciality-chemical-expects-4x-of-capex-to-rs-20000-crore-topline-from-lithium-ion-business-118117) |
| **Epsilon Advanced Materials** named with Himadri as having the largest pipeline after Altmin; capacity not stated | India | not published | 2025 | [Benchmark Source (Nov 2025)](https://source.benchmarkminerals.com/article/site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions) |
| **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)](https://source.benchmarkminerals.com/article/site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions) |

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). |

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/cathode_materials/index.md)
- [Overview](https://www.materialinsights.org/chemicals/cathode_materials/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/cathode_materials/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/cathode_materials/routes/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/cathode_materials/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/chemicals/cathode_materials/cycles/index.md)
- [Trading](https://www.materialinsights.org/chemicals/cathode_materials/trading/index.md)
- [Movement](https://www.materialinsights.org/chemicals/cathode_materials/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/cathode_materials/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/cathode_materials/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/cathode_materials/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/cathode_materials/links/index.md)