Battery Cathodes and Anodes: Chemistries and Minerals
Facts checked against sources on . How we check facts.
A lithium-ion cell's minerals are set by its cathode and anode. In 2025 lithium iron phosphate (LFP), which contains no nickel or cobalt, made up about 72% of the 4.95 million tonnes of cathode material shipped worldwide, and nickel-based ternary cathodes the other 28%, according to SNE Research. Graphite dominates the anode, and Chinese companies supplied more than 94% of electric vehicle anode material in the first nine months of 2025.
72%
of that was lithium iron phosphate (3.47 million tonnes); ternary about 28%
Source: SNE Research
>94%
of EV anode material in January to September 2025 came from Chinese companies
Source: SNE Research
82%
of world natural graphite output in 2025 was Chinese
What are the main cathode chemistries and their minerals?
Two families dominate. LFP uses lithium, iron and phosphate, while ternary cathodes (nickel-manganese-cobalt or nickel-cobalt-aluminium) use lithium, nickel, cobalt and manganese or aluminium. The choice moves mineral demand: USGS says the cobalt content of lithium-ion batteries is being decreased and that cobalt-free substitutes using iron and phosphorus hold significant market share in China.
| Chemistry | Critical minerals | 2025 data |
|---|---|---|
| Lithium iron phosphate (LFP) | Lithium, iron, phosphate. No nickel or cobalt. | 3.47 million tonnes shipped, about 72% of the total. Hunan Yuneng was the largest producer of all cathode material at 1.14 million tonnes. |
| Ternary (nickel-based, NMC and NCA) | Lithium, nickel, cobalt, manganese or aluminium. | About 28% of shipments. Reshine led the ternary segment with 177,000 tonnes, ahead of B&M (116,000) and Ronbay (104,000). |
Source: SNE Research, 17 June 2026, calendar year 2025 shipments. Cobalt-free cell share: USGS cobalt chapter. Shares other than LFP are our arithmetic.
What are anodes made of?
Graphite is the main anode material, natural or synthetic, and silicon is an emerging addition. SNE Research counted about 958,000 tonnes of EV anode material shipped in January to September 2025, up 37.4%, of which 363,000 tonnes was outside China. Shanshan shipped 221,000 tonnes and BTR 168,000, followed by Kaijin (102,000) and Shangtai (101,000). By country, China held more than 94%, Korea about 3.3% and Japan about 2.6%. SNE says silicon anodes are being adopted more as the EV market grows and describes silicon-carbon composites as a next-generation alternative.
The graphite feedstock is also concentrated. USGS reports that China produced an estimated 82% of world natural graphite in 2025 and exported 37,400 tonnes of spherical purified graphite in the first nine months, 29% more than a year earlier, with the Republic of Korea (40%), Indonesia (33%) and Japan (16%) the leading recipients ahead of the United States (11%). Synthetic graphite powder competes with natural graphite in batteries.
How has trade policy affected anode supply?
Trade measures target the anode step. China placed graphite items under export licensing from 1 December 2023, and the U.S. Commerce Department's preliminary 2025 results set antidumping duties of 93.50% and countervailing duties of 11.58% to 721.03% on Chinese graphite active anode material. Despite that, China supplied 55% of U.S. imports of anode material in the first eight months of 2025, ahead of Indonesia (31%) and the Republic of Korea (14%). The supply risks page covers the wider picture.
Frequently asked questions
What is the difference between LFP and NMC batteries?
LFP cathodes use lithium, iron and phosphate and contain no nickel or cobalt, while NMC cathodes use lithium, nickel, manganese and cobalt. LFP made up about 72% of cathode material shipped in 2025, according to SNE Research.
What minerals are in a battery anode?
Most lithium-ion anodes use graphite, natural or synthetic, and some add silicon. China produced an estimated 82% of world natural graphite in 2025, and Chinese companies supplied more than 94% of EV anode material in January to September 2025.
Do electric vehicle batteries still need cobalt?
Some do. USGS says the cobalt content of lithium-ion batteries is being decreased and that cobalt-free iron-phosphate substitutes held significant market share in China. Nickel-based ternary cells, about 28% of 2025 cathode shipments, still use cobalt.
Who makes most battery cathode and anode material?
Chinese companies make most of both. Hunan Yuneng shipped 1.14 million tonnes of cathode material in 2025, and Shanshan and BTR led anode shipments with 221,000 and 168,000 tonnes in January to September 2025. Our battery materials page ranks the producers.
Sources
Read on October 13, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- SNE Research: global cathode material shipments, 2025 (17 June 2026)
- SNE Research: global EV anode material shipments, January to September 2025 (12 November 2025)
- USGS Mineral Commodity Summaries 2026: graphite
- USGS Mineral Commodity Summaries 2026: cobalt
- MOFCOM Announcement 2023 No. 39 (graphite export control)
