Battery Materials Companies
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Battery materials production is dominated by Chinese companies. SNE Research counted about 4.95 million tonnes of cathode material shipped worldwide in 2025, 72% of it lithium iron phosphate, with Hunan Yuneng the largest producer at 1.14 million tonnes. In the first nine months of 2025 Chinese companies supplied more than 94% of electric vehicle anode material, led by Shanshan and BTR. South Korean and Japanese producers each held a low single-digit share of anode supply.
1.14 Mt
shipped by Hunan Yuneng, the largest cathode producer in 2025
Source: SNE Research, June 2026
94%+
of EV anode material shipped January-September 2025 came from Chinese companies
Source: SNE Research, November 2025
Who are the largest cathode material producers?
The largest cathode producers in 2025 were Chinese lithium iron phosphate makers, while the leading nickel-based (ternary) producers were also mostly Chinese, with South Korean firms in the lower part of the top ten. The first table ranks by tonnes shipped and the second ranks the ternary segment.
| Rank | Company | Shipments (tonnes) | Note |
|---|---|---|---|
| 1 | Hunan Yuneng | 1,140,000 | About 23% of the 4.95 Mt total (calculated) |
| 2 | Hubei Wanrun | 375,000 | |
| 3 | Dynanonic | 280,000 | |
| 4 | Youshan | 215,000 | Subsidiary of Huayou Cobalt |
| 5 | Lopal | 202,500 | |
| 6 | Gotion | 200,000 | The top six shipped about 2.4 Mt, roughly 49% of the total (calculated) |
Source: SNE Research, calendar year 2025. Shares marked calculated are this site's arithmetic against the 4.95 Mt total.
| Rank | Company | Shipments (tonnes) |
|---|---|---|
| 1 | Reshine | 177,000 |
| 2 | B&M | 116,000 |
| 4 | Ronbay | 104,000 |
| 6 to 10 | L&F, EcoPro, Cylico, Easpring, POSCO Future M | Each between 50,000 and 80,000 |
Source: SNE Research. Third and fifth places (XTC and Brunp, a CATL subsidiary) were ranked without a published tonnage and are omitted here. A separate SNE tracker published in January 2026 ranks Ronbay first on a different period, so check the period before comparing rankings.
Who are the largest anode material producers?
Shanshan and BTR led anode shipments for electric vehicles in the first nine months of 2025. Together they shipped 389,000 t of the 958,000 t total, about 41% by this site's calculation. Chinese companies supplied more than 94% of the market, South Korean companies about 3.3% and Japanese companies about 2.6%. Outside China the EV anode market was 363,000 t.
| Rank | Company | Shipments (tonnes) | Share (calculated) |
|---|---|---|---|
| 1 | Shanshan | 221,000 | 23.1% |
| 2 | BTR | 168,000 | 17.5% |
| 3 | Kaijin | 102,000 | 10.6% |
| 4 | Shangtai | 101,000 | 10.5% |
| 5 | Shinzoom | 75,000 | 7.8% |
| 6 | Zichen | 70,000 | 7.3% |
Source: SNE Research, 12 November 2025. Total 958,000 t, up 37.4%. Shares are calculated against that total. The figures cover EV installations, not all lithium-ion anode demand.
The graphite feedstock for these anodes is also concentrated: China produced an estimated 82% of natural graphite in 2025 and supplied 55% of US anode material imports in the first eight months, according to the US Geological Survey.
Which upstream deals are reshaping supply?
- Codelco and SQM in Chile. The two formed the Nova Andino Litio joint venture for the Salar de Atacama on 27 December 2025, with majority state participation, three directors from each partner and a term to 2060. See resource nationalism.
- Graphite in Canada. Eni made a $95 million strategic equity investment in Nouveau Monde Graphite's Matawinie mine in Quebec, announced at the G7 summit in June 2026.
- Magnets. MP Materials signed a $500 million commitment with Apple for recycled-content magnets in July 2025. See offtake agreements.
Frequently asked questions
Who is the largest cathode material producer?
Hunan Yuneng was the largest cathode material producer in 2025, shipping 1.14 million tonnes according to SNE Research. Hubei Wanrun was second with 375,000 tonnes.
Who are the largest anode material companies?
Shanshan and BTR are the largest anode material companies. SNE Research counted 221,000 and 168,000 tonnes shipped for electric vehicles in January to September 2025, followed by Kaijin, Shangtai, Shinzoom and Zichen.
What share of cathode material is lithium iron phosphate?
Lithium iron phosphate was about 72% of cathode material shipments in 2025, or 3.47 million tonnes of about 4.95 million tonnes, according to SNE Research. The rest was nickel-based ternary cathode.
Do South Korean and Japanese companies make anode material?
South Korean and Japanese companies make anode material but hold small shares. SNE Research puts South Korean companies at about 3.3% and Japanese companies at about 2.6% of EV anode shipments in January to September 2025.
Sources
Read on October 12, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- SNE Research: LFP dominates cathode market with 72% share in 2025 (June 2026)
- SNE Research: Global EV battery anode material installment reached 958K ton, January-September 2025 (12 November 2025)
- Codelco: Codelco and SQM form NovaAndino Litio
- Prime Minister of Canada: G7 Leaders' Summit backgrounder (17 June 2026)
- MP Materials and Apple: $500 million partnership (15 July 2025)
- USGS Mineral Commodity Summaries 2026: Graphite
