Supply Chain

Chinaʼs Industry for Cathode Materials II - NCM DOMESTIC MARKET SHARE TOP 5 2025 H1

CHINESE SHARE OF GLOBAL MARKET

CAPACITY EXPANSION 10K TONS

Ronbay

B&M (Huayou)

Brunp

Core Competitive Advantages

Industry Overview

Chinese NCM companies have achieved breakthroughs in high-nickel and high-voltage mid-nickel technology. These products have achieved mass production and entered the mainstream international supply chain.

Although the NCM cathode market is being squeezed by LFP, it still holds an important position in the high-end EV battery sector. Innovations and added value continue to increase under the trend of high-nickel and high-voltage mid-nickel.

NCM precursor companies have a vertical integration advantage with Ni and Co mineral resources and processing in Indonesia.

Source: itdcw, SMM, GGII, EVTANK

In H1 2025, Nantong Ruixiang (‘Reshineʼ) jumped to the top of the industry with mid-nickel high-voltage NCM materials, capturing about 25% of the market. Ronbay maintained technological leadership in high-nickel and ultra-high-nickel NCM materials. The top ten firms account for over 85% of the market, showing higher concentration than the LFP sector. Chinese NCM companies are actively expanding overseas, with Ronbay building production bases in South Korea and Europe.

Extracted from the PDF; charts and images may read imperfectly.