<2025.H2> LIB 4 Major Materials SCM Analysis and Mid/Long-Term Outlook
1. Introduction
Report
overview
This report aims to analyze the
lithium-ion battery (LIB) market and supply chain management (SCM) status on a
semiannual basis (H1/H2) in 2025, and to comprehensively review market trends
across the four major materials (cathode materials, anode materials,
electrolytes, and separators).
Overview of
lithium-ion batteries (LIB)
Lithium-ion batteries (LIBs) are
energy storage devices widely used across various applications, including
portable electronic devices, electric vehicles (EVs), and energy storage
systems (ESS). The core components of LIBs consist of cathode materials, anode
materials, electrolytes, and separators, and the quality and performance of
these four major materials determine battery efficiency and lifespan.
Importance of
the four major materials
Cathode materials, anode materials,
electrolytes, and separators directly affect lithium-ion storage and transport,
electrical characteristics, and safety. Battery performance and cost vary
depending on the composition and properties of each material. Therefore,
understanding market trends and supply chain conditions for these materials is
essential for formulating successful strategies in the LIB industry.
2. 2025 LIB
market analysis
Market size
and growth rate
In 2025, the LIB market is
projected to grow by approximately 31.7% YoY in terms of shipments, reaching
around 1,897 GWh. Although growth in EV demand has slowed, expansion of the
energy storage system (ESS) market acted as the primary growth driver.
Key market
trends
Over the year, major battery-related companies focused on reducing production costs while pursuing technological innovation to overcome the current EV chasm. In particular, battery management systems (BMS) and immersion cooling technologies aimed at improving safety attracted significant attention. In addition, amid increasing demands for cost reduction and enhanced price competitiveness, adoption of relatively low-cost LFP batteries expanded. As the ESS market began to grow in earnest, mainly in the U.S. and China, demand for LFP batteries is analyzed to have increased by more than 40% YoY.
Status of
major LIB manufacturers
The combined global shipments of
mid- to large-size batteries (EV/ESS) by Korea’s three major battery makers are
analyzed to increase by approximately 34 GWh compared to 2024. However, their
combined market share is expected to decline by about 2.3 percentage points YoY
to 13.7% (241 GWh). In 2023, out of a total of 1,050 GWh, the three Korean
companies shipped 252 GWh, accounting for a 24% market share.
LG Energy Solution is expected to
maintain its third-place ranking in global shipments, although shipments are
projected to decline by 1.7% YoY to 146 GWh, while Samsung SDI is expected to
decline by 1.2% YoY to 49 GWh. SK On, which recorded weak performance in 2024,
is expected to post shipments of around 46 GWh, representing a 47% YoY
increase, supported by solid sales of key customer models such as the Hyundai
Ioniq 5 and Volkswagen ID.4 and ID.7.
China’s CATL is expected to firmly
maintain its global No.1 position, recording 36% YoY growth with shipments of
645 GWh. BYD is also expected to grow in both EV and ESS battery shipments,
recording a combined growth rate of 47% YoY (192 GWh) and ranking second
globally. Meanwhile, EVE is expected to rank fourth with approximately 38%
growth (122 GWh), supported by nearly 70 GWh of battery shipments in the ESS
market, while Gotion is expected to move up one position to fifth place with
80% YoY growth (90 GWh), driven by demand in China’s EV and ESS markets. In
addition, CALB is expected to rank sixth with 38% growth (88 GWh), and Sunwoda
is analyzed to secure eighth place with 48% growth (50 GWh).
Among Japanese companies, Panasonic
is the only player to rank within the global Top 10 and is expected to record
shipments of approximately 51 GWh, representing 21% YoY growth.
Global market
changes and outlook
As policies such as the U.S. OBBBA
and Europe’s Critical Raw Materials Act (CRMA) are implemented in earnest, the
U.S. and European markets—where market expansion is expected—are seeing battery
manufacturers from Korea, China, and Japan advance locally. Alongside them,
suppliers of the four major battery materials are also expanding overseas,
either by establishing local operations or through joint ventures. In addition,
as the ESS market continues to expand in earnest, particularly in China and the
United States, demand for batteries—especially LFP batteries—is expected to
increase further. Accordingly, consumption of the four major battery materials
(cathode materials, anode materials, electrolytes, and separators) is also
projected to rise in line with the expanding adoption of LFP batteries.
3. Report
structure
2024 LIB and 4
major materials market analysis
This report is broadly divided into
three sections. The first section covers an analysis of the upstream
lithium-ion battery market for the first and second halves of 2025, along with
a mid- to long-term outlook. It presents the global lithium-ion battery market
landscape—including small IT batteries, mid- to large-size electric vehicles
(xEV), and energy storage systems (ESS)—as well as SNE’s insights through a
full-year analysis for 2025.
The second section provides an
in-depth analysis of lithium-ion battery material manufacturers in Korea,
China, and Japan. It covers production capacity and supply volumes of global
manufacturers and includes detailed analysis of the supply chain management
(SCM) for each material. In addition, it analyzes price trends for each
material and key raw materials from 2020 through the second half of 2025, and
provides related insights.
Finally, the report analyzes
representative companies for each material by country (Korea, China, and
Japan), covering business history and current status, product information, and
key issues that emerged across the overall market in 2025.
4. Strong
points of this report
(1) Understanding recent market
trends and developments:
This report enables readers to
understand global market trends and key developments, including demand for the
four major LIB materials and performance by company.
(2) Analysis of major suppliers and
demand:
The report provides insight into
material supply conditions by major suppliers in the LIB four major materials
market, as well as demand by battery manufacturers, material price trends, and
annual outlooks. In addition, it offers detailed quarterly updates on major
material producers in Korea, China, and Japan.
(3) Understanding SCM status:
It allows readers to grasp the SCM
status of the four major materials supplied to leading LIB manufacturers.
(4) Analysis of changes in material
usage:
It provides a detailed view of the
latest changes in material usage by major LIB manufacturers from the first half
of 2024 through the second half of 2025.
This report is expected to serve as
an important resource for enhancing overall understanding of the lithium-ion
battery and materials markets and for forecasting future market developments.
[Contents] – 187
pages
1. EV / LIB
Market Dynamics
1.1 2025 LIB Makers’ Battery Shipments (xEV/ESS)
1.2 Annual Shipment Trends and Forecast of LIB Makers
1.3 Capacity Utilization Rate Trends of Major LIB Makers
1.4 Mid/Long-Term EV Market Outlook (~2035)
1.5 Mid/Long-Term ESS Market Outlook (~2035)
1.6 Global Battery Supply–Demand Outlook
1.7 North America / Europe Battery Supply–Demand Outlook
(Reference) Battery Usage vs. Shipment
(Reference) Logic of Four Major Materials Usage
2. Cathode Market Review
2.1 Cathode Demand Trends
2.1.1 Cathode Demand Trends by Material ('24 ~ '25)
2.1.2 Cathode Demand Trends by Region ('24 ~ '25)
2.1.3 Cathode Demand Trends by Application ('24 ~ '25)
2.1.4 Cathode Usage Trends by Cell Manufacturers
2.1.5 Cathode Usage Outlook
2.2 Cathode Manufacturers’ Market Share
2.2.1 Cathode Market Share by Manufacturer
2.2.2 Cathode Market Share by Manufacturer (2024)
2.2.3 Cathode Market Share by Manufacturer (2025F)
2.3 Cathode Market SCM (2024) – Ternary / LFP
2.3 Cathode Market SCM (2025F) – Ternary / LFP
2.4 Cathode Market Outlook (Mid- to Long-Term)
2.4.1 Cathode Demand Outlook by Region / Material Type ('23 ~
'35)
2.4.2 Cathode Production Capacity Outlook ('23 ~ '35)
2.5 Cathode and Material Price Trends
2.5.1 Cathode Price Trends by Type (20.1Q ~ 25.4Q)
2.5.2 Cathode Precursor Price Trends by Type
2.5.3 Battery Metal Price Trends by Type
2.6 Major Cathode Manufacturers’ Developments
3. Anode Market Review
3.1 Anode Demand Trends
3.1.1 Anode Demand Trends by Material (24 ~ 25)
3.1.2 Anode Demand Trends by Region (24 ~ 25)
3.1.3 Anode Demand Trends by Application (24 ~ 25)
3.1.4 Anode Usage Trends by Cell Manufacturers
3.1.5 Anode Usage Outlook
3.2 Anode Manufacturers’ Market Share
3.2.1 Anode Market Share by Manufacturer
3.2.2 Anode Market Share by Manufacturer (2024)
3.2.3 Anode Market Share by Manufacturer (2025)
3.3 Anode Market SCM (2024) – NG / AG / Si Anode
3.3 Anode Market SCM (2025F) – NG / AG / Si Anode
3.4 Anode Market Outlook (Mid- to Long-Term)
3.4.1 Anode Demand Outlook by Region / Material Type ('23 ~ '35)
3.4.2 Anode Production Capacity Outlook ('23 ~ '35)
3.5 Anode and Material Price Trends
3.5.1 Graphite Anode Price Trends by Type (20.1Q ~ 25.4Q)
3.5.2 Anode Raw Material Price Trends by Type
3.6 Major Anode Manufacturers’ Developments
4. Separator Market Review & Forecast
4.1 Separator Demand Trends
4.1.1 Separator Demand Trends by Material (24 ~ 25)
4.1.2 Separator Demand Trends by Region (24 ~ 25)
4.1.3 Separator Demand Trends by Application (24 ~ 25)
4.1.4 Separator Usage Trends by Cell Manufacturers
4.1.5 Separator Usage Outlook
4.2 Separator Manufacturers’ Market Share
4.2.1 Separator Market Share by Manufacturer
4.2.2 Separator Market Share by Manufacturer (2024)
4.2.3 Separator Market Share by Manufacturer (2025)
4.3 Separator Market SCM (2024) – EV / ESS / CE
4.3 Separator Market SCM (2025F) – EV / ESS / CE
4.4 Separator Market Outlook (Mid/Long-Term)
4.4.1 Separator Demand Outlook ('23 ~ '35)
4.4.2 Separator Production Capacity Outlook ('23 ~ '35)
4.5 Separator Price Trends
4.5.1 Separator Price Trends by Type (20.1Q ~ 25.4Q)
4.6 Major Separator Manufacturers’ Developments
5. Electrolyte Market Review & Forecast
5.1
Electrolyte Demand Trends
5.1.1
Electrolyte Demand Trends by Battery Type (‘24 ~ ‘25)
5.1.2
Electrolyte Demand Trends by Region (‘24 ~ ‘25)
5.1.3
Electrolyte Demand Trends by Application (24 ~ 25)
5.1.4
Electrolyte Usage Trends by Cell Manufacturers
5.1.5
Electrolyte Usage Outlook
5.2
Electrolyte Manufacturers’ Market Share
5.2.1
Electrolyte Market Share by Manufacturer
5.2.2
Electrolyte Market Share by Manufacturer (2024)
5.2.3
Electrolyte Market Share by Manufacturer (2025)
5.3
Electrolyte Market SCM (2024)
5.3
Electrolyte Market SCM (2025F)
5.4
Electrolyte Market Outlook (Mid/Long-Term)
5.4.1
Electrolyte Demand Outlook ('23 ~ '35)
5.4.2
Electrolyte Production Capacity Outlook ('23 ~ '35)
5.5
Electrolyte and Raw Material Price Trends
5.5.1
Electrolyte Price Trends by Type (20.1Q ~ 25.4Q)
5.5.2
Solvent Price Trends by Type (20.1Q ~ 25.4Q)
5.5.3
Lithium Salt Price Trends (20.1Q ~ 25.4Q)
5.5.4
Additive Price Trends (20.1Q ~ 25.4Q)
5.6 Major Electrolyte Manufacturers’ Developments