The Global Nickel Cobalt Manganese (NCM) Ternary Material Market was valued at USD 20.5 Billion in 2024 and is projected to reach USD 48.3 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period (2024–2030). This substantial growth is primarily fueled by the explosive expansion of the electric vehicle (EV) market, increasing demand for high-energy-density batteries in consumer electronics, and supportive government policies promoting clean energy storage solutions.

As the global economy accelerates its transition to electrification, the spotlight is on the advanced battery materials that form the foundation of modern energy storage. In this blog, we profile the Top 10 Companies in the Nickel Cobalt Manganese Ternary Material Industry—a group of chemical giants, specialized materials suppliers, and pioneering innovators shaping the future of lithium-ion battery technology.

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🔟 1. Umicore

Headquarters: Brussels, Belgium
Key Offering: High-Nickel NCM (NCM811, NCM9 Series), Customized Cathode Formulations

Umicore is a global leader in sustainable materials technology and a top-tier supplier of NCM cathode materials. The company operates large-scale production facilities in Europe and Asia, serving major automotive OEMs and battery cell manufacturers worldwide. Umicore’s focus on high-nickel NCM formulations supports the industry’s push for greater energy density and extended driving range.

Innovation & Sustainability Initiatives:

• Pioneering closed-loop recycling for battery materials

• Development of ultra-high-nickel NCM chemistries (Ni content >90%)

• Commitment to carbon-neutral cathode material production by 2035

Download FREE Sample Report: Global Nickel Cobalt Manganese Ternary Material Market – View in Detailed Research Report

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9️⃣ 2. BASF

Headquarters: Ludwigshafen, Germany
Key Offering: NCM cathode active materials, Customized NCM solutions for automotive applications

BASF is a dominant force in the global chemical industry and a leading supplier of battery materials. Its Battery Materials division is heavily invested in the R&D and production of advanced NCM cathode materials, with a strong focus on the automotive sector. BASF leverages its global production network to ensure a secure supply chain for its customers.

Innovation & Sustainability Initiatives:

• Strategic partnerships with mining companies for responsible raw material sourcing

• Investment in water-based binder systems to reduce environmental impact

• Development of cobalt-reduced NCM formulations to lower cost and supply risk

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8️⃣ 3. Sumitomo Metal Mining Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: NCM523, NCM622, High-capacity NCM cathode materials

Sumitomo Metal Mining is a key Japanese player with a long history in non-ferrous metals and advanced materials. The company is a major supplier of NCM cathode materials to the Asian battery market, with a reputation for high quality and consistency. Its expertise in metallurgy provides a significant advantage in precursor and cathode material production.

Innovation & Sustainability Initiatives:

• Proprietary particle coating technologies to enhance cycle life and stability

• Expansion of production capacity to meet growing EV demand

• Focus on improving thermal stability and safety of NCM materials

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7️⃣ 4. NICHIA CORPORATION

Headquarters: Tokushima, Japan
Key Offering: High-performance NCM materials, Specialty cathode powders

Nichia Corporation, renowned for its LED technology, is also a significant manufacturer of advanced battery materials. The company produces high-purity NCM cathode materials known for their excellent electrochemical performance, catering to premium battery applications in consumer electronics and EVs.

Innovation & Sustainability Initiatives:

• Advanced synthesis processes for uniform particle size distribution

• R&D focused on high-voltage NCM systems

• Commitment to reducing environmental footprint in material processing

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6️⃣ 5. L&F Co., Ltd.

Headquarters: Seoul, South Korea
Key Offering: NCM811, NCMA (Nickel Cobalt Manganese Aluminum) quaternary materials

L&F is a leading South Korean cathode material producer with strong ties to the domestic and international battery industry. The company is at the forefront of developing high-nickel and multi-element cathode materials, supplying major battery makers like LG Energy Solution and Samsung SDI.

Innovation & Sustainability Initiatives:

• Leadership in NCMA technology for improved structural stability

• Continuous capacity expansion to support global EV production

• Investment in drying and sintering technologies for enhanced material performance

Download FREE Sample Report: Global Nickel Cobalt Manganese Ternary Material Market – View in Detailed Research Report

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5️⃣ 6. Easpring Material Technology

Headquarters: Changsha, China
Key Offering: NCM523, NCM622, NCM811 cathode materials

Easpring Material Technology is one of China’s leading producers of lithium-ion battery cathode materials. The company has established itself as a key supplier to the domestic and international markets, with significant production capacity and strong technical capabilities in NCM material synthesis.

Innovation & Sustainability Initiatives:

• Vertically integrated production from precursor to final cathode material

• Focus on cost-competitive high-nickel NCM production

• Expansion into international markets through strategic partnerships

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4️⃣ 7. Shanshan Advanced Materials

Headquarters: Shanghai, China
Key Offering: Full portfolio of NCM materials, Anode materials, Battery solutions

Shanshan Advanced Materials is a major Chinese supplier of lithium battery materials, offering a comprehensive range of NCM cathode products. The company benefits from China’s dominant position in the battery supply chain and serves a broad customer base across the energy storage and EV sectors.

Innovation & Sustainability Initiatives:

• Diversified product portfolio covering multiple NCM ratios

• Integrated anode and cathode material production

• Investment in recycling technologies for end-of-life batteries

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3️⃣ 8. Brunp Recycling (CATL Subsidiary)

Headquarters: Foshan, China
Key Offering: Recycled NCM materials, Closed-loop battery material solutions

Brunp Recycling, a subsidiary of Contemporary Amperex Technology Co., Limited (CATL), specializes in battery recycling and the production of recycled cathode materials. The company plays a critical role in creating a circular economy for battery materials, transforming spent batteries into high-quality NCM precursors and cathode active materials.

Innovation & Sustainability Initiatives:

• World’s largest battery recycling operation by capacity

• Proprietary hydrometallurgical process for high-purity material recovery

• Strategic alignment with CATL’s vertical integration strategy

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2️⃣ 9. Tanaka Chemical Corporation

Headquarters: Fukui, Japan
Key Offering: High-purity NCM cathode materials, Precursor chemicals

Tanaka Chemical Corporation is a specialized Japanese manufacturer of high-purity battery materials with decades of experience in inorganic chemicals. The company produces NCM cathode materials known for their quality and reliability, serving both domestic and international battery manufacturers.

Innovation & Sustainability Initiatives:

• Focus on high-purity material synthesis for premium applications

• Development of cobalt-free and low-cobalt cathode alternatives

• Energy-efficient production processes to minimize environmental impact

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1️⃣ 10. American Elements

Headquarters: Salt Lake City, Utah, USA
Key Offering: Research-grade NCM materials, Custom material synthesis, Battery-grade chemicals

American Elements is a leading global manufacturer and distributor of advanced materials, including a comprehensive range of NCM ternary materials. While serving the research and development segment extensively, the company also supplies production-scale quantities to emerging battery manufacturers, particularly in North America.

Innovation & Sustainability Initiatives:

• Extensive catalog of NCM compositions for R&D applications

• Support for domestic battery material supply chain development in the US

• Custom synthesis services for novel cathode material formulations

Get Full Report Here: Global Nickel Cobalt Manganese Ternary Material Market – View in Detailed Research Report

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🔋 Outlook: The Future of NCM Ternary Materials Is High-Nickel and Sustainable

The NCM ternary material market is undergoing a fundamental transformation driven by the global energy transition. While NCM523 and NCM622 currently dominate production volumes, the industry is rapidly shifting toward high-nickel formulations (NCM811 and beyond) to meet the escalating demand for higher energy density batteries.

📈 Key Trends Shaping the Market:

• Accelerated adoption of NCM811 and NCMA in next-generation EV batteries

• Strong regulatory support for domestic battery material production in North America and Europe

• Advancements in recycling technologies creating circular material flows

• R&D focus on cobalt reduction and ultimately cobalt-free cathode chemistries

Get Full Report Here: Global Nickel Cobalt Manganese Ternary Material Market – View in Detailed Research Report

The companies listed above are not only supplying critical materials for today’s batteries—they’re developing the advanced chemistries that will power the electric future of transportation and energy storage.