The Global Cathode Active Material (CAM) Market was valued at USD 79.2 Billion in 2023 and is projected to reach USD 187.5 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 13.1% during the forecast period (2024–2030). This explosive growth is being propelled by the global electric vehicle (EV) boom, the rising demand for energy storage systems (ESS), and continuous technological advancements in battery chemistry for consumer electronics.

As the world transitions to clean energy and electrified transportation, the performance, cost, and sustainability of batteries are paramount. At the heart of every lithium-ion battery lies the cathode active material, which largely determines its energy density, power, and lifecycle. In this blog, we profile the Top 10 Companies in the Cathode Active Material Industry—a dynamic mix of chemical giants, specialized material scientists, and vertically integrated battery manufacturers shaping the future of energy storage.

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🔟 1. Umicore

Headquarters: Brussels, Belgium
Key Offering: NMC (Nickel Manganese Cobalt), LFP (Lithium Iron Phosphate), HLM (High Lithium Manganese), and Cobalt-based CAM

Umicore is a global leader in sustainable mobility materials and a top-tier producer of cathode active materials. The company is renowned for its extensive portfolio of high-performance NMC chemistries, catering to the automotive and electronics industries. Umicore operates a closed-loop recycling system for battery materials, positioning itself as a key player in the circular economy for EVs.

Innovation and Sustainability Initiatives:

• Pioneering ultra-high nickel NMC (e.g., NMC 811, NMC 9½½) for greater energy density

• Global recycling capacity with a goal to secure 50% of its cobalt from recycled sources

• Strategic partnerships with major European and Asian automotive OEMs

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9️⃣ 2. LG Chem

Headquarters: Seoul, South Korea
Key Offering: NCMA (Nickel Cobalt Manganese Aluminum), NCM, LFP

As the chemical arm of the LG Group and the supplier to its sister company LG Energy Solution, LG Chem is a dominant force in the CAM market. The company is aggressively expanding its production capacity worldwide to meet the soaring demand from its global EV battery manufacturing clients. LG Chem is focused on developing next-generation materials that offer higher energy density and improved safety.

Innovation and Sustainability Initiatives:

• Leading the development of NCMA cathode technology, which reduces cobalt content while enhancing stability

• Massive CAPEX plans to increase CAM production capacity to 300,000 tons annually by 2027

• Investment in a US-based CAM production facility to support the North American EV supply chain

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8️⃣ 3. BASF

Headquarters: Ludwigshafen, Germany
Key Offering: HED™ NCM, HED™ LFP (through its broad portfolio)

BASF is a leading chemical company with a strong and growing battery materials business. The company has a global production footprint, including significant facilities in Europe, Asia, and North America. BASF’s strategy is centered on developing CAMs that enable longer driving ranges and faster charging times for electric vehicles, with a strong emphasis on local-for-local supply chains.

Innovation and Sustainability Initiatives:

• Focus on high-energy density (HED) NCM cathode materials

• Committed to a carbon-neutral growth path and using renewable energy for its production sites

• Active participation in European battery alliance projects to build a sovereign supply chain

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7️⃣ 4. Sumitomo Metal Mining Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: High-Nickel NCA (Nickel Cobalt Aluminum), NCM

Sumitomo Metal Mining (SMM) is a key supplier of high-nickel NCA cathode material, historically used in high-performance applications like Tesla’s vehicles. The company possesses integrated operations, from nickel refining to CAM production, giving it significant control over its supply chain and quality. SMM is continuously working on improving the nickel content in its cathodes to boost energy density.

Innovation and Sustainability Initiatives:

• Leading producer of NCA cathodes, a technology known for high energy density

• Ongoing R&D into nickel-rich formulations (e.g., NCA 9½½) to reduce cobalt dependency

• Expanding production capacity to maintain its market leadership position

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6️⃣ 5. POSCO Holdings

Headquarters: Pohang, South Korea
Key Offering: NCM, LFP, LNMO (Lithium Nickel Manganese Oxide)

POSCO Holdings, the South Korean steel giant, has made a strategic pivot into future materials, with battery components being a core focus. Through subsidiaries like POSCO Future M, the company is building a fully integrated supply chain from lithium refining to precursor and cathode material production. POSCO is investing heavily to become a top global supplier, particularly for the LFP market.

Innovation and Sustainability Initiatives:

• Aggressive investment to achieve 610,000 tons of cathode material production capacity by 2030

• Development of high-voltage LNMO (5V) cathode materials for next-generation batteries

• Securing raw materials through global partnerships and investments in lithium and nickel projects

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5️⃣ 6. Nichia Corporation

Headquarters: Anan, Tokushima, Japan
Key Offering: NCA, NCM

Nichia is a world-leading chemical and materials company, famous for its invention of the blue LED. It is also a significant, high-quality producer of cathode active materials, particularly NCA. Nichia supplies major battery manufacturers in Japan and globally, leveraging its expertise in fine ceramics and inorganic materials to produce highly consistent and reliable CAMs.

Innovation and Sustainability Initiatives:

• Focus on producing high-purity, high-performance NCA materials

• Continuous improvement in manufacturing processes for superior product quality and yield

• Strong R&D focus on enhancing the thermal stability and cycle life of its cathode materials

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4️⃣ 7. Johnson Matthey

Headquarters: London, United Kingdom
Key Offering: eLNO® (a proprietary Nickel-rich NMC), LFP

Johnson Matthey is a global leader in sustainable technologies, with a strategic focus on its eLNO family of ultra-high energy density cathode materials. Although the company decided to sell its Battery Materials business in 2022, its eLNO technology remains a significant innovation, designed to deliver exceptional performance for premium electric vehicles.

Innovation and Sustainability Initiatives:

• Development of proprietary eLNO cathode materials with enhanced nickel content and surface engineering

• Emphasis on a sustainable and traceable supply chain for critical raw materials

• Pioneering work on next-generation cathode chemistries beyond conventional NMC

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3️⃣ 8. Beijing Easpring Material Technology Co., Ltd.

Headquarters: Beijing, China
Key Offering: NCM, LCO (Lithium Cobalt Oxide), LMO (Lithium Manganese Oxide)

Beijing Easpring is one of China’s earliest and largest listed companies specializing in lithium-ion battery cathode materials. It is a key supplier to major battery makers in China and internationally. The company has a diversified product portfolio but has a particularly strong position in high-voltage and high-capacity LCO materials for the consumer electronics market.

Innovation and Sustainability Initiatives:

• Leading supplier of high-performance LCO materials for smartphones and laptops

• Rapidly scaling up production of NCM materials for the electric vehicle sector

• Continuous investment in R&D to improve material performance and reduce costs

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2️⃣ 9. Shanshan Technology

Headquarters: Ningbo, Zhejiang, China
Key Offering: LFP, NCM, Graphite Anode Materials

Shanshan Technology is a major Chinese supplier of both cathode and anode materials for lithium-ion batteries. The company has been a longstanding player in the industry and has significantly expanded its LFP cathode production capacity to capitalize on the resurgence of this chemistry, especially for cost-sensitive EVs and energy storage systems.

Innovation and Sustainability Initiatives:

• One of the largest LFP cathode material producers globally

• Vertically integrated operations, from raw material processing to finished CAM production

• Focus on developing high-performance LFP variants with improved energy density

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1️⃣ 10. EcoPro BM

Headquarters: Cheongju, South Korea
Key Offering: High-Nickel NCM, NCA

EcoPro BM is a leading South Korean specialist in high-nickel cathode materials and a crucial supplier to Samsung SDI and other major battery cell manufacturers. The company is renowned for its technological expertise in producing stable, high-capacity NCM and NCA materials, making it a key enabler for the next generation of long-range electric vehicles.

Innovation and Sustainability Initiatives:

• Specialization in ultra-high nickel NCM (up to NCMA) cathode materials

• Strategic partnerships and joint ventures to secure global market share and raw materials

• Substantial capacity expansion plans in South Korea and new facilities in North America

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🔋 Outlook: The Future of Cathode Materials Is High-Performance and Sustainable

The cathode active material market is in the midst of a profound transformation. While nickel-rich NCM and NCA chemistries dominate the high-performance EV segment, lithium iron phosphate (LFP) is experiencing a massive comeback due to its cost, safety, and cobalt-free advantages. The race is on to develop materials that offer higher energy density, faster charging, longer lifespan, and a lower environmental footprint.

⚡ Key Trends Shaping the Market:

• Nickel Maximization: Intense R&D into ultra-high nickel NCM (e.g., NCM 9½½) and NCA to increase energy density and reduce cobalt use.

• LFP Renaissance: Widespread adoption of LFP by major automakers for standard-range vehicles and energy storage, driven by cost and supply chain security.

• Next-Generation Chemistries: Development of promising new materials like LMFP (Lithium Manganese Iron Phosphate) and LNMO (Lithium Nickel Manganese Oxide) for better performance.

• Supply Chain Localization: Massive investments in building CAM production capacity in North America and Europe to create regional, resilient supply chains independent of Asia.

• Circular Economy: Accelerating development of efficient recycling processes to recover critical metals like lithium, cobalt, and nickel from end-of-life batteries.

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Cathode Active Material (CAM) Market – View in Detailed Research Report

The companies listed above are not only supplying a critical component—they are actively defining the performance parameters and sustainability profile of the batteries that will power our clean energy future.