The Global Cathode Active Material (CAM) Market was valued at USD 34.6 Billion in 2023 and is projected to reach USD 87.1 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period (2024–2030). This explosive growth is being driven by the global electric vehicle (EV) revolution, massive demand for consumer electronics, and the rapid expansion of grid-scale energy storage systems.

As the world accelerates its transition to clean energy and electrified transportation, the spotlight is on the key material suppliers who are driving innovation, scaling production, and securing supply chains. In this blog, we profile the Top 10 Companies in the Cathode Active Material Industry—a mix of chemical giants, specialized producers, and regional leaders shaping the future of energy storage.

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🔟 1. Umicore

Headquarters: Brussels, Belgium
Key Offering: NMC (LiNiMnCoO2), LCO (LiCoO2), High-Nickel Cathodes

Umicore is a global leader in battery materials and recycling, offering a comprehensive portfolio of high-performance cathode active materials. The company is a key supplier to major automotive OEMs in Europe, North America, and Asia, with a strong focus on sustainable and closed-loop battery value chains.

Innovation and Sustainability Initiatives:

• Pioneering high-nickel NMC (e.g., NMC 811) and cobalt-free cathode chemistries
• World-class battery recycling capabilities to recover critical metals
• Committed to carbon-neutral operations by 2035

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9️⃣ 2. LG Chem

Headquarters: Seoul, South Korea
Key Offering: NCMA, NCM, LCO Cathode Materials

LG Chem is a dominant force in the global battery ecosystem, supplying cathode materials to its affiliate LG Energy Solution and other major battery cell manufacturers. The company is aggressively expanding its production capacity to meet the soaring demand from the EV sector.

Innovation and Sustainability Initiatives:

• Development of advanced NCMA (Nickel Cobalt Manganese Aluminum) cathodes for increased energy density and stability
• Major investments in North American and Asian production facilities
• Focus on reducing cobalt content and improving supply chain sustainability

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8️⃣ 3. BASF

Headquarters: Ludwigshafen, Germany
Key Offering: HED™ NCM, HED™ NCA Cathodes

BASF is a leading global chemical company with a strong focus on battery materials. Its CAM business is centered on high-energy-density (HED) cathode materials, supported by a global production and R&D footprint, particularly strong in the European and North American markets.

Innovation and Sustainability Initiatives:

• Leading producer of high-nickel NCM and NCA materials
• Strategic partnerships with mining companies for raw material sourcing
• Investment in water-based binder systems to reduce environmental impact

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7️⃣ 4. Sumitomo Metal Mining

Headquarters: Tokyo, Japan
Key Offering: NCA (LiNiCoAlO2) Cathode Materials

Sumitomo Metal Mining (SMM) is a world-leading supplier of NCA cathode materials, a chemistry favored for its high energy density. SMM is a critical supplier to the automotive industry, with its materials used in some of the longest-range EVs on the market.

Innovation and Sustainability Initiatives:

• Dominant market position in high-performance NCA cathode materials
• Continuous R&D to increase nickel content and enhance thermal stability
• Vertical integration from nickel refining to final CAM production

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6️⃣ 5. POSCO Holdings

Headquarters: Pohang, South Korea
Key Offering: NCM, LFP (LiFePO4) Cathode Materials

POSCO Holdings, through its subsidiary POSCO Future M, is rapidly becoming a major global player in cathode materials. Leveraging its expertise in materials science, the company is making significant investments to become a key supplier for both the EV and energy storage markets.

Innovation and Sustainability Initiatives:

• Rapid scaling of NCM and LFP production capacity
• Development of proprietary processes for cost-effective manufacturing
• Strategic alliances for lithium and nickel sourcing

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5️⃣ 6. Johnson Matthey

Headquarters: London, United Kingdom
Key Offering: eLNO® Portfolio of Ultra-High Nickel Cathodes

Johnson Matthey is a specialty chemicals company that has developed its proprietary eLNO® family of advanced cathode materials. These ultra-high-nickel, cobalt-free or low-cobalt cathodes are designed to deliver superior performance for next-generation electric vehicles.

Innovation and Sustainability Initiatives:

• Breakthrough cobalt-free and low-cobalt cathode technologies
• Focus on enhancing battery life and fast-charging capabilities
• Sustainable processing methods to minimize environmental footprint

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4️⃣ 7. Easpring (Beijing Easpring Material Technology)

Headquarters: Beijing, China
Key Offering: LCO, NCM, LMO Cathode Materials

Easpring is one of China’s leading cathode material producers, with a strong presence in the consumer electronics segment and a rapidly growing footprint in the power battery market. The company is a major supplier to leading battery makers in Asia.

Innovation and Sustainability Initiatives:

• Leading supplier of high-voltage LCO for high-end consumer electronics
• Significant capacity expansion for NCM materials for EVs
• Investment in R&D for next-generation solid-state battery materials

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3️⃣ 8. Hunan Changyuan Lico Co., Ltd.

Headquarters: Changsha, China
Key Offering: LFP (LiFePO4), NCM Cathode Materials

Hunan Changyuan Lico is a major Chinese manufacturer of cathode materials, with a particularly strong position in the LFP (lithium iron phosphate) segment. The company benefits from the resurgence of LFP chemistry due to its cost, safety, and longevity advantages.

Innovation and Sustainability Initiatives:

• Large-scale production of cost-competitive LFP materials
• Expansion into high-performance NCM chemistries
• Focus on improving the energy density of LFP cathodes

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2️⃣ 9. Ronbay Technology

Headquarters: Ningbo, China
Key Offering: High-Nickel NCM, Single-Crystal Cathodes

Ronbay Technology is a specialized high-tech enterprise focused on the R&D and production of high-nickel NCM cathode materials. The company is known for its advanced single-crystal cathode technology, which improves battery cycle life and safety.

Innovation and Sustainability Initiatives:

• Expertise in single-crystal NCM cathodes (e.g., NCM 811, NCM 90505)
• Strong partnerships with leading Korean and Chinese battery giants
• Continuous innovation to push the boundaries of nickel content and performance

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1️⃣ 10. NEI Corporation

Headquarters: Somerset, New Jersey, USA
Key Offering: NMC, LCO, Specialized Nanomaterials

NEI Corporation is a leading developer and manufacturer of advanced materials, including specialized cathode active materials. The company focuses on niche, high-performance applications and works closely with customers to develop customized materials solutions.

Innovation and Sustainability Initiatives:

• Specialization in nanomaterials and surface engineering for enhanced performance
• Development of materials for next-generation batteries, including solid-state
• Focus on the North American market and custom solutions for specialty applications

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

The cathode active material market is undergoing a profound transformation. While diverse chemistries like LFP are gaining market share for specific applications, the relentless pursuit of higher energy density is pushing innovation in high-nickel and cobalt-free cathodes.

📈 Key Trends Shaping the Market:

• Accelerated adoption of high-nickel NCM (811, 9-series) and NCA cathodes for premium electric vehicles
• Resurgence of LFP chemistry for cost-sensitive EVs, buses, and energy storage due to its safety and longevity
• Intense R&D into next-generation cathodes for solid-state batteries, lithium-sulfur, and other advanced chemistries
• Growing emphasis on localized supply chains and sustainable sourcing of critical raw materials like lithium, nickel, and cobalt

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The companies listed above are not only powering the global energy transition—they’re engineering the foundation for a fully electrified future.