The Global Nickel Cobalt Manganese Acid Lithium Market was valued at USD 32.5 Billion in 2023 and is projected to reach USD 87.2 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period (2024–2030). This explosive growth is primarily driven by the global surge in electric vehicle (EV) production, the increasing demand for high-energy-density batteries in consumer electronics, and supportive government policies promoting clean energy storage solutions.

As the world pivots towards electrification, the spotlight is on the key material suppliers who are driving innovation, ensuring supply chain stability, and developing next-generation battery chemistries. In this blog, we profile the Top 10 Companies in the Nickel Cobalt Manganese Acid Lithium Industry—a mix of established chemical giants, specialized material producers, and regional leaders shaping the future of energy storage.

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🔟 1. Nichia Chemical

Headquarters: Anan, Tokushima, Japan
Key Offering: High-performance NMC Cathode Materials (NMC 811, NMC 622)

Nichia Chemical is a globally recognized leader in advanced materials, particularly renowned for its LED technologies. The company has strategically expanded into the high-performance cathode material market, producing premium-grade NMC products known for their exceptional energy density and long cycle life, which are critical for the automotive sector.

Innovation & Expansion Initiatives:

• Focus on developing and scaling high-nickel NMC formulations (e.g., NMC 811) for increased range in EVs

• Significant investment in R&D for solid-state battery compatible cathode materials

• Strategic partnerships with leading Asian and European battery cell manufacturers

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9️⃣ 2. TODA KOGYO CORP

Headquarters: Hiroshima, Japan
Key Offering: NMC Cathode Materials, Lithium Iron Phosphate (LFP), Specialized Inorganic Materials

TODA KOGYO CORP is a major Japanese manufacturer of advanced inorganic materials with a strong foothold in the global battery supply chain. The company produces a range of NMC cathode powders and is known for its expertise in material synthesis and particle engineering, which enhances battery performance and safety.

Innovation & Expansion Initiatives:

• Development of coated and doped NMC particles to improve thermal stability and longevity

• Expansion of production capacity to meet growing demand from the EV industry

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8️⃣ 3. Tianjin B&M Science and Technology

Headquarters: Tianjin, China
Key Offering: NMC Cathode Materials, Lithium Cobalt Oxide (LCO), Cathode Precursors

Tianjin B&M is a prominent Chinese supplier of lithium battery materials. The company has established itself as a key player in the domestic and international markets by providing a wide array of cathode materials, with a significant focus on various NMC compositions tailored for different applications.

Innovation & Expansion Initiatives:

• Vertical integration strategies, including production of cathode precursors to secure supply and control costs

• Focus on cost-competitive NMC 523 and NMC 622 production for the mass EV market

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7️⃣ 4. Shanshan Technology

Headquarters: Ningbo, Zhejiang, China
Key Offering: NMC Cathode Materials, Anode Materials, Graphite

Shanshan Technology is one of China’s largest and most integrated suppliers of lithium-ion battery materials. The company offers a comprehensive portfolio, including a full range of NMC cathode products, and has a strong presence across the entire battery value chain.

Innovation & Expansion Initiatives:

• Mass production capabilities for multiple NMC grades (333, 523, 622, 811)

• Continuous R&D investment to improve the energy density and charge-discharge rates of its materials

Download FREE Sample Report: Nickel Cobalt Manganese Acid Lithium Market – View in Detailed Research Report

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6️⃣ 5. Reshine New Material Co., Ltd.

Headquarters: Xiamen, Fujian, China
Key Offering: NMC Cathode Materials, Cobalt Products

Reshine New Material specializes in the production of cobalt-related products and lithium battery cathode materials. The company leverages its expertise in cobalt processing to produce high-quality NMC materials, positioning itself as a significant supplier in the competitive Chinese market.

Innovation & Expansion Initiatives:

• Strategic focus on managing raw material costs through integrated cobalt supply

• Expansion of NMC production lines to capitalize on the EV boom

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5️⃣ 6. Beijing Easpring Material Technology Co., Ltd.

Headquarters: Beijing, China
Key Offering: NMC Cathode Materials, Lithium Cobalt Oxide (LCO)

Beijing Easpring is a leading Chinese enterprise dedicated to the research, development, and production of lithium-ion battery cathode materials. The company has a strong technological foundation and supplies major battery manufacturers globally, with a significant export business.

Innovation & Expansion Initiatives:

• Pioneering the development of single-crystal NMC cathode materials for enhanced stability

• Active participation in setting industry standards for cathode material quality and performance

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4️⃣ 7. Mitsubishi Chemical

Headquarters: Tokyo, Japan
Key Offering: NMC Cathode Materials, Graphite Anodes, Battery Binders & Solvents

Mitsubishi Chemical, a global chemical industry titan, is a major force in the battery materials sector. The company offers a comprehensive suite of products for lithium-ion batteries, including high-performance NMC cathodes, and benefits from its vast R&D capabilities and global footprint.

Innovation & Expansion Initiatives:

• Investment in next-generation cathode technologies, including high-capacity and high-voltage NMC

• Providing integrated material solutions, from cathodes and anodes to specialized chemicals for battery manufacturing

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3️⃣ 8. L&F Co., Ltd.

Headquarters: Daejeon, South Korea
Key Offering: High-nickel NMC Cathode Materials (NMC 811, NCMA)

L&F is a South Korean specialty materials company and a key supplier to the global battery industry. The company is particularly noted for its advanced high-nickel NMC cathode materials, which are essential for long-range electric vehicles, and has secured supply agreements with major battery makers like LG Energy Solution and SK On.

Innovation & Expansion Initiatives:

• Leadership in the commercialization of NCMA (Nickel Cobalt Manganese Aluminum) chemistry, which further reduces cobalt content

• Aggressive capacity expansion plans in South Korea and overseas to meet soaring demand

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2️⃣ 9. Xiamen Tungsten Co., Ltd

Headquarters: Xiamen, Fujian, China
Key Offering: NMC Cathode Materials, Tungsten Products, Rare Earth Metals

Xiamen Tungsten is a diversified materials company with a significant business unit dedicated to energy materials. As a major producer of tungsten, the company has extensive experience in metallurgy and material science, which it applies to the manufacturing of high-quality NMC cathode materials.

Innovation & Expansion Initiatives:

• Leveraging its expertise in rare earth and other metals to optimize cathode material properties

• Focus on producing balanced and cost-effective NMC formulations for a broad market

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1️⃣ 10. Umicore

Headquarters: Brussels, Belgium
Key Offering: NMC Cathode Materials, Battery Recycling Solutions, Catalysts

Umicore is a global materials technology and recycling group and a European leader in cathode materials production. The company stands out for its strong commitment to sustainability, offering a closed-loop battery recycling model alongside its production of high-performance NMC materials.

Sustainability & Innovation Initiatives:

• Pioneering a circular business model by recovering critical metals from spent batteries to produce new cathode materials

• Heavy investment in European production capacity to support the region’s push for EV battery sovereignty

Get Full Report Here: Nickel Cobalt Manganese Acid Lithium Market – View in Detailed Research Report

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🌍 Outlook: The Future of NMC is High-Nickel and Sustainable

The Nickel Cobalt Manganese Acid Lithium market is undergoing a profound transformation. While NMC 523 and 622 remain widely used, the industry is rapidly shifting towards high-nickel chemistries like NMC 811 and NCMA to achieve greater energy density, reduce reliance on cobalt, and lower overall battery costs.

📈 Key Trends Shaping the Market:

• Accelerated adoption of NMC 811 and beyond for premium electric vehicles requiring longer range

• Intense focus on securing and diversifying supply chains for nickel and cobalt amid geopolitical tensions

• Rise of battery recycling as a critical source of secondary raw materials, promoting a circular economy

• Government incentives and regulations, particularly in North America and Europe, fostering local cathode material production

Get Full Report Here: Nickel Cobalt Manganese Acid Lithium Market – View in Detailed Research Report

The companies listed above are not only supplying a critical component for the energy transition—they are actively engineering the next generation of battery technology that will power a cleaner, electrified world.