The Global Battery Grade Nickel Cobalt Lithium Manganese Oxide (NCM) Market was valued at USD 3.07 Billion in 2025 and is projected to reach USD 8.06 Billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period (2024-2030). This rapid expansion is driven by the accelerating adoption of electric vehicles, advancements in NCM battery chemistries, and the expansion of grid-scale energy storage solutions worldwide.

As global electrification efforts intensify, the spotlight turns to the key material suppliers who enable high-performance lithium-ion batteries through their NCM cathode production capabilities. In this blog, we profile the Top 10 Companies in the Battery Grade NCM Industry—a combination of established chemical giants and specialized innovators shaping the future of battery technology.

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🔟 10. Xiamen Tungsten Co., Ltd.

Headquarters: Xiamen, China
Key Offering: NCM622, NCM811 cathode materials

Xiamen Tungsten is a vertically integrated manufacturer with strong capabilities in tungsten and rare earth metals, which it leverages to produce high-quality NCM cathode materials. The company supplies major battery manufacturers across Asia and is expanding its high-nickel content product lines.

Innovation Focus:

• Vertical integration from raw materials to finished cathode powders
• Capacity expansion targeting 50,000 tons/year by 2026
• Collaborations with leading Chinese EV battery producers

Download FREE Sample Report: Battery Grade Nickel Cobalt Lithium Manganese Oxide Market – View in Detailed Research Report

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9️⃣ 9. Chengdu B&M Science and Technology Co., Ltd.

Headquarters: Chengdu, China
Key Offering: Specialized NCM and NCA cathode materials

Chengdu B&M focuses on developing and manufacturing advanced cathode materials for lithium-ion batteries, with expertise in doping and coating technologies that improve NCM performance characteristics.

Innovation Focus:

• High-performance cathode material formulations
• Advanced surface modification techniques
• Strategic partnerships with academic research institutions

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8️⃣ 8. Ningbo Shanshan Co., Ltd.

Headquarters: Ningbo, China
Key Offering: NCM523, NCM622, NCM811

Ningbo Shanshan is a leading Chinese producer of lithium-ion battery materials with a complete product portfolio that includes anode materials, electrolytes, and NCM cathode materials.

Innovation Focus:

• Mass production capabilities for multiple NCM formulations
• Integration with BASF’s battery materials business
• Capacity expansion plans in high-nickel products

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7️⃣ 7. Ningbo Jinhe New Materials Co., Ltd.

Headquarters: Ningbo, China
Key Offering: NCM and LCO cathode materials

Ningbo Jinhe specializes in the research, development and production of high-performance lithium battery cathode materials, with a strong focus on energy density and stability improvements.

Innovation Focus:

• Rapid scaling of high-nickel NCM production
• Development of ternary precursors
• Quality control systems meeting international standards

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6️⃣ 6. Guizhou Zhenhua E-chem Co., Ltd.

Headquarters: Guiyang, China
Key Offering: High-performance NCM cathode materials

As a subsidiary of China Minmetals Corporation, Guizhou Zhenhua benefits from strong raw material supply chains and produces NCM cathode materials that are widely used in the power battery sector.

Innovation Focus:

• State-owned enterprise advantages in resource security
• Focus on high-rate and long-cycle-life formulations
• Expansion of high-capacity cathode material production

Download FREE Sample Report: Battery Grade Nickel Cobalt Lithium Manganese Oxide Market – View in Detailed Research Report

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

Headquarters: Beijing, China
Key Offering: NCM cathode materials, doped NCM

Beijing Easpring is one of China’s pioneering cathode material producers, supplying major domestic and international battery manufacturers with its high-performance NCM products.

Innovation Focus:

• Early mover in NCM811 commercialization
• Strategic collaborations with top battery cell producers
• Continuous improvement in particle morphology control

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4️⃣ 4. L&F Corporation

Headquarters: Daejeon, South Korea
Key Offering: Advanced NCM cathode materials

L&F is a leading South Korean producer of lithium-ion battery cathode materials, supplying major Korean battery makers and expanding its global footprint through technical collaborations.

Innovation Focus:

• Nickel-rich cathode material development
• Patented coating technologies for improved stability
• Global expansion to serve North American and European markets

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3️⃣ 3. Mitsubishi Chemical Corporation

Headquarters: Tokyo, Japan
Key Offering: NCM and NCA cathode materials

Mitsubishi Chemical brings decades of advanced materials expertise to its high-quality NCM cathode material production, serving Japan’s premium battery manufacturers.

Innovation Focus:

• Precision manufacturing with tight quality control
• Development of cobalt-reduced formulations
• Integration with broader chemical business for material synergies

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2️⃣ 2. TODA KOGYO CORP

Headquarters: Hiroshima, Japan
Key Offering: High-nickel NCM cathode materials

TODA KOGYO is a Japanese leader in battery material production with patented technologies for manufacturing high-performance NCM cathode materials.

Innovation Focus:

• Specialization in nickel-rich cathode materials
• Proprietary manufacturing processes
• Strong intellectual property portfolio

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1️⃣ 1. Umicore

Headquarters: Brussels, Belgium
Key Offering: High-energy NCM cathode materials

Umicore is a global leader in battery materials technology, offering one of the industry’s broadest portfolios of high-performance NCM cathode materials for automotive and industrial applications.

Innovation Focus:

• Global production footprint with facilities in Europe, Asia, and North America
• Continuous R&D in next-generation cathode chemistries
• Closed-loop recycling approach for sustainable material supply

Download FREE Sample Report: Battery Grade Nickel Cobalt Lithium Manganese Oxide Market – View in Detailed Research Report

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🔋 Outlook: The Future of Battery Materials is High-Energy and Sustainable

The Battery Grade NCM market is undergoing a technological revolution as energy density requirements increase and sustainability concerns grow. While conventional NCM compositions continue to dominate production volumes, the industry is investing heavily in next-generation formulations and more efficient, environmentally responsible production methods.

🔋 Key Trends Shaping the Market:

• Accelerated adoption of high-nickel NCM811 and NCM9½½ chemistries
• Vertical integration strategies to secure critical raw material supply
• Geographic diversification of production capacity beyond Asia
• Development of advanced coating and doping technologies for improved safety and longevity

Get Full Report Here: Battery Grade Nickel Cobalt Lithium Manganese Oxide Market – View in Detailed Research Report

The companies featured above are not just supplying materials—they’re enabling the transition to cleaner transportation and energy storage systems through their ongoing innovations in battery cathode technology.