The Global Li-rich Mn-based Cathode Material Market was valued at USD 1.86 Billion in 2024 and is projected to reach USD 5.91 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 16.4% during the forecast period (2025–2032). This remarkable growth is being driven by the global electric vehicle (EV) revolution, surging demand for high-energy-density batteries in consumer electronics, and strategic national policies pushing for advanced energy storage solutions.

As the battery technology landscape shifts towards materials that offer superior capacity and stability, Li-rich Mn-based cathodes have emerged as a leading contender for next-generation lithium-ion batteries. In this blog, we profile the Top 10 Companies in the Global Li-rich Mn-based Cathode Material Market—a mix of established chemical giants, specialized battery material innovators, and major regional players who are defining the future of energy storage.

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🔟 10. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: High-Energy Cathode Active Materials (CAM), Customized NMC Formulations

BASF is a global leader in the chemical industry with a formidable position in battery materials. Its Catalysts division is heavily invested in developing next-generation cathode active materials, including advanced NMC (Nickel Manganese Cobalt) variants that border on the Li-rich Mn-based territory. The company offers comprehensive solutions from precursor production to final CAM, serving major battery cell manufacturers worldwide.

Innovation & Sustainability Initiatives:

• Pioneering high-nickel and manganese-rich cathode chemistries for increased energy density.
• Operates one of the world’s first CAM production sites with a net-zero CO2 footprint in Schwarzheide, Germany.
• Strong R&D focus on material recycling and closed-loop supply chains.

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9️⃣ 9. Umicore

Headquarters: Brussels, Belgium
Key Offering: Ultra-High Energy NMC Cathode Materials, Rechargeable Battery Materials

Umicore is a world-leading circular materials technology company. Its Battery Materials business is at the forefront of developing and producing CAM, with significant expertise in NMC chemistries. The company’s research into manganese-rich and lithium-rich layered oxides focuses on pushing the boundaries of energy density while enhancing thermal and structural stability.

Innovation & Sustainability Initiatives:

• Investment in next-generation battery material platforms, including Li-rich Mn-based options.
• Global leader in battery recycling, aiming to close the loop on critical metals like cobalt, nickel, and lithium.
• Commitment to carbon-neutral production by 2035.

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8️⃣ 8. Posco Chemical

Headquarters: Pohang, South Korea
Key Offering: NCA/NMC Cathode Materials, Anode Materials

Posco Chemical, part of the South Korean steel and chemicals giant POSCO Group, is a rapidly expanding force in the global battery materials market. The company is investing billions to scale its cathode material production capacity, with a strong focus on high-nickel and high-manganese formulations crucial for EV batteries.

Innovation & Sustainability Initiatives:

• Massive capacity expansion plans in South Korea, China, and North America to supply global EV makers.
• Strategic joint ventures to secure raw materials and advance material technology.
• Developing integrated supply chains from precursors to finished cathode materials.

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7️⃣ 7. Sumitomo Metal Mining Co., Ltd. (SMM)

Headquarters: Tokyo, Japan
Key Offering: NCA Cathode Materials, High-Voltage NMC Materials

A key supplier to leading battery manufacturers, Sumitomo Metal Mining has deep expertise in nickel-cobalt-aluminum (NCA) and high-performance NMC cathode materials. The company invests significantly in R&D to improve the capacity and longevity of its materials, with projects exploring lithium- and manganese-rich compositions to achieve higher energy densities.

Innovation & Sustainability Initiatives:

• Focus on improving the thermal stability and cycle life of high-capacity cathode materials.
• Pursuing sustainable sourcing of nickel and cobalt from its own mining operations.
• Partnerships with Japanese automakers and battery cell producers for next-gen battery development.

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6️⃣ 6. EVE Energy Co., Ltd.

Headquarters: Huizhou, Guangdong, China
Key Offering: Lithium-ion Batteries, Battery Materials, Energy Storage Systems

EVE Energy is a major Chinese battery manufacturer with a vertically integrated strategy that includes significant investment in advanced material technologies. As a key consumer and developer of cathode materials, EVE’s R&D actively explores Li-rich Mn-based systems to power its next generation of EV and energy storage batteries.

Innovation & Sustainability Initiatives:

• In-house development of high-energy-density battery cells using advanced cathode chemistries.
• Major contracts to supply batteries to global automotive OEMs, driving demand for cutting-edge materials.
• Expansion of R&D facilities dedicated to solid-state and other next-generation battery technologies.

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5️⃣ 5. Gotion High-tech Co., Ltd.

Headquarters: Hefei, Anhui, China
Key Offering: LFP and NMC Battery Cells, Cathode Materials

Gotion High-tech is a leading Chinese power battery enterprise with strong technological capabilities. While known for LFP batteries, the company is deeply engaged in the development of high-nickel NMC and manganese-rich cathode materials to cater to the premium EV segment. Its material science research targets the challenges of voltage fade and stability in Li-rich systems.

Innovation & Sustainability Initiatives:

• Strategic global partnerships (e.g., with Volkswagen AG) to develop and produce next-generation batteries.
• Significant investment in R&D for manganese-based and silicon anode technologies.
• Building large-scale battery and material production bases globally.

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4️⃣ 4. Targray

Headquarters: Kirkland, Quebec, Canada
Key Offering: Advanced Battery Materials, Cathode & Anode Powders

Targray is a leading global supplier of advanced materials for the renewable energy sector, with a significant footprint in LIB materials. The company sources and supplies high-purity cathode and anode materials, including specialized NMC powders, to battery manufacturers. Its role is pivotal in the supply chain for emerging Li-rich Mn-based cathode materials.

Innovation & Sustainability Initiatives:

• Focus on sourcing and supplying high-performance, consistent-quality battery-grade materials.
• Investment in silicon anode and solid-electrolyte material supply chains.
• Providing comprehensive material solutions to support battery gigafactory development worldwide.

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3️⃣ 3. Johnson Matthey

Headquarters: London, United Kingdom
Key Offering: eLNO® High-Nickel Cathode Materials, Battery Technology Solutions

While Johnson Matthey exited its plan to build large-scale CAM plants, it remains a significant technology developer and licensor in the high-energy cathode space. Its eLNO® family of nickel-rich cathode materials represents cutting-edge technology, and the company’s foundational research includes expertise in stabilizing high-capacity, manganese-containing layered oxides.

Innovation & Sustainability Initiatives:

• Deep intellectual property portfolio in next-generation cathode material synthesis and design.
• Focus on licensing its advanced battery material technologies to global producers.
• Ongoing R&D into sustainable and efficient material production processes.

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2️⃣ 2. NEI Corporation

Headquarters: Somerset, New Jersey, USA
Key Offering: Nanoscale Engineered Materials, Advanced Cathode Powders

NEI Corporation is a specialized advanced materials company known for its patented synthesis technologies. It develops and produces nanoscale and microscale engineered materials for demanding applications, including advanced battery electrodes. NEI’s expertise in synthesis allows for precise control over particle morphology and composition, which is critical for optimizing the performance of complex Li-rich Mn-based cathodes.

Innovation & Sustainability Initiatives:

• Proprietary Synthesis Technology (ASP®) for producing uniform, high-performance cathode powders.
• Active development of cobalt-free and low-cobalt, manganese-rich cathode materials.
• Collaborative R&D projects with U.S. national labs and universities on next-gen battery materials.

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1️⃣ 1. Toda Kogyo Corp. (acquired by Resonac Holdings)

Headquarters: Hiroshima, Japan
Key Offering: Lithium Nickelate, NCA/NMC Cathode Materials, Battery Material Additives

Now part of Resonac Holdings, Toda Kogyo has long been a pioneer in inorganic materials and a key global supplier of specialized cathode materials. The company was historically one of the primary developers and commercial suppliers of lithium nickelate and has extensive experience with nickel-manganese-cobalt oxide systems. This deep technical background provides a strong foundation for advancing Li-rich Mn-based cathode technologies.

Innovation & Sustainability Initiatives:

• Legacy of innovation in layered oxide cathode materials for lithium-ion batteries.
• Production of critical high-purity precursors and additives that enhance cathode performance.
• Leveraging Resonac’s broader R&D in electronics and advanced materials for battery breakthroughs.

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🌍 Outlook: The Future of Battery Materials is Higher Energy and Lower Cost

The Li-rich Mn-based cathode material market is at an inflection point. While commercial adoption is nascent compared to mainstream NMC and LFP, the relentless demand for longer-range EVs and more powerful electronics is accelerating R&D and pilot-scale production. The future will be won by those who can overcome the technical hurdles of voltage decay and initial cycle inefficiency inherent to these high-capacity materials.

📈 Key Trends Shaping the Market:

• Intense R&D Focus: Academic institutions and corporate labs worldwide are publishing breakthroughs in surface coating, doping, and novel synthesis methods to stabilize Li-rich Mn-based cathodes.
• Manganese Renaissance: As a cheaper, more abundant alternative to cobalt and nickel, manganese is gaining strategic importance, making Mn-rich cathodes a key focus for cost reduction and supply chain security.
• Gigafactory Partnerships: Battery cell manufacturers are forming deep, strategic alliances with material suppliers to co-develop and secure supply of next-generation cathode materials.
• Policy-Driven Push: Government initiatives like the U.S. Inflation Reduction Act and the EU’s Critical Raw Materials Act are incentivizing localized, sustainable production of advanced battery materials.

Get Full Report Here:
Global Li-rich Mn-based Cathode Material Market – View in Detailed Research Report

The companies profiled above are not just supplying materials—they are building the foundational technology that will power the electric future of transportation and clean energy storage.

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