Global usage of battery anodes for electric vehicles (EVs) surged by approximately 30% compared to the previous year. China dominated the market, supplying about 95% of the anode volume.
Market research firm SNE Research reported on Wednesday that the total anode usage in global battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs) reached around 1,043,000 tons. This represents a 30% increase from the previous year’s 802,000 tons.
Last year, the anode usage in the EV market, excluding China, hit 383,000 tons, growing 15% yearly. The total market share of anodes in non-Chinese EV markets remained at 37%, indicating that growth continues to be centered around the Chinese market.
Chinese companies Shanshan and BTR led the market, ranking first and second. These firms supply anodes to major battery manufacturers, including CATL, BYD, and LG Energy Solution.
While Chinese companies dominated the top ten rankings, POSCO Future M was the sole Korean firm on the list, securing the ninth position. POSCO Future M supplies natural graphite-based anodes to South Korea’s three major battery manufacturers: LG Energy Solution, Samsung SDI, and SK On.
Last year, Chinese companies produced 990,000 tons out of the global anode production of over 1,040,000 tons, maintaining an overwhelming 95% market share.
Korean companies, led by POSCO Future M, Daejoo Electronic, and Aekyung Group, achieved a high growth rate of 41%, but their total sales volume remained modest at 26,000 tons.
An SNE spokesperson stated, “Chinese companies will likely maintain market dominance soon. However, as supply chain diversification policies gain momentum in North America and Europe, Korean companies may see expanded growth opportunities.”