LFP Cathode Share Surpasses 70%... L&F and EcoPro Rank 5th and 6th in Ternary Segment

SNE Research Analysis

Ecopro High-Nickel Cathode Material

Last year, lithium iron phosphate (LFP) cathode materials accounted for more than 70% of the lithium-ion battery cathode materials market. While Chinese companies dominated the LFP cathode market, domestic companies L&F and EcoPro ranked 5th and 6th, respectively, in the ternary cathode segment.

According to the '2025 Q1 Lithium-Ion Battery (LIB) Four Major Materials Supply Chain Management (SCM) Analysis and Mid- to Long-Term Market Outlook' report published by energy market research firm SNE Research on June 17, 2026, the demand (consumption) for lithium-ion battery cathode materials in 2025 reached 4.79 million tons, while shipments amounted to 4.95 million tons. Compared to the previous year, demand increased by 42% and shipments by 34%.

Of the total cathode shipments, LFP accounted for 3.47 million tons, representing 72% of the total. The remainder was ternary cathode materials.

When combining both ternary and LFP cathode materials, HunanYuneng led the market by shipping 1.137 million tons, securing the top position. Hubei Wanrun followed by shipping 375,000 tons to rank second, while Dynanonic shipped 280,000 tons to take third place.

In addition, Youshan, a subsidiary of Huayou Cobalt, ranked fourth with 215,000 tons shipped, followed by Lopal with 202,500 tons in fifth place, and Gotion with 200,000 tons in sixth place.

Focusing solely on ternary cathode materials, Reshine shipped 177,000 tons to claim first place. XTC, B&M, and Ronbay ranked second through fourth. Among Korean companies, L&F and EcoPro placed fifth and sixth, respectively. POSCO Future M and LG Chem ranked 10th and 11th, respectively.

LFP batteries, which offer cost advantages and enhanced fire safety, have become mainstream not only in electric vehicles but also in energy storage systems (ESS). As a result, domestic companies are actively developing LFP cathode materials for ESS applications. In addition to LFP, Korean companies are also preparing for mass production of high-voltage mid-nickel and lithium manganese-rich (LMR) cathodes.

SNE Research stated, "In 2026, as prices for key minerals and lithium rebound, cathode material manufacturers are entering a phase of profit recovery," adding, "With the spread of humanoid robots, urban air mobility (UAM), and drones, demand for high-output, high-capacity high-nickel NCM cathode materials is also increasing rapidly again, making supply competition for new mobility demand increasingly fierce."

This content was produced with the assistance of AI translation services.