According to data from SNE Research, from January to April 2025, the total EV battery cathode instalment worldwide reached 671.8K tons, reflecting 45.6% year-on-year growth.
In the non-China market, instalment totalled 251.1K tons, showing 28.2% stable growth.
Cathode material plays a crucial role in determining battery capacity and EV driving range. The market is primarily divided between NCx ternary and LFP cathode materials, both driven by distinct technical and economic advantages. Amidst increasing global demand, these two materials remain the industry’s main pillars.
Looking at market segmentation, ternary cathode instalment during this period reached 294.4K tons, growing 18.0% year-on-year and continuing its expansion. Meanwhile, LFP cathode material surged to 377.4K tons, marking 78.2% growth – outpacing ternary cathode materials and now comprising 56.2% of total instalments.
The global cathode material market has maintained steady growth, fuelled by LFP cathode expansion and sustained demand for ternary cathodes. However, tightened US IRA regulations and high tariffs on Chinese battery materials are driving market restructuring.
Image: Global xEV cathode instalment trends
(Source: 2025 May Global EV & Battery Monthly Tracker, SNE Research)
