Battery Materials Companies: Top 10 in the World 2026

Battery materials companies control the cathodes, anodes, electrolyte salts, and precursor chemicals that determine whether an EV battery charges fast, lasts long, or costs less — and which countries hold leverage over the global energy transition. This ranking covers the ten largest and most strategically significant battery materials companies by production scale, market position, and supply chain reach.

How We Ranked the Top 10 Battery Materials Companies

Entries were ranked on three criteria: production volume of key battery chemicals or active materials, strategic position in the supply chain (upstream resource control through to refined cathode or anode output), and commercial significance to major cell manufacturers. Market capitalisation was used as a secondary signal where production data was unavailable or estimated. All production figures are sourced from USGS Mineral Commodity Summaries 2025 and company annual reports unless stated otherwise.

1. Umicore — Belgium

Umicore is the world’s leading Western producer of cathode active materials (CAM) for lithium-ion batteries, with facilities in Belgium, South Korea, Poland, and Canada. The company’s primary battery materials product is nickel-manganese-cobalt (NMC) cathode powder, supplied to cell manufacturers including Samsung SDI and SK On. Umicore also operates one of the most advanced battery recycling networks in Europe, recovering cobalt, nickel, and copper at recovery rates above 95%. Revenue reached €3.4 billion in 2024, with battery materials and recycling accounting for the majority of earnings. The company is navigating a difficult transition as EV demand growth in Europe has slowed from earlier projections, compressing cathode volumes in 2024–2025.

2. Albemarle Corporation — USA (NYSE: ALB)

Albemarle is the world’s largest producer of battery-grade lithium, with operations spanning the Atacama brine deposits in Chile, the Greenbush spodumene mine in Western Australia (in joint venture with Tianqi), and chemical conversion facilities in the US, Chile, and Australia. The company produces lithium hydroxide and lithium carbonate at combined capacity exceeding 200,000 tonnes per year of lithium carbonate equivalent (LCE). Albemarle supplies most of the major cell manufacturers in Asia, Europe, and North America. The company recorded revenue of $5.4 billion in 2023 before falling sharply in 2024 as lithium prices collapsed. Cost reduction and capacity rationalisation programmes are underway.

3. CMOC Group — China (HKG: 3993)

CMOC became the world’s largest cobalt producer in 2023, overtaking Glencore after ramping output at the Tenke Fungurume and Kisanfu copper-cobalt mines in the Democratic Republic of Congo. CMOC produced approximately 114,000 tonnes of cobalt in 2024, accounting for roughly one-third of global supply. The company also operates significant copper, niobium, and phosphate assets across the DRC, Brazil, and China. CMOC’s scale in cobalt — a critical cathode material for NMC and NCA chemistries — gives it decisive leverage over battery supply chains that have not yet transitioned to cobalt-free LFP. See the cobalt price tracker for current LME benchmarks.

4. Tianqi Lithium — China (HKG: 9696)

Tianqi Lithium controls a 51% stake in the Greenbush lithium mine in Western Australia — the world’s largest hard-rock lithium operation — jointly with Albemarle. Greenbush produces spodumene concentrate at roughly 1.4 million tonnes per year, making Tianqi one of the most significant upstream lithium suppliers globally. The company converts spodumene into lithium hydroxide at facilities in Kwinana, Australia, and Suining, China. Tianqi also holds a 22.2% strategic stake in SQM, Chile’s largest lithium producer. The combination of Greenbush equity and the SQM stake gives Tianqi unparalleled lithium resource optionality across both brine and hard-rock deposit types.

5. SQM — Chile (NYSE: SQM)

SQM is the world’s second-largest lithium producer, extracting lithium carbonate and lithium hydroxide from the Atacama Salt Flat in northern Chile — the highest-grade lithium brine deposit on earth. SQM produced approximately 210,000 tonnes of LCE in 2024. The Chilean government’s partial nationalisation of lithium through Codelco, and the renegotiation of SQM’s Atacama operating contract through 2060, have introduced political risk into the business model but secured its production runway significantly. SQM also produces potassium nitrate, iodine, and specialty plant nutrition products, making lithium its highest-margin but not sole revenue stream.

6. Glencore — Switzerland (LON: GLEN)

Glencore remains one of the top two cobalt producers globally, with production centred on the Katanga complex in the DRC and the Murrin Murrin nickel-cobalt operation in Western Australia. The company produced approximately 37,000 tonnes of cobalt in 2024. Glencore also controls major nickel assets relevant to battery supply chains, including the Koniambo ferronickel operation in New Caledonia (currently on care and maintenance) and the Raglan mine in Canada. Its trading division gives Glencore unique visibility across the physical battery metals market. The company has consistently been the preferred Western-controlled cobalt supplier for cell manufacturers seeking non-Chinese sourcing.

7. Vale Base Metals — Canada / Brazil

Vale Base Metals is the world’s largest nickel producer by reserve base, with operations in Canada (Sudbury, Voisey’s Bay), Brazil, and Indonesia. The company produces nickel in multiple forms including Class 1 nickel sulphate — the battery-grade intermediate required for NMC cathode precursor production. Vale’s Voisey’s Bay underground expansion in Labrador, Canada, is producing a nickel-cobalt-copper mixed hydroxide precipitate (MHP) designed specifically for battery materials supply chains. Vale Base Metals was partially spun out of the parent Vale group in 2023 with investment from Saudi Arabia’s Manara Minerals and Engine No. 1, giving it dedicated battery-sector capital and strategic focus. Nickel prices have weighed heavily on the division’s earnings through 2024–2025.

8. POSCO Future M — South Korea (KRX: 003670)

POSCO Future M is the battery materials division of South Korea’s POSCO Holdings, producing both cathode active materials (CAM) and artificial graphite anodes. The company is the only major non-Chinese producer operating at scale across both primary battery material types. POSCO Future M has secured offtake and JV agreements with General Motors and Ford for North American battery supply, qualifying its materials under the Inflation Reduction Act’s domestic content requirements. The company is expanding cathode capacity in Canada and Australia, with a target of 610,000 tonnes of CAM capacity per year by 2030. Its integrated model — from lithium refining to finished cathode — is a strategic differentiator against Chinese-dominated supply chains. See critical minerals processing for context on Western supply chain gaps.

9. BTR New Material Group — China

BTR New Material Group is the world’s largest manufacturer of lithium-ion battery anode materials, supplying natural graphite, artificial graphite, and silicon-carbon composite anodes to CATL, BYD, LG Energy Solution, and Samsung SDI. The company holds an estimated 25–30% share of the global anode materials market. BTR operates facilities in China, Morocco, and Indonesia, partly to serve customers seeking non-China-origin supply for IRA and European Battery Regulation compliance. Graphite prices have declined sharply since China restricted graphite exports in late 2023, though BTR’s diversified offshore production provides a partial hedge against further export control escalation. The company is not listed on a major international exchange; shares trade on the Shenzhen ChiNext board.

10. BASF — Germany (ETR: BAS)

BASF’s Catalysts division produces precursor cathode active materials (pCAM) and cathode active materials (CAM) at facilities in Germany, Finland, and Harjavalta. The company supplies NMC cathode materials to European cell manufacturers and is a strategic partner of CATL for the European supply chain. BASF has invested heavily in building a closed-loop battery recycling capability to complement its cathode production, positioning it as a full-cycle battery materials supplier within Europe. The division has faced margin pressure as EV demand growth in Europe has underperformed earlier projections, and BASF announced capacity review measures in 2024. Its scale in chemical processing and existing customer relationships make it the leading European chemical company with credible battery materials exposure.

Battery Materials Companies — Comparison Table

The Outlook for Battery Materials Companies in 2026

Battery materials companies are navigating a bifurcated market: demand from EV and grid storage applications continues to grow in absolute terms, but oversupply of lithium and nickel — and persistent price weakness — is compressing margins across the supply chain. The strategic priority for Western governments and cell manufacturers is reducing dependence on Chinese-controlled supply of cathode precursors, graphite anodes, and refined lithium. POSCO Future M, Umicore, and BASF are the principal beneficiaries of that reorientation, though Chinese producers’ cost advantage remains substantial. Policy instruments including the IRA, the EU Battery Regulation, and export controls on graphite and critical minerals will be the primary forces reshaping this list over the next three to five years. For context on the broader policy environment, see the China export controls guide and the cobalt explainer.

This article is for informational purposes only and does not constitute investment advice. Production figures and financial data are subject to revision.