Top 5 cathode ternary material companies in 2021

Top 5 cathode ternary material companies in 2021

The downstream market demand is strong and the product price is rising, and the ternary material market is in full swing.

On the demand side, the surge in sales of new energy vehicles in China in 2021 will drive the shipment of ternary lithium batteries to maintain a high growth trend, generating strong demand for ternary cathode. Data shows that China’s ternary lithium battery shipments will be 103GWh in 2021, a year-on-year increase of 114%.

Although the growth rate of LFP battery shipments is significantly faster than that of ternary batteries, most mid-to-high-end models will still use ternary batteries, and ternary power batteries are expected to gradually expand to high-end areas, high cruising range, fast charging and models with special requirements in the future. The penetration of the field has driven the further growth of the market demand for ternary materials.

Although the growth rate of LFP battery shipments is significantly faster than that of ternary batteries, most mid-to-high-end models will still use ternary batteries

On the supply side, the significant year-on-year growth in shipments of ternary batteries led to a surge in shipments of ternary materials. Ternary material companies are generally full of orders, and the release of new production capacity has led to an increase in capacity utilization. The increase in production and sales drives the scale effect, and the improvement in the cost per ton improves the profitability of products, boosting the substantial growth of corporate performance.

Top 5 cathode ternary material companies in China in 2021

2021 Ternary material enterprise performance overview
Companies

Revenue

(100 million RMB)

YoY growth

Net profit

(100 million RMB)

YoY growth
RONBAY102.6170.36%9.1327.59%
ZEC55.1432.07%4.1Turn a profit
Changyuan68.4240.25%7538.17%
EASPRING82.6159.41%10.9183.45%
XTC155.698.42%5121.66%

RONBAY

RONBAY

Company profile:
RONBAY was established on September 18, 2014. It is a multinational group company in the high-tech new energy materials industry, specializing in the research and development of lithium battery cathode materials, lithium battery materials, lithium batteries and accessories research and development, manufacturing and processing.

The R&D, manufacturing, production and sales of power batteries are jointly built by two teams from China and South Korea with more than 20 years of successful entrepreneurial experience in the lithium battery cathode material industry. One of the first 25 listed companies on the Science and Technology Innovation Board.

Total market value: 46.462 billion RMB

Company website:http://www.ronbaymat.com/index.php/About

ZEC

ZEC

Company profile:
Guizhou Zhenhua New Materials Co., Ltd. (hereinafter referred to as “ZEC” or) was established in April 2004 and moved from Shenzhen to Guiyang, Guizhou Province in 2018.

The main business sites are located in High-tech Zone, Guiyang City, Guizhou Province, and Yilong New Zone, Southwest Guizhou Province. The controlling shareholder is China Zhenhua Electronics Group Co., Ltd., and the actual controller is China Electronics Information Industry Group Co., Ltd.

Since its establishment, the company has focused on the research and development, production and sales of lithium-ion battery cathode materials, mainly providing lithium-ion battery cathode materials for new energy vehicles and 3C consumer electronics. Cathode materials for new energy vehicles, covering…

Total market value: 25.358 billion RMB

Company website:https://www.zh-echem.com/

Changyuan

Changyuan is one of top 5 NCM811 high nickel ternary cathode material companies in China

Company profile:
Hunan Changyuan Lithium Co., Ltd. was established in 2002 and is located in the Changsha Institute of Mining and Metallurgy Industrial Park, Changsha National High-tech Industrial Development Zone. It is a member of China Minmetals Corporation, one of the world’s top 500 companies. The company holds the listed company Jinrui New Material Technology Co., Ltd.

Mainly engaged in the research and production of high-efficiency battery materials, the main products are lithium cobalt oxide, lithium manganate and ternary composite lithium ion cathode materials. “

The company currently has a production capacity of 2,000 tons/year of lithium cobalt oxide, 2,000 tons/year of ternary composite lithium-ion cathode materials, and 1,200 tons/year of lithium manganate. The cathode materials for power-type new lithium-ion batteries have been mass-produced.

Total market value: 34.340 billion RMB

Company website: http://www.cylico.com/

EASPRING

easpring

Company profile:
Beijing Dangsheng Materials Technology Co., Ltd. (“EASPRING”), originated from a research group of the central enterprise Mining and Metallurgy Technology Group Co., Ltd., has gradually developed into a leading enterprise in Chinese lithium battery cathode material industry. It was listed on the Growth Enterprise Market in 2010.

At present, it has developed into one of the most influential enterprises integrating independent innovation, achievement transformation and industrial operation in the field of lithium battery cathode materials and intelligent equipment.

Production of lithium-ion battery cathode materials, electronic powder materials and new metal materials, non-metal materials and other new materials;

Research, develop and sell lithium-ion battery cathode materials, electronic powder materials and new metal materials, non-metal materials and other new materials, computers, software and auxiliary equipment; technical consultation, technical services, and technical promotion services;

Total market value: 36.22 billion RMB

Company website:http://www.easpring.com

XTC

XTC

Company profile:
XTC is a wholly-owned subsidiary of Xiamen Tungsten Industry Co., Ltd., a world leader in the tungsten industry. On the basis that the market share of tungsten series products ranks first in the world, Xiamen Tungsten Industry actively develops new energy materials industry including lithium battery cathode materials. Since 2002, the company has invested heavily in the establishment of lithium cobalt oxide, lithium manganate, ternary materials and lithium iron phosphate production lines.

The main business is the research and development, production and sales of cathode materials for lithium-ion batteries. During the reporting period, the main products are lithium cobalt oxide, NCM ternary materials, etc.

Total market value: 21.582 billion RMB

Company website:www.xtc-xny.com

Driven by the growth of downstream market demand, the revenue and net profit of the leading ternary materials companies in 2021 will increase by 1-2 times year-on-year, and the highest increase in net profit may even exceed 5 times. The market demand for ternary materials ushered in an explosion.

Entering 2022, the new energy vehicle market will maintain a high growth trend, and orders for power batteries will continue to be saturated, driving further growth in shipments of ternary materials.

Many ternary material companies, including Rongbai Technology, Long-term Lithium, and Zhenhua New Materials, expect the company’s net profit in the first quarter of 2022 to increase by 1-2 times year-on-year, laying the foundation for further growth in its annual performance.

In order to meet the growing demand of the downstream market, ternary material companies have launched a new round of production expansion plans to strengthen the integrated industrial layout, and at the same time, they are moving towards high-nickel, ultra-high-nickel and other battery systems in product development.

Characteristics of China’s ternary material market in 2021

The proportion of high nickel shipments has increased significantly

Data shows that in 2021, the global shipment of ternary materials will be about 740,000 tons, and the shipment of ternary materials in China will be 433,000 tons. Among them, China’s high-nickel (8 series and above) ternary materials shipped 170,000 tons, a year-on-year increase of 181%, mainly due to the increase in China high-nickel material exports driven by the increase in demand from other countries and the increase in demand from China’s top battery companies.

The proportion of high nickel shipments has increased significantly

Under this circumstance, the shipments of high-nickel cathode products including RONBAY, B&M, ZEC, Changyuan LICO, EASPRING and other companies will achieve substantial growth in 2021. You can get more information about these companies by reading Top 5 NCM811 high nickel ternary cathode material companies.

Among them, the total sales volume of RONBAY high nickel 8 series, 9 series and NCA series products exceeded 50,000 tons, and the company’s high nickel cathode shipments accounted for 90% of the total shipments; ZEC high nickel cathode products accounted for 5.37% of sales in 2020 Increase to 38.08% in 2021; Changyuan LICO high-nickel product shipments have increased significantly year-on-year, and sales accounted for more than 30%.

In addition, the above-mentioned enterprises are also accelerating the industrialization of ultra-high nickel cathode products to further enhance their competitiveness in the field of high nickel cathodes.

Building their own ternary precursor production capacity, and increasing the proportion of self-supplied raw materials

The proportion of self-supplied raw materials has increased to improve product profitability

In addition to the booming production and sales of products and the rise in volume and price, increasing the proportion of self-supply of core raw materials is also an important reason for the substantial increase in net profit of ternary materials companies.

In order to enhance market competitiveness, reduce procurement costs, and ensure stable supply of raw materials, the current top ternary material companies are actively implementing the integrated layout of ternary precursors and cathodes, building their own ternary precursor production capacity, and increasing the proportion of self-supplied raw materials.

For example, RONBAY will produce 19,500 tons of precursors in 2021, mainly to meet the self-supply demand, and the self-supply rate will increase to about 30%. Currently, the expansion of high-nickel precursor production capacity is being accelerated; Changyuan LICO ternary precursors will produce 29,000 tons of precursors. All the bodies are self-supplied, and the production capacity of precursors will be further expanded in the later stage to increase the self-sufficiency rate.

The capacity expansion is accelerated, and the diversified layout enriches the product matrix

In order to further meet the downstream growth needs and enhance competitiveness, ternary material companies are actively expanding production capacity, and the scale of new production capacity and investment amount have increased significantly compared with the previous ones.

Based on the “new integration” strategy, Rongbai Technology accelerated the expansion of high-nickel production capacity, increasing its high-nickel production capacity from 40,000 tons/year at the beginning of 2021 to 120,000 tons/year at the end of the year.

It is expected that a cathode production capacity of 250,000 tons/year will be built by the end of 2022, and the production capacity of high-nickel cathodes will be expanded to more than 600,000 tons by 2025.

There are many ternary companies expanding LFP material projects on the basis of the existing ternary cathode business

In addition, companies including B&M, EASPRING, and Changyuan Lico are also accelerating capacity expansion.

It is worth noting that aiming at the diversification of the cathode material industry, there are many ternary companies expanding LFP material projects on the basis of the existing ternary cathode business to achieve a diversified product layout.

For example, Changyuan Lico quickly promoted the construction of a project with an annual output of 60,000 tons of LFP cathode materials, and achieved ton-level samples through verification.

EASPRING accelerates the LFP production capacity layout and invests in the construction of a 300,000-ton LFP integrated factory in Guizhou. The first phase of the project is now entering the project approval stage.

XCT promoted the layout in the LFP field, and established a joint venture with Yahua Lithium Industry and Cangya Investment to invest in the construction of an LFP production line with an annual output of 100,000 tons.

If you want to know more about cathode ternary manufacturers to better understand this industry, here are the top 10 ternary material manufacturers, hopefully you will get useful information.

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