In 2024, Global[1] Electric Vehicle Battery Anode Material Installment[2] Reached 1,043K ton, a 30% YoY Growth
- Korean anode suppliers grew by 41%.
(Source: 2025 Feb Global EV & Battery Monthly Tracker (Incl. LiB 4 Major Materials), SNE Research)
In 2024, total installment of anode materials used in electric vehicles (EV, PHEV, HEV) registered worldwide was approximately 1,043K ton, posting a 30% YoY growth and sustaining steady growth. On the other hand, in the market excluding China, total installment of anode materials used in electric vehicles was 383K ton, recording only a 15% growth and showing a relatively moderate growth. In particular, due to a slowdown in demand for electric vehicles from 2023, the global YoY growth of anode installment showed a gradual decrease. In the non-China market, the growth was relatively low, and regions other than China accounted for only 37%, which demonstrates that the growth has been continuously led by the Chinese market.
(Source: 2025 Feb Global EV & Battery Monthly Tracker (Incl. LiB 4 Major Materials), SNE Research)
In 2024, the Chinese anode companies accounted for 95% of the global anode market share, supplying 990k tons among 1.04 million tons and boasting an overwhelming dominance in the market. The Chinese anode companies have been solidifying their market presences by continuously expanding their production and developing innovative technologies. Particularly, aligning with the growth of EV market, Si-anode has been increasingly adopted, leading large-scale battery makers to intensify their cooperation with the Chinese anode manufacturers.
The Korean anode suppliers – mainly, POSCO, Daejoo, and Aekyung – recorded a high growth of 41% combined, but their total sales reached only 26k tons. Drives behind the growth of the Korean anode companies were expansion of cooperation with major battery companies (LGES, SK on, and Samsung SDI), entrance to supply chains in the North American and European markets, and reinforcement of the competitiveness of natural graphite-based products.
On the other hand, the Japanese anode suppliers posted a 11% of degrowth, with their sales reaching only 23ktons. The Japanese anode manufacturers such as Hitachi and Mitsubishi maintained their conservative business management system focusing on the existing customers, which seemed to weaken their competitiveness compared to other suppliers in the world.
For the time being, the Chinese anode suppliers are highly likely to sustain their market dominance, but chances are increasing for the Korean companies to grow as policies in North American and Europe increasingly pursue diversification of supply chain. It is also highly possible that, based on policy support, the Korean anode companies would gradually expand their market shares in the non-China market. The Japanese anode suppliers, however, are projected to inevitably experience a continuous decrease in their market shares if they do not pursue product innovation in an effort to rebuild their competitiveness.
[2] Based on batteries installed to electric vehicles registered during the relevant period.