The rapid growth of electric vehicles and energy storage systems is boosting demand for high-performance lithium batteries, driving the need for high-quality petroleum coke and synthetic graphite. High-quality calcined petroleum coke is essential for producing reliable lithium battery anode materials.

【Anode Materials】H1 2025 Output Increases Year-on-Year,
Energy Storage Market Shines

In the first half of 2025, the output of anode materials increased by 7.5% year-on-year. The scale of the anode material industry continues to grow annually, supported by rising lithium battery output downstream, with the energy storage market performing remarkably well.

I. Anode Material Output Increased Year-on-Year

Figure 1: Monthly Output Comparison of Anode Materials

Data Source: Oilchem

In the first half of 2025, China's total anode material output reached 1.1487 million tons, up 7.5% year-on-year. The industry continues to expand, with leading enterprises increasing market share by expanding capacity and achieving economies of scale. Simultaneously, companies are improving integrated capacity, upgrading production technologies, and reducing costs significantly.
Production is generally aligned with orders, helping avoid excessive inventory and ensuring smoother operations. While overall supply capacity remains sufficient, competition in the market remains intense.

II. Energy Storage Share Up by 9 Percentage Points

Figure 2: Changes in Downstream Demand Structure 

Data Source: Oilchem

In the first half of 2025, power battery output reached 513.8 GWh, accounting for 62.6% of total battery output, a drop of 8 percentage points year-on-year. Consumer battery output was 55 GWh, accounting for 6.7%, down 0.5 percentage points.
Energy storage batteries stood out with output reaching 252 GWh—almost matching the full-year output of 2024—and accounting for 30.7% of total, up 8.5 percentage points year-on-year.
Energy storage demand surged in the first half of the year, becoming a major growth engine for the lithium battery market.
In the domestic market, before the cancellation of the mandatory storage allocation policy (Document No. 136), large-scale energy storage installations saw a concentrated rush before May, significantly boosting demand for battery cells. Though policies are becoming more market-oriented, new business models like independent and shared energy storage still hold substantial growth potential.
Overseas, U.S. energy storage demand remained high, and tariff policy uncertainties prompted some companies to ship in advance, driving short-term export growth. In Europe, as inventory destocking for household storage concluded, industrial and commercial storage demand began to expand. Large-scale projects in the Middle East and Southeast Asia also continued to gain momentum.

III. Slight Decrease in August Production Forecasts for Leading Battery Enterprises

Figure 3: Monthly Output Comparison of Anode Materials

Data Source: Oilchem

In August, output of power and energy storage batteries from major battery enterprises is expected to decline by 2.2%, with total lithium battery production expected to drop by 2.8%.
Power batteries are in a seasonal off-peak period, while the peak season for consumer batteries has not yet arrived. Only the energy storage segment is expected to see incremental growth.
Operating rates vary among enterprises: tail-end manufacturers are operating below 20% capacity, top-tier companies maintain over 80% utilization, and second-tier battery plants average only 45%.
Overall, the energy storage market still has room for growth and continues to support demand for anode materials. In August, anode material manufacturers are expected to slightly increase output in line with order volume.
Market prices for anode materials remain under pressure due to industry competition, but are also supported by production costs. Prices are expected to remain stable overall.

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