The rapid growth of the EV and energy storage industries is boosting demand for high-performance lithium batteries, driving the market for quality petroleum coke and synthetic graphite. The quality and particle size of calcined petroleum coke directly affect synthetic graphite performance, especially in anode production.

【Anode Materials】Shipment Volume Continues to Grow, Leading Companies Accelerate Expansion

With the surge in demand from the new energy vehicle and energy storage industries, leading companies are accelerating capacity expansion, and new anode materials are entering the industrialization stage.
Data shows that in 2024, China's anode material shipment volume reached 2.08 million tons, and in the first half of 2025, shipment volume reached 1.29 million tons, a year-on-year increase of 37%. It is expected to reach 3.3 million tons in 2026, with a CAGR of 25.96% from 2024 to 2026.

In the first half of 2025, China's anode materials were dominated by artificial graphite, with a shipment volume of 1.17 million tons, accounting for 90.7% of the overall market. Natural graphite shipments reached 106,000 tons, accounting for 8.2%.

Anode materials mainly include carbon-based and non-carbon-based materials. Carbon-based materials are primarily graphite, including artificial graphite and natural graphite, while non-carbon-based materials mainly include silicon-based materials, lithium titanate, and lithium metal.
The current mainstream industry route is dominated by artificial graphite. Although it has excellent cycling stability, its theoretical specific capacity is only 372 mAh/g, close to the technical limit, and cannot meet the future high-energy-density battery demand. Silicon anode materials, with a theoretical specific capacity of up to 4200 mAh/g, are expected to achieve a significant leap in single-cell battery capacity and become the core direction for next-generation anode materials. In terms of fast charging and safety, silicon materials have natural advantages, effectively avoiding lithium plating during charging, significantly improving fast-charging performance. At the same time, the silicon voltage platform is higher, making lithium plating on the surface during charge-discharge processes more difficult, further enhancing overall battery safety.

In recent years, the government has successively introduced multiple policies to encourage the development and innovation of the anode material industry. Policies such as the High-Quality Development Action Plan for New Energy Storage Manufacturing Industry, Lithium Battery Industry Standard Conditions (2024 Edition), and the Guiding Opinions of the General Office of the State Council on Further Building a High-Quality Charging Infrastructure System provide clear and broad market prospects for the anode material industry and offer enterprises a favorable production and business environment.

From the perspective of the industrial chain, the upstream mainly includes graphite mines, petroleum coke, needle coke, pitch coke, silica, lithium salts, and other raw materials; the midstream can be divided into carbon-based anode materials and non-carbon anode materials; the downstream mainly applies to power lithium batteries, consumer lithium batteries, and energy storage lithium batteries.

China's anode material industry shows a dual characteristic of "resource-driven and technology upgrade." Enterprises rely on graphite mines and coal-based needle coke resources in Yunnan, Shanxi, and other regions to form differentiated competition: natural graphite companies strengthen spheronization and purification technology, while artificial graphite companies focus on breakthroughs in high capacity and fast-charging performance.

Future industry competition will focus on improving material specific capacity, optimizing cycle life, and controlling costs. Enterprises with strong resource integration capabilities, fast technological iteration, and high customer stickiness will have advantages, while environmentally friendly processes and solid-state battery adaptation technologies will be key for long-term development.

In the first half of 2025, BTR ranked first with a shipment volume of 260,000 tons, significantly ahead of competitors. The following companies were ranked: Shanshan Corporation, Zhongke Electric, Shangtai Technology, Kaijin New Energy, and Zichen Technology, with shipment volumes of 200,000 tons, 157,000 tons, 141,000 tons, 99,000 tons, and 70,000 tons, respectively.

In addition, currently, more than 30 companies are deploying silicon-based anodes, including leading anode companies such as BTR, Putailai, Shanshan Corporation, Xiangfenghua, as well as a group of innovative enterprises focusing on silicon-carbon materials such as Tianmu Xiandao, Kaijin Corporation, Lanxi Zhide, and Solide, which are also focusing on addressing the industrialization pain points of silicon-based anodes.

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