【Anode Materials】2025 Output Reaches 3.115 Million Tons; Shanshan Technology Retains No.1...

 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】2025 Output Reaches 3.115 Million Tons; Shanshan Technology Retains No.1 Position in Artificial Graphite Anodes

Driven by the combined demand growth from the power battery and energy storage markets, the lithium battery market continued to exceed expectations in 2025. In particular, demand from the energy storage sector surged by as much as 78%, lifting the anode materials market accordingly. According to data, global lithium battery output reached 2,297 GWh, up 47% year on year; lithium battery anode material output totaled 3.115 million tons, representing approximately 44% year-on-year growth. China's global market share of anode materials rose to 99%, with domestic shipments reaching 3.0615 million tons, up 47% year on year.

Figure: Global Lithium Battery Output and Growth Rate, 2021–2025 (GWh, %)

Source: ICC Xinluo Information, LIRA Consulting

Anode Material Production Higher in H2 2025 Than H1

Energy Storage Demand Becomes the Largest Driver

In 2025, growth in the lithium battery anode materials market was significantly stronger in the second half of the year than in the first half, mainly due to the explosive demand from the energy storage market in H2, which accelerated anode material shipments. This provided a favorable opportunity for price recovery in the anode materials market. In Q4 2025, prices of low-end anode material products generally increased by around CNY 1,000/ton.

Figure: Monthly Output of Lithium Battery Anode Materials in China, 2024–2025 (10,000 tons, %)

Source: ICC Xinluo Information

Artificial Graphite Anode Penetration Rate at 93%

Shanghai Shanshan Retains the Top Position

From the perspective of material types, the market share of artificial graphite anodes increased by 3 percentage points year on year to 93% in the first half of the year. Silicon-based anodes and hard carbon anodes both recorded growth compared with the previous year, with particularly notable shipment increases for new CVD silicon-based anodes. In the hard carbon segment, shipments also improved significantly as leading battery manufacturers advanced the development and commercialization of sodium-ion battery applications. The market share of natural graphite anodes continued to decline.

Source: ICC Xinluo Information

The artificial graphite anode market structure is showing signs of dispersion. Shanghai Shanshan retained its leading position with a solid market leadership. BTR, Zhongke Xingcheng, Shanshan Technology, and Kaijin showed relatively stable year-on-year changes. Hebei Kuntian, Carbon One Energy, and Guangdong Dongdao, emerging dark horses over the past two years, continued to gain market share. Kedaxincai and Jinhui Energy also delivered notable performances in 2025.

Source: ICC Xinluo Information

Overall, the anode materials market maintained strong momentum in 2025. In Q4, order spillover among top-tier companies became increasingly evident, and prices of low-end anode materials showed clear recovery, indicating the industry cycle is entering a materially positive phase. Looking ahead to 2026, the anode materials market will face continued increases in raw material prices and tightening supply capacity, with product prices expected to rise across the board. For hard carbon anodes, rising lithium carbonate prices are expected to accelerate the industrialization of sodium-ion batteries, creating new development opportunities over the next two to three years. For silicon-based anodes, accelerated industrialization, declining costs, and expanding application scenarios are expected to drive further volume growth.

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