Global anode material shipment rankings in 1Q26–3Q26: Steady market growth amid intensifying competition among leading suppliers

The global lithium-ion battery anode material market continued to grow in 1Q26 – 3Q26. According to InfoLink’s Global Lithium-ion Battery Anode Materials Database, cumulative shipments totaled about 2.86 million MT during the period, with 3Q26 shipments at about 1.06 million MT, up 8.7% QoQ. Continued growth in energy storage battery shipments and steady demand growth for EV batteries kept anode material shipments elevated, while differences in growth rates and product mix among suppliers became more pronounced.

In overall anode material shipment rankings, BTR, Shanshan Technology, Zhongke Shinzoom, Shangtai Technology, and Kaijin took the top five positions globally, followed by Zichen Technology, Kuntian, KEDA, Carbon ONE, and Xiang Fenghua in sixth through tenth place, respectively. The top five suppliers held a combined market share of approximately 68.6%, with the leading group remaining relatively stable. BTR continued to lead, followed by Shanshan Technology in second place. Zhongke Shinzoom, Shangtai Technology, and other leading suppliers maintained their positions through partnerships with key customers and integrated supply capabilities.

*Source: InfoLink Global Lithium-ion Battery Anode Materials Database

*InfoLink strives to provide comprehensive and complete information. However, in the event of any discrepancies, figures officially published by manufacturers take precedence. InfoLink retains final authority to interpret and explain its data sources and research findings.

*The content of this article is provided solely as a reference for market analysis and trend assessment. It does not constitute any endorsement, evaluation, investment advice, or commercial guarantee in relation to any company.

In the synthetic graphite segment, the top 10 supplier rankings matched those of the overall anode material market, with the top five holding a combined market share of approximately 69.8%. BTR remained the leader in cumulative shipments for 1Q26 – 3Q26, but Shanshan Technology overtook BTR in monthly synthetic graphite shipments in September, as competition among leading suppliers continued to intensify.

*Source: InfoLink Global Lithium-ion Battery Anode Materials Database

*InfoLink strives to provide comprehensive and complete information. However, in the event of any discrepancies, figures officially published by manufacturers take precedence. InfoLink retains final authority to interpret and explain its data sources and research findings.

*The content of this article is provided solely as a reference for market analysis and trend assessment. It does not constitute any endorsement, evaluation, investment advice, or commercial guarantee in relation to any company.

Competition among mid-tier suppliers was also active. Supported by growing demand from key battery customers and capacity ramp-ups, Zichen Technology and KEDA each moved up one position from their H1 rankings. As capacity utilization rises at some leading suppliers, manufacturers with reliable processing resources and delivery capabilities are also expected to secure additional orders, driving further shifts in market share within the industry.

In terms of product mix, synthetic graphite remained dominant, accounting for approximately 94.6% of shipments in 1Q26 – 3Q26, compared with approximately 5.4% for natural graphite. As energy storage batteries move toward higher capacities and longer cycle life, and EV batteries face increasingly demanding fast-charging requirements, demand for high-performance synthetic graphite has been relatively strong, with supply tight for certain products.

Standard mid-range products continued to face competition driven by a lack of product differentiation. Natural graphite demand remained relatively stable and prices weak, reflecting inventory levels and the mix of downstream applications. Commercialization of silicon-based anode materials and hard carbon for sodium-ion batteries continued to advance, but their overall scale remained small, making them unlikely to challenge graphite’s dominance in the short term.

In terms of demand mix, energy storage remained a key driver of the current growth in anode material demand. Progress on energy storage projects in China and concentrated deliveries for utility-scale storage projects outside China jointly drove demand for synthetic graphite with a long cycle life. The EV battery market was supported by new energy vehicle exports, commercial vehicle electrification, and rising battery capacity per vehicle, providing a stable demand base for anode materials. However, cell shipments and end-use installations do not move in tandem, and project delivery schedules and changes in supply chain inventories may also cause temporary fluctuations in orders.

On supply and prices, the industry is undergoing a structural recovery rather than a broad-based shortage. Relatively tight supply of certain high-end products and high-quality graphitization capacity, elevated outsourcing fees, and cost pressure from coke feedstocks have driven a rebound in quotes for some synthetic graphite products. However, price trends vary significantly across products, and the ability to pass higher costs through to selling prices still depends on product competitiveness and negotiations with downstream customers.

Leading suppliers are accelerating investments in integrated capacity to ensure order fulfillment and control costs. KEDA, Shanshan Technology, and other companies have recently announced investment plans for new projects, focusing on supporting graphitization capacity and scaled production capabilities. However, planned capacity must still undergo construction, customer qualification, and ramp-up before contributing to effective supply, making a near-term impact unlikely. Over the medium to long term, a wave of new capacity coming online could put pressure on the supply-demand balance.

Based on market performance in 1Q26-–3Q26 and downstream demand expectations, InfoLink maintains its forecast for global anode material shipments of approximately 3.93 million MT in 2026. As the market expands, competition will increasingly shift from capacity expansion alone toward a combination of product performance, supporting graphitization capacity, cost control, and reliable delivery.