Battery Materials Processing & Refineries

Cathode and anode materials are the core of lithium-ion batteries, defining energy density, cost, cycle life, and safety. Cathodes (such as LFP, NMC, and NCA) drive much of the pack’s capacity and performance, while anodes (primarily graphite today, with silicon blends emerging) determine charging speed, cycle stability, and safety margins. Together, they represent the most strategic layer of the battery supply chain, requiring refined, high-purity inputs and advanced processing to meet the demands of EV gigafactories worldwide.

EVs use NCM, NCA, and LFP chemistries; storage applications use NCM (on-grid) and LFP (off-grid); and solar applications using LFP.

Battery-Grade Materials

Battery-grade chemicals are refined precursors, providing the feedstock for cathode and electrolyte production. Their purity and consistency directly affect cell performance and safety.

Cathode Active Materials (CAM)

CAM is the engineered powder that forms the positive electrode in a lithium-ion cell. CAM design defines energy density, cost, and cycle life. CAM production is highly concentrated in China, Korea, and Japan, with new capacity being built in Europe and North America.

Battery Anode Materials

Anode materials are the negative electrode in lithium-ion batteries, storing and releasing lithium ions during charge and discharge. While cathode active materials (CAM) define much of the energy density and cost, anodes are equally critical for cycle life, charging speed, and safety. Today’s EV anodes are dominated by graphite — both natural and synthetic — with growing use of purified spherical graphite (PSG) and silicon blends to boost performance. Emerging chemistries such as lithium-titanate oxide (LTO) and solid-state designs may diversify anode material demand in the future.

Why They Matter

Battery-grade refining and CAM production are the most strategic chokepoints between raw mining and gigafactory cell assembly. Control of these midstream assets determines which regions can secure battery supply chains. Without localized BG/CAM refining, even domestic mines cannot feed regional gigafactories efficiently. Securing diversified supply of both natural and synthetic graphite for anodes is considered as strategic as cathode supply in the midstream battery chain.

Supply Chain & Risks

Refining capacity is overwhelmingly concentrated in China, which processes ~60–90% of global lithium, cobalt, graphite, and manganese feedstocks. Nickel refining is growing in Indonesia but faces ESG and export-policy challenges. Western supply chains are racing to build BG and CAM refineries in the U.S., EU, and allied countries to comply with IRA and EU Critical Raw Materials Act requirements. Risks include long lead times (3–5 years for refineries), high capex, permitting hurdles, and IP concentration in Asian firms.

Over 90% of PSG refining capacity is in China, creating dependency risks for natural graphite. Synthetic graphite is dominated by Chinese and Japanese suppliers and carries a heavy carbon footprint. Silicon additives are supplied by specialized chemical companies and remain expensive. U.S., EU, and Australian projects are moving to establish local PSG and synthetic graphite refining capacity under critical minerals strategies.

CAM refineries

List of the major refineries for processing battery-grade lithium, nickel, cobalt, and manganese for making batteries for electric vehicles, storage, and solar. These minerals and metals are the most critical (active) materials in making EV batteries.

Anode material (graphite) refineries

Market Outlook & Adoption (Cathode + Anode)