Battery manufacturers based in South Korea, China and Japan accounted for 94% of global spending on critical battery minerals in the first quarter of 2025, according to data from EV supply chain research firm Adamas Intelligence. Worldwide, automakers used $3.01 billion worth of lithium, nickel, cobalt and other battery metals in newly sold electric vehicle battery packs during that period.
China led the spending with $1.635 billion, or 54.3% of the total. South Korean companies followed with $918 million (30.5%), and Japanese firms accounted for $277 million (9.2%). The top four battery producers—China’s CATL and BYD, South Korea’s LG Energy Solution and Japan’s Panasonic—made up roughly two-thirds of all mineral purchases in the quarter.
In product mix, South Korean and Japanese manufacturers continue to focus on NCM (nickel-cobalt-manganese) chemistries, while Chinese companies dominate the lithium iron phosphate (LFP) segment. China has effectively secured a near-monopoly on LFP batteries and is rapidly closing the gap in NCM technology against its South Korean and Japanese competitors.
Securing raw materials remains a critical challenge. A July 2024 survey by the Korea Chamber of Commerce and Industry found that Chinese state-owned enterprises hold stakes in 407 overseas lithium, nickel and cobalt mines—minerals that represent about half the cost of cathode materials. By comparison, Japanese firms have interests in 31 mines, and South Korean entities in 15. China has pursued aggressive acquisitions in Africa and elsewhere, backed by government support. Japanese access relies on partnerships between private trading houses and state-backed corporations, while South Korea remains more than 90% dependent on Chinese suppliers for precursors and graphite.
As the electric vehicle market experiences temporary demand fluctuations, Asian battery makers’ strong positions—from advanced chemistries to upstream mineral assets—underscore their influence over the global battery minerals market.
Source: Daum News
