鑫椤锂电·2025-07-14 07:15Core Viewpoint - The global electric vehicle supply chain remains highly prosperous in the first half of 2025, driving strong growth in the upstream electrolyte market, with China's dominant position in the global market further strengthened [1]. Production and Growth - In the first half of 2025, domestic electrolyte production in China reached 941,000 tons, a year-on-year increase of 54.57%, while global electrolyte production was 1,005,000 tons, with a year-on-year growth of 46.71% [2]. - It is projected that global electrolyte production will exceed 2.1 million tons in 2025 [2]. Market Trends - Despite a slowdown compared to the over 80% growth rates of 2022-2023, the year-on-year growth of nearly 55% in China and over 46% globally in the first half of 2025 indicates strong market momentum even at high base levels [4]. - The domestic market is highly competitive, particularly among second-tier companies, with market shares closely contested [4]. Competitive Landscape - The market concentration continues to rise, with leading companies holding significant advantages. Tianqi Materials leads with over 30% market share, followed by BYD and New Zhongbang [7]. - The top three companies (Tianqi, BYD, New Zhongbang) collectively hold a market share of 62.4%, firmly controlling the market [8]. - Second-tier manufacturers, including Xianghe Kunlun and Zhuhai Saiwei, have market shares around 4-5%, indicating fierce competition [8]. Global Market Dynamics - Only Yienke has entered the global top thirteen rankings, while other overseas companies are falling behind, leading to a gradual decrease in their market share [9]. - The electrolyte market in the first half of 2025 continued its high growth trend, with Chinese companies maintaining a core position in the global supply chain [11]. Future Outlook - As the global electrification process deepens, technological iterations (such as new lithium salts and solid-state electrolyte exploration) and cost control capabilities will be key for companies to maintain and enhance competitiveness [11]. - The industry concentration is expected to further tilt towards leading companies, with China's electrolyte industry continuing to empower the development of the global electric vehicle industry through its scale and technological advantages [11].