Industry Overview - The ternary cathode materials are a type of lithium-ion battery cathode material, primarily composed of nickel (Ni), cobalt (Co), manganese (Mn), or aluminum (Al), with performance optimized by adjusting the elemental ratios [2][5] - The global demand for ternary cathode materials is projected to grow significantly, with application demand increasing from 293,000 tons in 2019 to 971,000 tons in 2024, while supply is expected to rise from 321,000 tons to 1,808,000 tons in the same period [1][8] Market Dynamics - The ternary lithium battery is experiencing unprecedented growth due to the dual drivers of energy transition and environmental protection, with a projected demand of 488 GWh for ternary lithium batteries by 2024 [5] - The market for ternary cathode materials is facing challenges such as oversupply and declining utilization rates, which have dropped from 91% in 2019 to 52% in 2024 [8][19] Competitive Landscape - In the current market, some mid-nickel high-voltage manufacturers are gaining market share, with Nantong Ruixiang achieving a 25% market share in early 2025, surpassing leading high-nickel manufacturers [11] - Major companies in the sector include BTR New Material Group, Rongbai Technology, and Huayou Cobalt, with significant revenue declines reported in 2024 [13][15] Development Trends - The industry is moving towards high-nickel and ultra-high-nickel materials, with NCM 811 and above becoming mainstream, enhancing battery energy density and extending lifespan [17] - Solid-state battery technology is creating new growth opportunities for ternary cathode materials, with high-nickel materials being crucial for achieving energy densities above 300 Wh/kg [18] - Companies are accelerating global expansion to mitigate domestic overcapacity pressures, with leading firms establishing production bases in countries like South Korea and Poland [19]