Core Viewpoint - The demand for lithium battery barium stone in China is expected to grow significantly, reaching 74,000 tons by 2025, driven by the increasing production of lithium batteries and the need for enhanced safety performance in separator coatings [2][6]. Group 1: Market Demand and Growth - In 2024, the global barium stone usage is projected to be 73,000 tons, with China accounting for 59,000 tons, marking a year-on-year increase of 31% [3]. - The rapid growth in China's lithium battery barium stone usage is primarily due to the expected shipment of nearly 1.2 TWh of lithium batteries in 2024, which will drive the demand for barium stone [4]. - The performance of barium stone is improving, with its penetration rate in separator coatings increasing by over 3 percentage points compared to 2023 [4]. Group 2: Market Characteristics - The market for lithium battery barium stone in China is characterized by a trend towards thinner separator coatings, leading to a shift towards smaller particle sizes, from 0.8μm to 0.5μm and 0.3μm [5]. - The price of lithium battery barium stone is on a downward trend, with the price of mainstream products (0.8μm) expected to fall to between 11,000 to 14,000 yuan per ton by the end of December 2024 [5]. - The pace of capacity expansion among enterprises is slowing, resulting in an increase in industry capacity utilization [5]. Group 3: Competitive Landscape - By 2024, the industry concentration ratio (CR3) is expected to reach 73%, indicating a high level of market concentration, with Yishitong holding a 42% market share, an increase of over 2 percentage points from 2023 [6]. - Traditional leading companies like Nabaltec are experiencing a decline in market share, dropping to 10%, a decrease of over 3 percentage points, placing them in third position globally [6]. - Chinese companies are expected to strengthen their market position domestically, with leaders like Yishitong and Jidun further solidifying their global standing [6]. Group 4: Future Projections - The demand for lithium battery barium stone is anticipated to continue rising, with a compound annual growth rate (CAGR) of over 20% expected from 2024 to 2027 in China [6].