China’s anode giants navigate overcapacity and price pressures in a rapidly evolving market

China has maintained its dominance in the global anode industry in 2024, with eight listed companies, spearheaded by BTR and Shanshan, collectively accounting for 76% of global anode production. Sales and production continued to increase rapidly, although some producers added to stocks to guard against further strong demand. Although revenues fell across the board, most majors maintained margins due to strong integration, automation, and a move to more cost-effective raw materials. Looking ahead, companies are beginning to commercialise silicon-containing anode materials, with an eye on next-generation battery technologies as well.