When people talk about the battery industry, the market spotlight almost always lands first on the big three cell makers—LG Energy Solution, Samsung SDI, and SK On. But in reality, it is the materials, parts, and equipment companies behind the scenes that underpin battery performance, cost, yield, and safety. Cathode materials and precursors, anode materials and conductive additives, separators and electrolytes, as well as coating, assembly, and activation equipment. Cell makers sit at the center of assembly, but the core technologies that make that assembly possible lie elsewhere.
And that is exactly what makes this moment more interesting. Even as the EV chasm and the Chinese LFP offensive increase earnings volatility for cell makers, materials and equipment remain structurally positioned for the next wave of investment. The IRA and the EU Battery Regulation are pushing domestic materials, parts, equipment, and recycling further into the spotlight. Why is it that materials and equipment can sometimes deliver a more stable profit structure than cells? Because the essence of the battery industry ultimately lies in accumulated technology and control of the supply chain.
Cathode Materials & Precursors — Half of Battery Costs (6 companies)
Cathode materials account for roughly half of a battery’s cost. That’s why, if you want to see which companies really hold power in the battery industry, you start with cathodes. EcoPro BM ranks among the global leaders in high-nickel cathodes (NCA/NCM) and supplies Samsung SDI and SK On. L&F stands out for high-nickel NCMA cathodes, with LG Energy Solution—especially Tesla-bound volumes—as its core business. POSCO Future M is the only Korean company producing both cathode and anode materials, and it is pushing vertical integration all the way back to raw materials.
In the cathode space, the companies that last are not simply the ones with more capacity, but the ones with high-nickel technology and vertically integrated raw-material supply chains. LG Chem, meanwhile, handles cathodes and battery materials through its Advanced Materials division, while LG Energy Solution operates as a separate subsidiary. Cosmo Advanced Materials spans both cathodes (NCM) and magnetic materials, while EcoPro Materials underpins the EcoPro group’s raw-material vertical integration through precursors (pCAM) and nickel sulfate. Cell makers may own the brand at the front end, but the companies that more directly determine a battery’s energy density and profitability are these materials players.
| Company | Core focus |
|---|
| EcoPro BM | High-nickel cathodes (NCA/NCM) — global top tier, supplies Samsung SDI and SK On |
| L&F | High-nickel NCMA cathodes — core supplier to LG Energy Solution (Tesla-bound) |
| POSCO Future M | Only Korean company producing both cathode and anode materials — vertically integrated from raw materials |
| LG Chem | Cathodes and battery materials (Advanced Materials division) — LG Energy Solution is a separate subsidiary |
| Cosmo Advanced Materials | Cathodes (NCM) and magnetic materials (magnetic powder for toner) |
| EcoPro Materials | Precursors (pCAM) and nickel sulfate — supports the EcoPro group’s raw-material vertical integration |
Anode Materials & Conductive Additives — The Quiet Heavyweights of Silicon and CNT (4 companies)
Anode materials may look less flashy at first glance, but once you get into charging speed, lifespan, and high-output performance, the story changes. Silicon anode materials and CNT conductive additives, in particular, are areas where technical difficulty matters more than headline numbers. Daejoo Electronic Materials ranks No. 3 globally in silicon anode materials (SiOx) and also has conductive paste in its portfolio. Its link to the Porsche Taycan via LG Energy Solution is a good indicator of exactly where this company stands in the value chain.
Silicon anodes and CNT conductive additives may not be household names yet, but their importance will only grow as batteries move further up the performance curve. Nano New Material has what is effectively a world-unique capability in SWCNT dispersion for anode applications within CNT conductive additives, while Hansol Chemical works with Samsung SDI on anode binders and silicon anode additives. Dongjin Semichem’s core business is semiconductor photoresist, but it is also reaching into CNT conductive additives and electrolyte additives. This is where the battery ecosystem gets truly interesting: traditional chemical and electronic materials companies quietly stepping in and holding a key piece of the puzzle.
| Company | Core focus |
|---|
| Daejoo Electronic Materials | World No. 3 in silicon anode materials (SiOx) · conductive paste — supplied to the Porsche Taycan via LG Energy Solution |
| Nano New Material | CNT conductive additives — effectively world-unique in SWCNT dispersion for anode applications |
| Hansol Chemical | Anode binders · silicon anode additives — works with Samsung SDI |
| Dongjin Semichem | CNT conductive additives · electrolyte additives (core business is semiconductor photoresist) |
Separators & Electrolytes — Materials That Decide Safety and Performance (5 companies)
Separators and electrolytes may not be visible on the surface, but they are the most sensitive materials when it comes to determining a battery’s safety and performance. SK IE Technology (SKIET) ranks among the global leaders in premium wet-process separators, with market share known to be around 26.5%, ahead of Asahi and Toray. WCP has secured Samsung SDI’s equity investment and a long-term supply relationship on the back of its wet-process and ceramic-coated separator (CCS) products. A separator is an invisible wall, but if that wall wavers, the entire battery wavers with it.
Separators and electrolytes are the least visible materials inside a cell, but when something goes wrong, they are the first to reveal who really has the technology. On the electrolyte side, Enchem ranks among the world’s top three in production capacity and leads market share in North America. Cheonbo was the first in the world to commercialize LiFSI in electrolyte additives, and its position as a specialist in high-value electrolyte salts is clear. Dongwha Electrolyte is the largest electrolyte maker in Korea and ranks among the global top 10. The fact that its parent company, Dongwha Enterprise, is listed also matters from a structural standpoint. Even as China’s volume-driven offensive intensifies, in an environment shaped by local regulation and supply-chain realignment, the position of these materials companies could actually become even more solid.
| Company | Core focus |
|---|
| SK IE Technology (SKIET) | Wet-process separators — among the global leaders in premium wet-process (~26.5%), ahead of Asahi and Toray |
| WCP | Wet-process and ceramic-coated separator (CCS) — Samsung SDI equity investment and long-term supply |
| Enchem | Electrolyte — among the world’s top three in production capacity, leader in North American market share |
| Cheonbo | Electrolyte additives — first in the world to commercialize LiFSI, strong player in specialty electrolyte salts |
| Dongwha Electrolyte | Electrolyte — largest in Korea and among the global top 10 (parent company Dongwha Enterprise is listed) |
Equipment & Recycling — the Machines That Make Batteries and the Technologies That Bring Them Back to Life (10 companies)
Batteries are made in factories. That sounds obvious, almost too obvious to say out loud, but this basic fact is often forgotten. If roll-to-roll electrode coating wobbles, yield falls apart. If assembly precision slips, quality falls apart. If activation equipment falters, performance data falls apart. PNT is a global leader in roll-to-roll electrode coater equipment, with customers not only among Korea’s top three battery makers but also in China and Japan. CIS offers electrode coaters, calenders, and slitters, and is expanding into dry-process and all-solid-state equipment. WONIK PNE has a clear presence in charge-discharge activation equipment—that is, formation and cycler systems.
Move into the assembly process, and Mplus stands out in pouch assembly turnkey lines, especially notching, stacking, and packaging, with SK On as a key customer. Hana Technology supplies turnkey equipment spanning electrode plates to pack assembly and activation, serving Samsung SDI and BYD. TSI and Yunsung F&C localized mixing systems, the very first step of the electrode process, and broke into Korea’s top three battery makers. Philenergy is tied to Samsung SDI through its notching and stacking assembly equipment; it is a subsidiary of Philoptics and a KOSDAQ-listed company. Innometry accounts for more than 90% of electrode inspection for Korea’s top three battery makers in battery X-ray and CT inspection. On top of that, SungEel HiTech is Korea’s leading player in recovering nickel, cobalt, and lithium from black mass through hydrometallurgy, while Sebit Chem touts roughly 95% recovery rates for precursor composite solutions and lithium carbonate.
Equipment and recycling are not the back end of the battery industry—they are the last line of defense for technological independence and profitability. People sometimes ask whether equipment makers are bound to struggle when cell makers stop expanding capacity. Of course this business is cyclical. But once you factor in process upgrades, tighter inspection, the shift to next-generation processes, and the expansion of end-of-life battery collection systems, this space is hard to dismiss as just another capex-driven cyclical. Recycling in particular is no longer optional; it is now part of the supply chain. The ability to secure raw materials all over again is becoming ever more plainly the true measure of the battery industry’s staying power.
| Company | Core focus |
|---|
| PNT | Roll-to-roll electrode coater equipment — global leader, serving Korea’s top three battery makers plus customers in China and Japan |
| CIS | Electrode coaters, calenders (roll presses), and slitters — expanding into dry-process and all-solid-state equipment |
| WONIK PNE | Charge-discharge activation (formation) and cycler equipment |
| Mplus | Pouch assembly turnkey lines (notching, stacking, packaging) — key supplier to SK On |
| Hana Technology | Turnkey equipment from electrode plates to pack assembly and activation — supplied to Samsung SDI and BYD |
| TSI · Yunsung F&C | Localized mixing systems (the first step in the electrode process) — supplied to Korea’s top three battery makers |
| Philenergy | Notching and stacking assembly equipment — linked to Samsung SDI (Philoptics subsidiary, KOSDAQ-listed) |
| Innometry | Battery X-ray/CT inspection — 90%+ share in electrode inspection for Korea’s top three battery makers |
| SungEel HiTech | End-of-life battery recycling — Korea’s leading player in recovering Ni, Co, and Li from black mass via hydrometallurgy |
| Sebit Chem | Recycled materials from end-of-life batteries — precursor composite solutions and lithium carbonate (around 95% recovery rate) |
What to Watch Going Forward
The EV chasm is clearly real. China’s LFP offensive is no small threat either. But saying the game is already over for K-batteries is far too premature. If anything, this is the moment to look beyond finished cells and focus on the staying power of materials, parts, and equipment suppliers. High-nickel cathode materials, precursor vertical integration, silicon anodes and CNT conductive additives, premium separators, North American electrolytes, and even coating, stacking, formation, and inspection equipment. The answer to who will rebound faster in the next cycle is already embedded in the ecosystem.
The direction pushed by the IRA and the EU Battery Regulation is also unmistakable: local production, supply-chain traceability, recycling, and sourcing non-Chinese materials. In the end, the battery industry is no longer a competition over a single cell. It is a competition over who controls the materials, who builds the equipment, and who can recover metals from spent batteries. That is why these companies, which have been quietly working behind the three major cell makers, are highly likely to be the real beneficiaries of the next round. Batteries may look like they are made by famous end-product companies, but in reality, it is these materials, parts, and equipment firms that keep the industry running.
※ This article organizes company names, core businesses, and market positions based on publicly available materials verified online, and some assessments reflect the author’s own views. It is not intended as a direct basis for investment decisions.
Written: July 2026. Ealexandro
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