Analysis of Lithium-Ion Ternary Cathode Materials

1.Cathode Materials: A Critical Upstream Component of Lithium Batteries

Cathode materials represent a vital upstream segment in the lithium battery industry chain. The upstream of the lithium battery industry chain is broadly divided into four main components: cathode materials, anode materials, separators, and electrolytes. Among these, cathode materials are decisive for the electrochemical performance of batteries, playing a leading role in determining energy density and safety performance. Additionally, cathode materials account for a high proportion of costs, comprising 30%-40% of the material cost of lithium batteries, making them the most critical materials in lithium batteries. From a supply chain perspective, the upstream of cathode materials includes raw materials from metal mines (cobalt, nickel, manganese, and lithium mines), while the downstream applications span power batteries, 3C batteries, energy storage, and other fields. Currently, the main cathode material systems for lithium batteries include multiple technical routes such as lithium cobalt oxide, lithium manganate, lithium iron phosphate, and ternary materials, with cost, energy density, and safety serving as core evaluation indicators. As the first commercialized lithium battery cathode material, lithium cobalt oxide offers advantages such as high tap density, stable charge-discharge performance, and high operating voltage, making it widely used in small-scale batteries. However, it suffers from high costs, poor cycle life, and subpar safety performance. Lithium manganate has a lower specific capacity, and its cyclic performance—particularly at high temperatures—has significantly limited its applications. Lithium iron phosphate is lower in cost, environmentally friendly, and boasts better safety and high-temperature performance, but it has lower energy density and poor low-temperature performance. Ternary materials integrate the advantages of lithium cobalt oxide, lithium nickelate, and lithium manganate, exhibiting a distinct ternary synergistic effect. They offer higher energy density but come with higher costs and stricter safety requirements. Due to their outstanding single-cell energy density, which significantly enhances driving range, ternary materials are currently the primary cathode materials for power batteries in passenger vehicles.

2.The Ternary Cathode Material Industry Chain

The ternary cathode material industry chain includes upstream raw materials from metal mines (cobalt, nickel, manganese, and lithium mines) and downstream applications in ternary batteries, 3C electronics, new energy vehicles, energy storage, and other fields. Lithium battery materials are primarily divided into four categories: cathode materials, anode materials, separators, andelectrolytes. Among them, cathode materials determine the overall energy density of the battery, making them the most critical materials in lithium-ion batteries. Current lithium-ion cathode materials mainly include lithium cobalt oxide, lithium manganate, lithium iron phosphate, and ternary cathode materials.

(1) Lithium Cobalt Oxide: Widely used in 3C products, high production costs As the first commercialized lithium battery cathode material, lithium cobalt oxide offers good electrochemical and processing properties, relatively high volumetric energy density, but suffers from high costs, short cycle life, and poor safety. It is mainly used as the cathode material for lithium-ion batteries in mobile phones, laptops, and other portable electronic devices.

(2) Lithium Manganate: Significant cost advantages, poor high-temperature performance Lithium manganate materials feature abundant resources, low costs, no pollution, and good battery safety. However, their low specific capacity and poor cyclic performance—especially at high temperatures—have limited their applications. Lithium manganate batteries are mainly used in electric buses, special vehicles, power tools, and micro passenger vehicles and electric bicycles where cost is a priority and range requirements are relatively low.

(3) Lithium Iron Phosphate: Better safety performance, widely used in buses and energy storage Lithium iron phosphate materials offer advantages such as low cost, environmental friendliness, high safety performance, good structural stability, and cyclic performance. However, their lower energy density and poor low-temperature performance limit them primarily to commercial vehicles (buses) and energy storage applications.

(4) Ternary Materials: Integration of multi-dimensional advantages, primary cathode material for new energy passenger vehicles The general molecular formula of ternary cathode materials is Li(NiₐCoᵦXₑ)O₂, where ₐ+ᵦ+ₑ=1, and the specific material naming is typically based on the relative content of the three elements. When X is Mn, it refers to nickel-cobalt-manganese (NCM) ternary materials; when X is Al, it refers to nickel-cobalt-aluminum (NCA) ternary materials. Nickel-cobalt-manganese ternary materials integrate the advantages of lithium cobalt oxide, lithium nickelate, and lithium manganate, exhibiting a distinct ternary synergistic effect. Compared with cathode materials such as lithium iron phosphate and lithium manganate, the use of ternary materials can effectively improve the single-cell energy density of batteries and enhance the driving range of electric vehicles, making them the main cathode materials for power batteries in passenger vehicles.

3.High-Nickel Cathodes: High Energy Density and Range Advantages

In ternary materials, Ni/Co/Mn are transition metal elements forming a solid solution with arbitrary atomic mixing ratios. Increasing Ni content enhances capacity; Mn⁴+ is electrochemically inert and mainly stabilizes the structure—higher Mn content raises the oxygen release temperature and ensures safety; Co stabilizes the layered structure of the material and reduces cation mixing, benefiting cyclic performance. Currently, in terms of battery energy density: NCA> NCM811 > NCM622 > NCM523. As energy density improves, vehicle range anxiety is continuously alleviated. Additionally, the cost per watt-hour of batteries will further decrease. High energy density and driving range are the primary pursuits for future passenger vehicles, making high-nickel technology a definite medium-to-long-term development trend. The two most critical consumer needs are range and price. To eliminate real-world range anxiety, battery energy density needs further improvement. In real-world operating conditions, the comprehensive average range is only about 70-80% of the nominal range, and in the harshest conditions (high speed + winter), the real range of new energy vehicles is only about half of the nominal range. Therefore, we believe that achieving a nominal range of over 600 km in the medium-to-long term, combined with the construction of fast-charging infrastructure, will effectively alleviate range anxiety. Meeting both cost-parity and real-range requirements necessitates the further development of high-nickel lithium batteries. Future new energy vehicles will require higher battery capacity: high-nickel materials are the best choice for ranges above 600 km and nearly the only choice for ranges above 800 km.

4.High-Nickel Products Demand High Material and Process Standards

Precursors are non-standard customized products and the most technically demanding part of cathode production. Precursors are a pre-production process for cathode processing, and their quality directly determines the physical and chemical indicators of the final sintered product. Unlike precursors for lithium cobalt oxide and lithium iron phosphate, ternary precursors are produced using the hydroxide coprecipitation method, which synthesizes cobalt sulfate, nickel sulfate, and manganese sulfate in a reaction kettle at specific ratios. The coprecipitation method makes NCM modification relatively easier than other cathode materials, allowing for easier control of precursor particle size, specific surface area, morphology, and tap density. Selecting appropriate precipitants and controlling pH, reaction time, temperature, and stirring speed are core barriers in precursor preparation.