#batterymaterials

GFCL EV Products has invested around Rs 1,900–2,000 crore so far in its battery materials platform.

The portfolio includes LiPF6 salt, LFP cathode active material and PVDF binders.

The March quarter showed wider EBITDA losses.

The main reason was timing.

The LiPF6 plant was capitalised on January 5, 2026.

After that, post-capitalisation expenses started hitting the profit and loss account.

Revenue had not yet fully ramped.

A one-off USD/INR mark-to-market loss on buyer’s credit also added to the reported loss.

The CFO confirmed that this forex loss was non-recurring.

The operating story now shifts to FY27.

Management expects battery materials revenue to exit FY27 at a three-digit crore quarterly run rate.

LiPF6 is already selling commercially.

LFP cathode active material final customer qualification is expected by Q3FY27.

PVDF binders are already fully qualified by major customers.

The company has also added natural graphite anode active material.

Together, these products address an estimated 70% of the value of an LFP battery cell.

FY27 capex is guided at Rs 2,300 crore.

The cumulative investment target is Rs 6,000 crore by FY28.

ICICI Securities’ iDirect values the EV business at Rs 25,000 crore on a comparable transaction basis.

The key point is that GFCL has built the platform.

Now the market wants proof of revenue ramp.

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The manganese market is witnessing strong growth driven by increasing demand from the steel industry, expanding applications in battery technologies, and rising infrastructure development worldwide. Manganese is a critical industrial metal widely used as an alloying element in steel production, enhancing strength, durability, and resistance to wear and corrosion.

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Manganese is extensively utilized in applications such as steel manufacturing, batteries, chemicals, and alloys. Among these, steel production dominates the market, accounting for the majority of manganese consumption due to its essential role in improving steel quality and performance. The rapid growth of construction and industrial sectors is significantly contributing to the expansion of the manganese market globally.

Additionally, increasing demand for electric vehicles and energy storage systems is accelerating the use of manganese in lithium-ion batteries, further boosting market growth.

Key Growth Drivers

Rising Demand in Steel Industry: Extensive use as an alloying element is driving market growth.

Expansion of Battery Applications: Growing use in lithium-ion batteries for electric vehicles and energy storage is boosting demand.

Growth in Construction and Infrastructure: Increasing steel consumption is supporting manganese demand.

Industrial and Metallurgical Applications: Wide usage in alloys and chemical processing is contributing to market expansion.

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Market Segmentation

By Type

High Carbon Ferromanganese

Medium Carbon Ferromanganese

Low Carbon Ferromanganese

Silicomanganese

High carbon ferromanganese dominates the market due to its extensive use in steelmaking processes.

By Application

Steel Production

Batteries

Chemicals

Alloys

Others

Steel production represents the largest segment due to high consumption in construction and industrial applications.

By End-Use Industry

Construction

Automotive

Energy & Power

Electronics

Others

Construction and automotive industries hold major shares due to extensive steel usage.

Regional Insights

Asia-Pacific dominates the manganese market due to strong steel production, rapid urbanization, and growing industrial activities in countries such as China and India. North America and Europe also hold significant shares supported by demand for advanced alloys and battery technologies. Emerging regions are witnessing steady growth due to increasing infrastructure investments.

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Market Competitive Landscape

The manganese market includes mining companies, metal producers, and chemical manufacturers competing through production capacity, pricing strategies, and supply chain efficiency. Companies are focusing on expanding mining operations, improving processing technologies, and strengthening global distribution networks to enhance their market position.

Future Trends

The manganese market is expected to evolve with trends including:

Increasing adoption in electric vehicle battery chemistries

Growth in high-strength and lightweight steel production

Expansion of infrastructure and construction projects

Technological advancements in mining and refining processes

Rising demand for sustainable and efficient metal production

Growing investment in energy storage solutions

Market Insights

The Ternary Cathode Material Precursor Market is witnessing strong expansion, driven by the rapid growth of electric vehicles, energy storage systems, and consumer electronics. Ternary cathode precursors, typically composed of nickel, cobalt, and manganese (NCM) or nickel, cobalt, and aluminum (NCA), are essential intermediate materials used in the production of high-performance lithium-ion battery cathodes. Their role is critical in determining battery energy density, cycle life, and overall efficiency.

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A key driver of market growth is the accelerating global shift toward electrification. The increasing adoption of electric vehicles is significantly boosting demand for advanced lithium-ion batteries, directly increasing consumption of ternary cathode precursors. Additionally, the expansion of renewable energy storage infrastructure is further strengthening market demand as grid-scale battery installations continue to grow worldwide.

Technological advancements in battery chemistry are also shaping the market landscape. Manufacturers are increasingly focusing on high-nickel formulations such as NCM 811 to achieve higher energy density and longer driving ranges in EVs. At the same time, efforts to reduce cobalt content due to cost and supply chain concerns are driving innovation in precursor design and production processes.

The market is also benefiting from improvements in co-precipitation and synthesis technologies, which enhance particle uniformity, improve electrochemical performance, and reduce manufacturing costs. These advancements are helping battery producers achieve higher efficiency and better scalability in mass production.

Regionally, Asia-Pacific dominates the market due to its strong battery manufacturing ecosystem and large-scale EV production base, particularly in China, South Korea, and Japan. Europe and North America are also witnessing rapid growth, supported by increasing investments in domestic battery supply chains and clean energy initiatives.

Despite strong growth potential, the market faces challenges such as raw material price volatility, particularly nickel and cobalt, along with increasing competition from alternative cathode chemistries like lithium iron phosphate (LFP). However, ongoing innovation and rising demand for high-energy batteries are expected to support sustained long-term expansion.

Overall, the Ternary Cathode Material Precursor Market is positioned for robust growth, driven by electrification trends, technological advancements, and expanding global battery production capacity.

The ethylene carbonate market is experiencing strong growth driven by increasing demand from lithium-ion battery production, expanding electronics industry, and growing use in industrial applications. Ethylene carbonate is a high-purity organic compound widely used as a solvent in electrolytes for lithium-ion batteries, lubricants, and plasticizers.

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Ethylene carbonate plays a crucial role in enhancing battery performance, stability, and conductivity, making it an essential component in electric vehicles, consumer electronics, and energy storage systems. The rapid growth of electric mobility and renewable energy storage is significantly contributing to the expansion of the ethylene carbonate market worldwide.

Additionally, increasing applications in pharmaceuticals, coatings, and chemical synthesis are further supporting market growth.

Key Growth Drivers

Growing Demand for Lithium-Ion Batteries: Expansion of electric vehicles and energy storage systems is driving market growth.

Rising Electronics Industry: Increasing production of consumer electronics is boosting demand for battery components.

Wide Range of Industrial Applications: Use in lubricants, plasticizers, and chemical intermediates supports market expansion.

Advancements in Battery Technology: Demand for high-performance electrolytes is increasing the use of ethylene carbonate.

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Market Segmentation

By Application

Lithium-ion batteries

Lubricants

Plasticizers

Surface coatings

Others

Lithium-ion batteries dominate the market due to high demand from electric vehicles and electronics.

By End Use Industry

Automotive

Electronics

Industrial

Pharmaceuticals

Others

Automotive and electronics represent major segments due to growing adoption of electric mobility and electronic devices.

By Purity

Industrial grade

Battery grade

Battery-grade ethylene carbonate holds a significant share due to its critical role in high-performance batteries.

Regional Insights

Asia-Pacific dominates the ethylene carbonate market due to strong battery manufacturing ecosystem, expanding electronics industry, and rapid growth of electric vehicle production in countries such as China, Japan, and South Korea. North America and Europe also hold significant shares driven by increasing investments in electric mobility and energy storage technologies.

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Market Competitive Landscape

The ethylene carbonate market includes chemical manufacturers and material suppliers competing through product quality, production capacity, and technological advancements. Companies are focusing on expanding manufacturing capabilities, improving product purity, and strengthening supply chains to enhance their market presence.

Future Trends

The ethylene carbonate market is expected to evolve with trends including:

Increasing demand for electric vehicles and battery technologies

Growth of renewable energy storage systems

Expansion of high-purity and battery-grade chemical production

Rising applications in specialty chemicals and pharmaceuticals

Advancements in sustainable and efficient production processes

Integration of circular economy practices in chemical manufacturing