Household batteries

China's largest rare earth company by production volume; controls the Bayan Obo mining complex in Inner Mongolia — the world's largest rare earth deposit (light rare earths, primarily bastnäsite/monazite). Listed on Shanghai Stock Exchange. Subsidiary of Baotou Steel Group (itself a subsidiary of China Baowu, the world's largest steel company). Bayan Obo was initially developed as an iron ore deposit; rare earths were a 'byproduct' discovery that became the dominant geopolitical asset. China Northern's production plus other Chinese producers gives China ~60% of global ore production and ~85% of separated NdPr oxide.

Japanese non-ferrous metals and mining company (TSE: 5713, HQ Tokyo); one of the world's oldest mining enterprises — its Besshi Copper Mine in Ehime Prefecture operated from 1691 to 1973, making Sumitomo Metal Mining older than the United States. Today SMM is a leading producer of nickel sulfate for Li-ion battery precursors (NMC/NCA pCAM). SMM operates Coral Bay Nickel Corporation (CBNC) and Taganito HPAL Nickel Corporation (THPAL) in the Philippines — high-pressure acid leach plants that process Philippine laterite nickel ore into mixed sulfide precipitate (MSP), which is then refined into nickel sulfate at the Niihama Nickel Refinery in Ehime Prefecture, Japan. SMM's integrated laterite-to-sulfate pathway (Philippines HPAL → Japan refinery) is one of the most established non-Chinese nickel sulfate supply chains for Korean and Japanese battery manufacturers (Toyota-Panasonic joint venture PPES; Panasonic Energy). SMM is also the world's leading producer of nickel hydroxide for NiMH hybrid vehicle batteries.

Belgian zinc powder company (HQ Brussels, part of Recticel Group, then independent); operates 12 global production sites for specialty zinc powders. ZBM (Zinc Battery Material) product line for alkaline batteries produced since 1976; major global supplier to Energizer, Duracell, Panasonic Battery, and other alkaline battery makers. Battery zinc powder must be alloyed with trace indium or bismuth additives to suppress hydrogen gas evolution (gassing) — regular zinc powder cannot substitute. EverZinc's global footprint (Europe, North America, Asia) makes it the most geographically distributed battery zinc powder supplier.

Japanese specialty-paper maker; leading producer of wet-laid nonwoven SEPARATOR paper for alkaline batteries and electrolytic capacitors.

German zinc and chemical company (HQ Duisburg, family-owned); founded in 1842 by Wilhelm Grillo — making Grillo-Werke older than the telephone (1876), the light bulb (1879), and the automobile (1885). Produces battery-grade zinc powder under the BatteryZinc® brand for alkaline battery anodes; claims to be the only full-range European battery zinc powder supplier with particle sizes from 20-600 μm and guaranteed purity >99.995%. Also produces zinc oxide (for tires, cosmetics, pharmaceuticals), sulfuric acid, and specialty chemicals. The same German family company that made zinc before electricity was discovered makes the zinc powder in every Duracell and Varta battery sold in Europe today.

Wholly owned chemical subsidiary of Occidental Petroleum (NYSE: OXY, HQ Dallas TX); one of the largest US PVC resin manufacturers, primarily from the Battleground Manufacturing Complex in La Marque (near Texas City), Texas. OxyChem is also one of the largest US chlorine and caustic soda (chlor-alkali) producers, operating in Texas, Louisiana, and Tennessee. OxyChem's PVC resin production is vertically integrated with its chlor-alkali operations — it produces its own chlorine and VCM. The Battleground complex sits on the Houston Ship Channel corridor, approximately 25 miles southeast of Houston, within the densest concentration of US chemical manufacturing. OxyChem's parent Occidental Petroleum carries significant upstream oil and gas exposure, creating financial linkage between crude oil prices and OxyChem's capital spending priorities for chlor-alkali and PVC assets.

China's largest and the world's largest producer of electrolytic manganese dioxide (EMD). Founded 1958. Annual EMD capacity of 110,000 tonnes (~25% of global supply). Operates plants in Xiangtan, Hunan and Jingxi, Guangxi. Core supplier to global alkaline battery manufacturers.

World's largest steel producer by output: 130.09 million metric tons of crude steel in 2024 (vs. ArcelorMittal at 65M MT — nearly 2x its nearest rival). Revenue 1.11 trillion yuan; Fortune Global 500 rank #44 (2024). Formed 2016 from merger of Baosteel (Shanghai) and WISCO/Wuhan Iron & Steel. Key structural steel plants: Baoshan (Shanghai) and WISCO (Wuhan) for medium-to-heavy plate. Likely primary structural steel supplier for ZPMC crane manufacturing given geographic proximity (both Shanghai-based). Produces Q355, Q460, and other Chinese-standard high-strength structural steel grades for machinery, shipbuilding, and infrastructure.

Engineered/wet-laid nonwovens maker (merged into Magnera 2024); alkaline-battery and specialty separator media.

Advanced nonwoven/filtration media maker; battery-separator and filtration media.

Korea Zinc Co., Ltd. (Seoul; KRX: 010130; ~$9B revenue) is the world's largest single-site zinc, lead, and silver smelter operator and the world's largest non-Chinese indium refiner. Indium is recovered as a byproduct at its Onsan smelter in Ulsan, South Korea — the only facility in Korea with an indium processing line. Korea Zinc produces ~150 tonnes of indium annually at 99.999% purity (vacuum-packed 5-kg bars), meeting roughly 11% of global demand outside China. About 90% of Korea Zinc's indium output is exported to the US, Japan, and Taiwan — making it the primary indium supplier for US and Taiwanese display/semiconductor manufacturers seeking non-Chinese supply. The Onsan smelter also produces gallium and antimony; Korea Zinc has invested heavily to diversify into critical minerals as a strategic counterweight to Chinese dominance.

Korean producer of tin- and nickel-plated steel strip for cans and battery cases; supplies cylindrical/prismatic battery-can material to Korean cell makers.

Belgian specialty materials company (Euronext: UMI, HQ Brussels); battery materials division produces nickel hydroxide for NiMH batteries and NMC (nickel-manganese-cobalt) precursor for Li-ion EV batteries. Umicore was founded in 1906 as Union Minière du Haut Katanga — the mining company that extracted copper and uranium from Belgian Congo (now DRC). The same company that owned the Congo uranium mine whose output was used in the Manhattan Project (Little Boy and Fat Man bombs) now makes battery cathode materials for Toyota Prius and European EVs. Umicore sold its mining operations in 1991 and pivoted to materials technology; today it is one of the world's largest precious metals recyclers and a key producer of battery cathode materials.

CNGR Advanced Material Co., Ltd. (Changsha, Hunan; SZSE: 300919) is a diversified battery materials producer that includes synthetic graphite anode material among its product lines, though CNGR is better known as a leading nickel-cobalt precursor and ternary cathode material producer. Its anode materials division contributes ~5-7% of global synthetic graphite anode supply. Customers include CATL, LGES, Samsung SDI. CNGR has also built significant overseas operations in Indonesia (nickel feedstock) and Finland (cathode precursor for European supply chains).

British privately held petrochemicals company (HQ Rolle, Switzerland; operations HQ London); major European KOH producer via chlor-alkali at Runcorn, UK (one of Europe's largest chlor-alkali complexes), Köln Germany, and other sites. INEOS is also the primary European source of chlorine for PVC production and the largest private employer in Scotland (North Sea). INEOS founder Sir Jim Ratcliffe acquired British cycling team INEOS Grenadiers and Manchester United Football Club — the same company that makes the KOH in European alkaline batteries also owns one of the world's most prominent cycling teams.

Swiss/French producer of synthetic and natural graphite powders, conductive carbon black and dispersions for batteries and industry.

US chlor-alkali and VCM producer (NYSE: OLN, HQ Stamford CT; ~$6B revenue); the largest US chlorine producer and a major feedstock supplier to the PVC resin industry. Olin does not directly produce PVC resin but produces the chlorine and vinyl chloride monomer (VCM) that PVC resin manufacturers (Westlake, Shintech, OxyChem) depend on. Olin's chlor-alkali operations in Freeport TX (the largest chlorine plant in the US), McIntosh AL, Niagara Falls NY, and other sites collectively make Olin the critical upstream enabler of the US PVC supply chain. Olin also owns Winchester ammunition — meaning the same company that produces the chlorine input for PVC pipe also manufactures rifle and shotgun ammunition, a striking dual-use combination under one NYSE ticker. Olin's chlorine pricing directly sets the economics for US PVC resin production.

Japanese specialty chemicals company (HQ Fukui City, Fukui Prefecture); major producer of nickel hydroxide and nickel-based chemicals for NiMH battery cathodes. Tanaka Chemical (not to be confused with Tanaka Precious Metals/Tanaka Kikinzoku) supplies spherical nickel hydroxide to Japanese battery manufacturers including FDK (Fujitsu battery brand) and GS Yuasa. Fukui Prefecture is an industrial chemical cluster in Japan — the same region produces optical fibers, specialty resins, and electronic chemicals.