GLMS Securities has released a research report stating that sodium-ion batteries possess three major advantages: cost-effectiveness, safety, and excellent low-temperature fast-charging performance, with primary applications in energy storage and new energy vehicles. The year 2026 is projected to mark the beginning of mass production for sodium-ion batteries. The firm anticipates that shipments could exceed 20 GWh in 2026 and surpass 500 GWh by 2030, with the penetration rate of sodium-ion technology potentially rising to nearly 10% by 2030. The brokerage is optimistic about the future market potential and the exploration of new application scenarios for sodium-ion batteries. The key viewpoints from GLMS Securities are outlined below.

Three Core Advantages of Sodium-Ion Batteries: Cost, Safety, and Low-Temperature Fast Charging

1) Cost Advantage: Sodium resources are widely distributed and relatively simple to refine, resulting in stable and low prices. Sodium-ion batteries also hold advantages in the sourcing and cost of cathode materials and current collectors.

2) Safety Performance: Sodium-ion batteries exhibit superior thermal stability, making them less prone to thermal runaway and combustion. Their internal resistance is higher than that of lithium-ion batteries, enabling safe transportation at zero voltage.

3) Low-Temperature Fast-Charging Performance: Operating effectively within a temperature range of -45°C to 80°C, sodium batteries demonstrate significant advantages in low-temperature environments, maintaining over 90% of their capacity at -20°C. They also excel in rate capability and fast-charging capacity.

Significant Future Growth Potential for Sodium-Ion Batteries

1) Application Scenarios: These include energy storage and new energy vehicles. Large-scale energy storage systems prioritize safety, wide temperature tolerance, long lifespan, high reliability, and cost-effectiveness over high energy density, making them well-suited for sodium batteries. The inherent cold resistance and high safety of sodium batteries also make them potentially ideal for use in frigid regions and in vehicle models with stringent safety requirements.

2) 2026 as the Mass Production Launch Year: Major companies such as CATL, Gotion High-tech, EVE Energy, and BYD are actively establishing sodium-ion battery production capacities at the GWh scale. Cost reductions across the entire industry chain, including for cathode and anode materials, are accelerating. It is projected that sodium-ion battery costs could enter the era of 0.4 RMB/Wh by 2026.

3) Vast Market Potential: Global sodium-ion battery shipments are expected to reach 9 GWh by 2025. The firm forecasts that shipments could surpass 20 GWh in 2026 and exceed 500 GWh by 2030, with the technology's penetration rate potentially approaching 10% by 2030.

Progress in the Industrialization of Key Sodium-Ion Battery Components

1) Battery Cells: CATL is a pioneer, having launched its second-generation "NaXin" sodium-ion battery in April 2026, announcing plans for large-scale mass production in Q4 2026, which would initiate the first year of commercial-scale adoption.

2) Cathode Materials: This is a core area with differing technical approaches. Among the three mainstream routes, layered oxide technology is relatively mature, Prussian blue analogues offer lower costs, and polyanionic compounds provide excellent thermal stability and long cycle life.

3) Anode Materials: Hard carbon and soft carbon are the main contenders. Compared to soft carbon, hard carbon offers higher energy density, better cycle life, and safety, albeit with a slightly lower initial Coulombic efficiency. Hard carbon currently dominates the market with a share of approximately 98%.

4) Electrolyte: The electrolyte typically uses sodium hexafluorophosphate, which exhibits minimal mass loss up to 300°C and offers high ionic conductivity.

5) Current Collectors: Both the positive and negative electrodes use aluminum foil, which is significantly cheaper than copper foil, contributing further to cost reduction.

Investment Recommendations

The firm is optimistic about the future market expansion and application development for sodium-ion batteries. Recommendations are as follows:

1) Battery Cell Segment: Focus on leaders in sodium battery deployment, such as CATL and Penghui Energy.

2) Materials Segment:

a) Current Collectors: Aluminum foil usage is expected to double. Suggested companies to watch include Dingsheng New Materials and Wanshun New Material.

b) Anode Materials: With hard carbon as the mainstream, suggested companies are Zhongke Electric, Yuanli Shares, and Shangtai Technology.

c) Cathode Materials: Suggested companies are Ronbay Technology and Zhenhua New Material.

Risk Factors

Potential risks include energy storage demand falling below expectations, lithium-ion battery costs declining more than anticipated, setbacks in new technology development, slower-than-expected industrialization of sodium-ion batteries, overcapacity, and calculation errors.