As global electric vehicle sales continue to grow and demand for renewable energy storage climbs, manganese, a key battery metal, is experiencing a new wave of demand surge. Manganese demand primarily stems from three major sectors: the steel industry, as a traditional user, employs manganese to enhance the toughness, hardness, and strength of steel; the chemical and agricultural sectors use manganese for animal nutrition and fertilizer production; and the battery industry holds the greatest growth potential.
In alkaline batteries, manganese has long been used as a depolarizer. More importantly, it has become a key component in rechargeable lithium-ion batteries. Two mainstream technology pathways, lithium manganese oxide batteries and lithium nickel manganese cobalt oxide batteries, both rely on manganese to function. With the continued vigorous development of the renewable energy sector, the adoption of manganese-containing battery technology is expected to increase further, thereby continuously driving up manganese demand and related stock prices.
The current global focus on renewable energy remains elevated, positioning the market at the beginning of an upward cycle for manganese demand. For investors interested in the manganese industry, now might be an ideal time to consider positioning. As of the close of US stock markets on October 21, 2025, several mining companies and battery material firms with exposure to the manganese sector have attracted market attention. Below is an analysis of the latest developments for six noteworthy manganese-related stocks.
BHP Group (NYSE: BHP)
As one of the world’s largest diversified mining companies, BHP’s manganese business synergizes with its core operations in iron ore, copper, and nickel. The company’s stock price closed at $56.37, down a slight 0.76% for the day. Its diversified business structure provides a unique advantage – even if manganese prices experience unexpected fluctuations, the impact on the company’s overall share price is relatively limited. With sustained global升温 (heating up) of demand for battery metals, BHP is well-positioned to benefit from rising manganese prices thanks to its comprehensive portfolio of metals.
Vale (NYSE: VALE)
This Brazilian mining giant is one of the world’s largest manganese producers. Its stock last traded at $11.29, down 0.96% intraday. Vale’s unique advantage lies in its vertically integrated business model, encompassing the entire industrial chain from energy and logistics to steelmaking. In recent years, the company has actively invested in green energy and sustainability initiatives, including the use of low-carbon fuels for shipping. Given that its produced metals are widely used in the technology sector and its proactive layout in green energy, Vale’s manganese business possesses long-term growth potential.
Ferroglobe (NASDAQ: GSM)
As an international producer of specialty metals and silicon materials, Ferroglobe’s stock price was $5.08 on Tuesday, October 21, 2025, down 0.39% for the day. The company boasts a diversified asset portfolio, including quartz mines, coal mines, other mineral property interests, and a stake in a hydroelectric power plant. This diversified operational model, similar to an ETF, helps spread investment risk. With expectations of rising prices for some metals and the company’s steady growth in recent years, this stock represents a relatively stable investment option within the manganese space.
Tronox Holdings (NYSE: TROX)
The company is best known for producing TiO2 pigment, titanium tetrachloride, and pig iron, with a last traded price of $3.70. What is easily overlooked is that Tronox also sells electrolytic manganese dioxide, a key material in battery manufacturing. With the rapid development of the electric vehicle and clean energy industries, businesses related to battery materials are expected to bring new growth points for the company.
TMC the Metals Company (NASDAQ: TMC)
This innovative mining company focuses on exploring the seabed for metals such as manganese, cobalt, copper, and nickel. Its stock price was last reported at $7.80. The metals produced by the company are widely used in various forms of green energy, including EV batteries and clean energy transmission lines. As demand for metals required for clean energy and electric vehicles grows, TMC has recently shown a steady growth trend and holds significant future growth potential.
Ultralife (NASDAQ: ULBI)
The company is a significant producer of lithium and manganese materials, with its stock last closing at $6.83. Its business is divided into two main segments: Communications Systems and Battery & Energy Products. It manufactures rechargeable and non-rechargeable lithium-ion batteries and lithium manganese dioxide batteries, alongside producing a range of charging systems. With sustained growth in demand for these products, although not exclusively focused on manganese production, ULBI remains a manganese-related stock worthy of attention.
