Asia Pacific Battery Metals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Lithium, Nickel, Cobalt, and Others), Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others)

Asia Pacific Battery Metals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Lithium, Nickel, Cobalt, and Others), Application (Electric Vehicles, Consumer Electronics, Energy Storage Systems, and Others)

Asia Pacific battery metals market is expected to grow from US$ 10,192.9 million in 2021 to US$ 24,354.5 million by 2028; it is estimated to grow at a CAGR of 13.3% from 2021 to 2028. Many electric vehicles and battery manufacturers have taken the initiative to establish recycling programs. Recycling metals from end-of-life batteries helps in reducing primary demand for battery metals, including cobalt, lithium, nickel, and manganese. In addition, creating a circular supply chain by recycling the raw materials of batteries will help in reducing their environmental impact. Many automakers are focusing on achieving a closed-loop process for recovering raw materials from lithium-ion batteries. Hence, the growing focus on battery recycling is acting as a key trend in the growth of the Asia Pacific battery metals market.

The Asia Pacific battery metals market is segmented into type, application, and country. Based on application, the Asia Pacific battery metals market is segmented into electric vehicles, consumer electronics, energy storage systems, and others. In 2021, the electric vehicles segment accounted for the largest market share and is expected to register the highest CAGR during the forecast period. Electric vehicles are known as the better alternative to fossil fuel-based vehicles. Thus, the rise in demand for electric vehicles boosted the growth of batteries, which, in turn, is propelling the growth of the battery metals market.

The Asian economies were negatively affected due to the COVID-19 pandemic. The governments of various Asia-Pacific economies took possible steps to restrict the spread of the virus by announcing country-wide lockdown, thereby directly impacting industrial sectors' growth. In India, many electric vehicle manufacturers struggled to source lithium-ion batteries. China is a major supplier of lithium-ion cells to India apart from South Korea and Taiwan. Moreover, supply constraints significantly raised the costs of battery metals and the prices of battery-grade lithium carbonate due to the restriction imposed by the government. The COVID-19 pandemic had a significant impact on the consumer electronics market in China. In China, there was a more considerable decline in the sales of electric vehicles in February 2020. However, the sales of electric cars rebounded strongly in April 2020.

The overall Asia Pacific battery metals market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia pacific battery metals market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, and to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific battery metals market. Some of the activities undertaken by the companies, which have promoted market growth are mergers and acquisitions, and market initiatives. The companies include Albemarle Corporation, Bolt Metals Corp.; Ganfeng Lithium Co., Ltd.; Umicore; LG Chem; Honjo Metal Co., Ltd.; Vale; Lithium Australia NL; BASF SE; and Metso Outotec.

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