Middle East and Africa 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)

Middle East and Africa 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)

The Middle East and Africa battery metals market is expected to grow from US$ 509.6 million in 2021 to US$ 1,071.8 million by 2028; it is estimated to grow at a CAGR of 11.2% 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. This facility will help the development of electric vehicles and other sustainable energy applications by enabling sustainable closed-loop production of critical materials for the battery industry, such as cobalt, nickel, and lithium in region. Hence, the growing focus on battery recycling would emerge as a key trend in the battery metals market during the forecast period.

The Middle East and Africa battery metals market is segmented into type, application, and country. Based on type, the Middle East and Africa Battery Metals Market is segmented into lithium, nickel, cobalt, and others. In 2021, the electric vehicles segment accounted for the largest market share moreover registered the highest CAGR during the forecast period. The electric vehicles is known for the better alternative of fossil fuel based vehicles. Thus the rise in demand of electric vehicles has boosted the growth of batteries market, which, in turn, is expected to propel the growth of battery metals market.

In the Middle East and Africa region, South Africa is among the major countries with a high number of COVID-19 confirmed cases and deaths. The COVID-19 pandemic created a severe impact on the Middle East & Africa economy. The pandemic significantly slowed down the growth of the battery metals market in the region and also disturbed the supply chain for cobalt metal.

The overall Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa 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; Ganfeng Lithium Co., Ltd.; Umicore; LG Chem; Vale; BASF SE; and Metso Outotec.

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