Electronic Vehicles segment has the Largest Share of Application in the Asia Pacific Battery Metals Market during 2021–2028

According to a new market research study on “Asia Pacific Battery Metals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Application and Country” is expected to reach US$ 24354.5 million by 2028 from US$ 10192.9 million in 2021. The market is estimated to grow at a CAGR of 13.3% from 2021 to 2028.The report provides trends prevailing in the Asia Pacific battery metals market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to increase in demand for electrical vehicles and growing demand from consumer electronics industry are the key factors driving the market growth. However, the market is expected to experience slow growth during the forecast period owing to volatility in the raw material prices of battery metals.

The Asian economies have been hit hard due to the pandemic. The governments of various Asia-Pacific economies are taking possible steps to restrict the spread of the virus by announcing country-wide lockdown, which has a direct impact upon the growth of industrial sectors. In India many electric vehicle manufacturers had 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 have significantly raised costs of battery metals. Prices of battery-grade lithium carbonate had also gone up. The COVID-19 pandemic had a great impact on consumer electronics market in China. In China, there was a larger decline in the sales of electric vehicles in February 2020. However, the sales of electric cars rebounded strongly in April 2020.

The market for Asia Pacific Battery Metals Market is segmented into the type, application and country. Based on type, the Asia Pacific 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.

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.The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

The market for Asia Pacific Battery Metals Market is segmented into type and application. Based on type, the Asia Pacific Battery Metals Market is segmented lithium, nickel, cobalt, and others. Based on application, the Asia Pacific Battery Metals Market is segmented into electric vehicles, consumer electronics, energy storage systems, and others. By Geographically, Asia Pacific Battery Metals Market is segmented into (Australia, China, India, Japan, South Korea and Rest of Asia Pacific).

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