2 excellent ASX growth shares offering big potential returns in 2022

These growth shares could be buys for 2022…

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Looking for a growth share or two to buy in 2022? Two that could be worth considering are listed below.

Both look well-placed for growth during the 2020s. Here’s what you need to know about these ASX growth shares:

Allkem Limited (ASX: AKE)

Allkem could be a growth share to buy in 2022. It is the top five global lithium mining company that was created with the merger of Galaxy Resources and Orocobre. Allkem owns a collection of high-quality assets including Olaroz, Mt Cattlin, and the Sal de Vida brine project. Importantly, unlike a growing number of explorers on the Australian share market, Allkem is already producing lithium in large quantities. This means that it is benefiting greatly from the record lithium prices being underpinned by the clean energy transition and the rapid adoption of electric vehicles.

The good news is that Macquarie expects these high prices to remain for at least four years, which bodes well for the future. In light of this, the broker has put an outperform rating and $13.60 price target on its shares.

ResMed Inc. (ASX: RMD)

Another ASX growth share to consider is ResMed. It is focused on the development, manufacture, distribution, and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders. These include sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease, and other chronic diseases. Thanks to its world class portfolio, huge market opportunity, and wide distribution network, ResMed appears well-placed for growth again over the 2020s. Particularly given a major product recall from a key rival.

Credit Suisse is very positive on ResMed and expects it to benefit greatly from the aforementioned product recall by Philips. In light of this, it has slapped an outperform rating and $43.00 price target on the company’s shares.

Motley Fool contributor James Mickleboro owns Orocobre Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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