The global lead market is expected to register a CAGR of more than 5% during the forecast period. The major factor driving the market is the growing demand for lead-acid batteries globally.
– On the flip side, the environmental regulations imposed by various countries on the usage of lead owing to its toxicity is expected to hinder the growth of the market. Moreover, the availability of substitutes is also likely to restrain the growth of the market during the forecast period.
– Asia-Pacific is expected to dominate the global lead consumption with the majority of the demand coming from China, South Korea, Japan, and ASEAN countries.
Key Market Trends
Battery segment to Dominate the Market
– Lead-acid batterys are used used in thre form of SLI (Starting, Lighting, and Ignition) Batteries, Stationary Batteries (Telecom, UPS, Energy Storage Systems (ESS), etc.), Portable Batteries (Consumer Electronics etc.) and more.
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– SLI batteries have major applications and are designed for automobiles and are therefore always installed with the vehicle’s charging system, which means that there is a continuous cycle of charge and discharge in the battery whenever the vehicle is in use.
– The major factors attributing to the growth of SLI battery market is the increasing demand for these batteries to power start motor, lights, and ignition system or other internal combustion engines with high performance, long life, and cost efficiency.
– Lead-acid battery is the technology of choice for all SLI battery applications in conventional combustion engine vehicles, such as cars and trucks worldwide.
– Although the market for the conventional combustion engine is expected to decline over the next 30-40 years, replacement car technologies are expected to continue to use SLI type lead-acid batteries to provide power for a range of electronics and safety features within the vehicle. Thus increasing the demand for the battery during the forecast period.
Asia-Pacific to Dominate the Market
– Asia-Pacific is expected to dominate the lead market, with the majority of the demand coming from China, Japan, and India.
– China is currently the largest market for electric vehicles. In April 2020, the Ministry of Finance of the People’s Republic of China has issued a notice on ways to promote financial subsidies for new electric vehicles. It stated that new EVs purchased between January 1, 2021, and December 31, 2022, would be exempted from vehicle purchase tax.
– In India, the increasing number of solar power projects, and continuous expansion of telecommunication infrastructure is expected to drive the demand for lead-acid batteries in the country, which therefore increases the demand for lead market during the forecast period. However, the recent decline in the automotive industry may hinder the market in the country
– The COVID-19 has a huge impact on the automotive and various other industries as well. This condition is likely to be the same for the year 2020, but it is likely to improve during the forecast period.
– Therefore, the aforementioned factors are expected to drive the market during the forecast period.
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