Our in-depth analysis segmented the global Lead market in the following segments:
By End Users
Global Lead market is further classified on the basis of region as follows:
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The global Lead market is expected to showcase a significant CAGR of 6.8% during the forecasted period 2018-2027. Additionally, the global lead market is thriving on the back of building construction industry. Further, rising demand for lead-acid batteries for automotive application on account of increasing automobile industry is expected to showcase a steady growth of the market.
The global Lead market is segmented into product type, end users, and geography. In terms of regional platform, North America Lead market is projected to lead the growth of overall global Lead market over the forecast period. Factors such as, high awareness amongst the population regarding benefits of using lead batteries in advanced vehicles such as stop-start & hybrid vehicles and renewable energy generation is anticipated to encourage the demand for lead market in upcoming years. Additionally, U.S. is expected to contribute significantly in the growth of Lead market in North America region during the predicted period. Moreover, Europe Lead market captured significant share of global Lead market in previous years. Better advancement in technology and rising disposable income are key factors which are driving the growth of Lead market in Europe region. However, Asia Pacific Lead market is expected to rise at maximum CAGR over the forecast period i.e. 2017-2027. The market of Lead in Asia Pacific is expected to be driven by rapid urbanization and growing demand renewable batteries in Asia countries such as India & China over the forecast period.
The global Lead market is primarily driven by the growth of building construction industry. This growing usage of lead products for architectural metals for roofing materials, gutters & gutter joints and on roof parapets. Moreover, rising demand for lead-acid batteries for automotive application is a major factor which is expanding the market size of Lead across all regions. Expansion in absorbed glass mat (AGM) lead acid batteries on account of their favorable characteristic of being maintenance-free are also expected to provide growth opportunities for the lead market.
Additionally, government of various regions are investing potentially in smart grid technology that further lead to the growth of lead-acid batteries which are used in electrical vehicles (EV) which serve as one of the major component in the smart grid technology. In contrast, production of high quality Lead is costlier along with strict testing procedure which may dampen the growth of Lead market globally. Additionally, rising competition from the lithium-ion battery in many other lead batteries is challenging for market growth.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.