Lead acid batteries find their application in uninterruptible power supply (UPS) systems as they provide high power density and enhanced life expectancy. A UPS system is an electrical equipment that provides power supply when the main power or input power sources fail. UPS systems are expansively utilized in building such as banks, hospitals, offices, data centers, and educational institutions. High electric manageability of lead acid battery is expected to fuel market growth over the forecast period. Moreover, the increasing demand for UPS systems in industries, corporate offices, research institutions, educational institutes, hospitals, and houses owing to rapid urbanization and industrialization in China will drive battery growth over the forecast period. The UPS market is predicted to observe significant growth over the forecast period, in light of growing demand for high power range systems. The rising trend regarding the adoption of UPS systems as a key power backup device is projected to positively influence the market growth over the forecast period. There is an increasing trend of identifying these systems as an important power backup device for performing work more effectually and proficiently, which will stimulate growth.
Lead acid battery finds extensive use in motive industry applications including golf cart, forklift, and industrial cleaner. Bolstered use of lead acid battery in forklifts on account of their reliability, low cost, and well-established supply chain will drive demand. Heavy weight of lead acid battery will fuel its demand over the forecast period. Furthermore, lead acid finds applications in golf carts owing to its economical nature. Rapid industrialization and growing number of manufacturing units are expected to propel market growth over the forecast period. Expansion of warehouse space, growing e-commerce, and high demand for forklift truck replacement along with growing investment by players in emerging economies including India, China, and Brazil are the various factors that are expected to augment market growth over the forecast period.
Sulfuric acid, lead oxide, and polypropylene are the prime raw materials that are utilized in the manufacturing of lead acid batteries. Polypropylene, which is used to make cases for batteries is derived from carbon compound and petroleum. Crude oil and natural gas derivatives are the primary feedstock that are used to produce polypropylene, therefore, change in the costs of crude oil & natural gas plays a prime role in the cost dynamics of plastics used for battery manufacturing. Crude oil observed remarkable fluctuation in prices over the last few years due to the large supply-demand gap. Numerous countries enforced policies in order to stock up on crude oil to uphold continuous supply to their population. At the same time, fossil fuel deposits could not yield enough output to satiate the ever-rising global demand for oil. However, technological advancement in the oil & gas sector has resulted in increasing crude oil output, thereby, reducing supply-demand gap, consequently reducing the prices of crude oil. Instability in prices of crude oil has a straight effect on the manufacturing cost of its downstream derivative product.
This section will provide insights into the contents included in this lead acid battery market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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