LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global lead oxide market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global lead oxide market will grow at a CAGR of above 6% during the forecast period. The increasing demand from developing countries is a major factor driving the market’s growth.
Developing economies of the world such as China, India, China, Brazil, Mexico, the Philippines, and Indonesia are driving the global lead oxide market towards high growth rate. Due to factors such as low transportation costs, the availability of land, cheap labor, raw materials, and less stringent government regulations, many OEMs of lead oxide are shifting their manufacturing activities to these countries.
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The three emerging market trends driving the global lead oxide market according to Technavio research analysts are:
- Booming renewable energy industry
- Growing preference for circular economy
- Increase in R&D activities
Booming renewable energy industry
The global renewable energy sector is expected to have high growth during the forecast period due to the declining costs of wind and solar technologies, as well as the anticipation of a carbon-constrained future. Another factor for the market growth is the increasing investment in renewable energy. The global levelized cost of electricity (LCOE) of the solar photovoltaic (PV) generation decreased by almost 200% in 2016. Owing to affordability and efficiency, the increase in demand for lead acid batteries in solar-based battery storage is also expected to foster the market growth.
“In developed countries such as the US, the UK, Germany, and France, the growing demand for energy storage batteries is expected to drive the lead oxide owing to the use of lead-acid battery. In the US, the storage deployment in states such as Oregon and California are also expected to augment the market during the forecast period,” says a senior analyst at Technavio for research on metals and minerals.
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Global lead oxide market segmentation
This market research report segments the global lead oxide market into the following three major applications (lead-acid battery, glass, and paint) and three major regions (the Americas, APAC, and EMEA)
The lead-acid battery held the largest market share in 2017, accounting for nearly 73% of the market. However, the market share for this application is expected to increase further by nearly 1.43% by 2022.
APAC was the leading region for the global lead oxide market in 2017, accounting for a market share of 48%. However, the market share for APAC is expected to increase further by nearly 2.33% by 2022.
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