April 23, 2024
Absorbent Glass Mat Battery Market

Absorbent Glass Mat Battery Market Is Estimated To Witness High Growth Owing To Rising Adoption Of Renewable Energy Resources

The absorbent glass mat battery market has been gaining significant traction over the recent years owing to increasing demand for automotive batteries. Absorbent glass mat batteries are valve regulated lead acid batteries primarily used in motive applications such as electric vehicles, industrial electric vehicles and automobiles. They are commonly known as sealed lead acid batteries owing to their maintenance-free operations. AGMBs have the advantages of lower cost per amp hour, better performance in partial state of charge conditions, longer shelf and service life and greater discharge capabilities. The global absorbent glass mat battery market is estimated to be valued at US$ 16.96 billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Absorbent Glass Mat Battery Market Demand  are Procter & Gamble Co., Henkel AG & Co. KGaA, Unilever PLC, Reckitt Benckiser Group PLC, Church & Dwight Co., Inc., Colgate-Palmolive Company, Kao Corporation, Lion Corporation, The Clorox Company, McBride plc, S. C. Johnson & Son, Inc., Seventh Generation, Inc. (Unilever), Nice Group, Nirma Limited, Liby Enterprise Group Co., Ltd. The market is witnessing growing adoption of renewable energy sources which is creating significant opportunities for market players. Countries across the globe are promoting the use of renewable energy sources through various government initiatives and policies. This is expected to boost the demand for energy storage technologies including AGMBs. Further, growing investments in developing charging infrastructure for electric vehicles will augment the growth of absorbent glass mat battery market globally over the coming years.

Market Drivers

The rising adoption of renewable energy resources owing to initiatives aimed at reducing carbon emissions from conventional power sources is a major driver for absorbent glass mat battery market. AGMBs are increasingly being used for energy storage in solar and wind power projects. They provide effective energy storage solutions for intermittent renewable energy sources. Therefore, the increasing integration of renewable energy in the power grid is estimated to fuel the demand for AGMBs during the forecast period.

PEST Analysis

Political: Government policies and regulations about use and disposal of lead-acid batteries will impact the growth of Absorbent Glass Mat Battery Market. Subsidies and tax benefits by governments can promote adoption of these batteries.

Economic: Growth in the industries using material handling equipment and electric forklifts will boost demand for absorbent glass mat batteries which provide stable DC power. Rise in disposable incomes increases sales of consumer electronics using these batteries.

Social: Increasing environmental consciousness among public is promoting use of sealed absorbent glass mat batteries as they are 100% lead-free and recyclable. Growing promotion of electric vehicles also supports market growth.

Technological: Continual research is allowing production of batteries with higher energy density and longer lifecycles. Use of advanced glass mats and alloy designs is improving performance. Falling prices of batteries is encouraging more applications.

Around 50% of the absorbent glass mat battery market value is concentrated in North America and Europe currently due to high usage of electric forklifts and automotive starter batteries in these regions. Asia Pacific market is growing the fastest due to rising electronics manufacturing, use of electric vehicles and rapid industrialization in China, India and other countries.

China has become the largest supplier as well as fastest growing geographical region for absorbent glass mat battery market globally driven by huge domestic automobile sector and manufacturing of batteries for various industries locally to cater to rising demand. Over 30% market share is captured by Chinese manufacturers currently and with large number of local research institutes focusing on battery technologies, China’s dominance in this market is likely to increase further in next decade.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.