The growing development in new battery technologies, especially for hybrid and battery electric vehicles, is replacing the internal combustion engine, and the conventional demand for lead acid batteries is also there. Growing penetration of vehicles and their production, expanding infrastructure and telecom networks like the 4G and 5G projects are eventually supporting the market growth.
Newark, April 10, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global lead smelting and refining market is expected to grow from USD 22.99 Billion in 2023 to USD 35.70 Billion by 2033, at a CAGR of 4.50% during the forecast period 2024-2033.
Based on one of the studies, the lead acid battery sector will be responsible for over 90% of US lead consumption in 2022. Lead smelting is the manufacturing process that creates lead. Once, there were many lead smelting organizations all across the US and other countries of the world. Lead is still needed for daily tasks, eventually driving the lead smelting and refining market.
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Competitive Strategy
To enhance their market position in the global Lead Smelting and Refining market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In December 2022: Nyrstar organization’s Port Pirie lead smelter has planned to ramp up production in Australia after the completion of the project to improve efficiency. It would be helpful as, based on many analysts, the lead consumption worldwide was around 13 million tons in 2022. It eventually helped the organization expand its market share in the Lead Smelting and Refining market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 22.99 Billion |
| Market Size in 2033 | $ 35.70 Billion |
| CAGR | 4.50% |
| No. of Pages in Report | 236 |
| Segments covered | by Furnace, Method, Regions |
| Drivers | The implementation of stringent fuel economy and emission norms |
| Opportunities | Growing need for electric vehicles across the globe |
| Restraints | Environmental regulations |
Browse the full report with a Table of Contents and List of: https://www.thebrainyinsights.com/report/lead-smelting-and-refining-market-14113
Market Growth & Trends
The deployment of electric cars has grown fast in the last ten years, as the world reserve of electric passenger cars reached over 5 million in 2018, an upsurge of 63% from 2017. In 2018, approximately 45% of the electric cars on the road were in China, with around 2.3 million units compared to 39% in 2017. Europe and the US accounted for around 24% and 22% of the global fleet, respectively. In comparison, Europe accounted for 24% of the global fleet, and the United States 22%. Lead acid batteries can be used for EVs, can be designed with high power, and are inexpensive. It is also recyclable, safe and reliable. Therefore, the increasing deployment of electric cars will likely provide new growth opportunities for the lead smelting and refining market in the upcoming years. The key drivers are the battery manufacturing sector, especially lead acid batteries, which have applications in automobiles and renewable energy storage. Hence, the expansion in renewable sources, the growing automotive sector, and the construction sector are some factors that create the demand for refined lead. Also, the electronic sector depends on lead for soldering, and the growing adoption of EVs is fueling the market's growth. Moreover, government regulations and the adoption of cleaner processes in lead production influence the market. Also, global economic trends like the growing GDP and infrastructure development positively influence the lead products. There is a growing demand for automobiles, and there are initiatives by the government to boost the penetration of electric vehicles, especially in emerging economies. There is also an investment in R&D to improve the efficiency and cost-effectiveness of the lead smelting and refining procedures. Technological advancements, like advanced automation systems and robotics, help streamline operations and improve the productivity of the procedure. Other than the automotive sector, the industrial battery segment, which caters to data centres, the telecom sector, and financial institutions, is also fueling the growth of the market with an increase in digitalization all across the globe.