by The Absorbent Glass Mat battery, also known as AGM battery, is one of the most widely used types of valve-regulated lead-acid battery. It has special absorbent glass mats placed between the plates that help keep the electrolyte in place and allow air to circulate while efficiently holding the plates apart from each other.AGM batteries are commonly used in modern vehicles due to their higher output, longer life cycles, and excellent performance in adverse temperatures in comparison to conventional flooded lead-acid batteries.They provide reliable starting power, deep cycling capability, and are largely maintenance-free. Majority of modern electric vehicles also utilize AGM batteries for their energy storage needs due to advantages such as leak-proof operation and enhanced safety.
The global Absorbent Glass Mat Battery Market is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Electric Vehicle Adoption is Expected to Flourish the Absorbent Glass Mat Battery Market
The rapidly growing adoption of electric vehicles around the world has emerged as a key driver expected to fuel the growth of the absorbent glass mat battery market over the forecast period. According to the International Energy Agency, the global stock of electric passenger cars exceeded 10 million in 2021 and is anticipated to grow over three-fold to over 34 million by 2026. Electric mobility provides a sustainable solution to curb greenhouse gas emissions from conventional vehicles. Absorbent glass mat batteries are widely utilized in electric vehicles as they perform reliably over multiple charge-discharge cycles while ensuring safety and convenience of use. Their spill-proof and maintenance-free operation makes them an ideal energy storage solution for modern EVs. Further, increasing government support through favorable policies and investments to encourage largescale adoption of EVs is likely to augment the demand for absorbent glass mat batteries in the coming years.
Segment Analysis
The absorbent glass mat battery market is dominated by the stationary lead acid battery segment. This segment accounted for over 70% share in 2021 owing to wide usage of stationary lead acid batteries in industrial battery applications such as telecommunications, railways, electric grid, and data centers among others. These batteries provide reliable, low-cost energy storage solution for critical power applications.
PEST Analysis
Political: Government support for energy storage solutions has boosted the absorbent glass mat battery market. Subsidies and incentives are encouraging deployment of renewable energy backed by batteries.
Economic: Increasing investments in industrial sectors and focus on clean energy is fueling demand. However, volatility in lead prices poses risks.
Social: Growing awareness about environmental benefits of batteries is a key factor. Usage of batteries for electric vehicles and off-grid renewable power is gaining traction.
Technological: Advancements in battery chemistries and manufacturing processes are expanding applications. Thin glass mat technology enables improved performance.
Key Takeaways
The Global Absorbent Glass Mat Battery Market Size is expected to witness high growth at a CAGR of 5.8% during the forecast period of 2023 to 2030.
Regional analysis shows that Asia Pacific currently dominates the market led by China, Japan and India due to extensive battery usage for industries, electric railways and rapid growth of renewable energy sector. Key players operating in the absorbent glass mat battery market are Nippon Steel Corporation, Thyssenkrupp AG, ArcelorMittal, Tata Steel, Outokumpu Oyj, Aperam, VDM Metals GmbH, Jindal Stainless Limited, Allegheny Technologies Incorporated, Ulbrich Stainless Steels & Special Metals, Inc., Carpenter Technology Corporation, Nucor Corporation, Daido Steel Co., Ltd., Sandvik AB, Elgiloy Specialty Metals.
Key players operating in the absorbent glass mat battery market are focusing on expansion in developing countries and new product development. For instance, in 2022 Nippon Steel Corporation launched an ultrathin absorbent glass mat battery with 70% higher energy density than conventional models. Regional analysis shows that Asia Pacific is currently dominating the market led by China, Japan and India due to extensive battery usage for industries, electric railways and rapid growth of renewable energy sector. The stationary lead acid battery segment accounts for over 70% share owing to wide usage in industrial applications such as telecommunications, railways, electric grid, and data centers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
