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The Lead Market is expected to register a CAGR of greater than 3% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, construction activities and automotive production were stopped temporarily during the lockdown to curb the spread of new COVID-19 cases, thereby decreasing the demand for lead-based products such as lead batteries, lead sheets, lead-clad steel, and others from the industries. However, the market gained momentum in 2022 and is expected to grow in the forecast period.

• Over the short term, the growing demand for lead-acid batteries in electric vehicles is expected to drive market growth.
• On the flip side, the increasing adoption of lithium-ion batteries and other substitutes is expected to hinder the market's growth.
• The increasing number of solar power projects acts as an opportunity for the lead market to grow soon.
• Asia-Pacific is expected to dominate the global lead consumption, with most of the demand coming from China, South Korea, Japan, and other countries.

• Lead and lead compounds have been used in various home products, including paint, ceramics, batteries, etc. Batteries hold the largest share of lead usage as it makes it most reliable. Lead batteries are inexpensive and renewable energy sources and are thus considered eco-friendly.
• The increasing demand for motor vehicles and growth in using renewable energy sources with the need for storage batteries is directly proportional to the increasing demand for lead-acid batteries. The batteries contain large amounts of lead as solid metal or lead-oxide powder. An average battery can contain up to 10 kilograms of lead.
• As per the United Nations Environment Programme (UNEP), approximately 86% of the total global consumption of lead is for producing lead-acid batteries mainly used in motorized vehicles, storage of energy generated by photovoltaic cells and wind turbines, and backup power supplies.
• According to International Lead and Zinc Study Group (ILZSG), in 2022, the global demand for refined lead metal exceeded supply by 99 kilotonnes. In 2022, refined lead metal production from recycled raw material accounted for 65.5% of global production, compared to 65.1% in the previous year.
• Lead-acid batteries are used in the form of starting, lighting, and ignition (SLI) batteries, stationary batteries (telecom, UPS, energy storage systems (ESS), etc.), portable batteries (consumer electronics, etc.), and more.
• It is commonly used as an automotive battery for starting the engine and as the main energy source for electric vehicles such as motorized wheelchairs, golf carts, and electric scooters.
• According to International Energy Agency (IEA) report, in 2022, 10.5 million electric cars were sold worldwide, and the sales are expected to grow by another 35% to reach 14 million. The total vehicle sales reached 73.8 million, with electric cars accounting for 14.2%.
• As per the World Economic Forum (WEF), nearly 4.3 million new battery-powered EVs (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022, enhancing the demand for materials such as lead used in batteries.
• Therefore, the aforementioned factors are expected to impact the lead market in the coming years significantly.