May 22, 2024
Absorbent Glass Mat Battery Market

Absorbent Glass Mat Battery Market Poised To Gain Traction From Increasing Demand For Uninterruptible Power Supply Systems

Absorbent glass mat (AGM) batteries are sealed, recombinant gas (SRG) batteries that utilize an absorbed glass mat as a separator between the positive and negative plates. This glass mat effectively prevents electrical short circuits within the cell, while still allowing ion flow between the plates during charge/discharge. These batteries provide high electrical capacity as well as long service life when compared to other battery technologies.

The global Absorbent Glass Mat Battery Market is estimated to be valued at US$ 16.96 Bn  in 2023 and is expected to exhibit a CAGR of 9.5%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The absorbent glass mat battery market is expected to witness significant growth over the forecast period, driven by growing demand for uninterrupted power supply systems. Uninterruptible power supply (UPS) systems are an essential component for several industries such as healthcare, banking & finance, manufacturing, and communications, providing backup power during power outages. AGM batteries are widely used in UPS systems due to their long service life and ability to withstand frequent discharges without compromising performance. According to the U.S. Department of Energy, power outages in the U.S. cost the economy between $104 to $164 billion annually. This has increased demand for reliable backup power systems across industries and data centers. Additionally, increasing deployment of renewable energy has further augmented the demand for energy storage solutions such as AGM batteries for stable power supply even when renewable sources are not generating power. However, availability of substitutes such as lithium-ion batteries may restrict the market growth during the forecast period. Lithium-ion batteries provide higher energy density, longer lifespan, and faster recharging in comparison to AGM batteries.

Segment Analysis

The global Absorbent Glass Mat Battery Market Demand can be segmented into starting, motive, and stationary batteries. Motive batteries are the dominant segment, accounting for over 40% share of the global market in 2024. Motive batteries are used extensively in electric vehicles such as EVs, HEVs, and forklifts. The growing sales of EVs around the world is driving demand for motive absorbent glass mat batteries.

PEST Analysis

Political: Governments across regions are implementing stringent emission norms and offering subsidies to promote electric vehicles. This is positively impacting the absorbent glass mat battery market.
Economic: Growing disposable incomes in developing economies is increasing consumer spending on automobiles and consumer electronics. This is driving demand for absorbent glass mat batteries used in these applications.
Social: Rising environmental awareness among consumers is increasing adoption of EVs and renewable energy. This is fueling sales of absorbent glass mat batteries used in energy storage applications.
Technological: Market players are focusing on developing more durable and efficient absorbent glass mat batteries with high energy density for varied applications like EVs and storage.

Key Takeaways

The global absorbent glass mat battery market is expected to witness high growth at a CAGR of 9.5%  during the forecast period of 2024 to 2031.

Regional analysis comprises The Asia Pacific region dominated the global market in 2024 and is expected to witness the fastest growth during the forecast period. China, South Korea, and Japan are major markets in the region.

Key players operating in the absorbent glass mat battery market 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.

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