Lead-acid battery sector faces accelerating lithium competition. Auto SLI share declined to 72%, down 4pp YoY, as lithium 12V batteries gain in premium vehicles.
Stationary energy storage lead-acid share dropped to 38% from 44% in 2024 as lithium iron phosphate costs continue declining.
The 99% recycling rate remains lead-acid's key advantage, providing a strong circular economy narrative.
Industrial applications including telecom, UPS, and forklifts remain dominated by lead-acid technology for at least 3-5 more years.
The substitution trend warrants attention but does not signal demand destruction yet. Lead-acid declines in growth terms rather than absolute terms.
The substitution trend warrants attention but does not signal demand destruction yet. Lead-acid declines in growth terms rather than absolute terms.