Growing application of batteries in our daily life and high demand for batteries from electric vehicle manufacturers and energy storage industries are propelling the market growth.
The global battery packaging market is forecast to reach USD 53.04 Billion by 2026, according to a new report by Reports and Data. The packaging industry has spread its feet in practically all areas, regardless of whether it is food, pharmaceutical, customer products, and so forth. Cells, or more commonly known as batteries, are an integral part of our daily lives. The expanding entrance of batteries in practically all the prominent industries has led to a rising demand for safe battery packaging solutions. Battery packaging makers are now focusing on customizable packaging solutions for batteries, depending on size requirements.
The market for battery packaging is influenced by the rising demand for battery packs from electric vehicle manufacturers and energy storage industries. Increasing awareness of users towards zero-emission vehicles and favorable government policies are significantly helping the market to grow. However, higher cost and low efficiency of sustainable technology are slowing down the market growth.
The green revolution in the Asia Pacific region and incentives offered by the government towards the electric vehicle manufacturers as well as the customers are set to drive the market in this region. Most of the developing countries are looking at China as the global market. China’s population is equivalent to 18.59% of the total world population, and the market is expected to record the highest growth during the forecast period, due to the presence of leading battery manufacturers in the region.
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Further key findings from the report suggest:
Lithium-Ion held the largest market share of 57.9% in the year 2018. Due to higher efficiency and higher energy density in a compact size, lithium-ion batteries are favorable choices for various end-users such as automotive, energy storage, and consumer electronics industries.
In terms of the level of packaging, the cell & pack packaging is expected to account for the majority of the global battery packaging industry during the forecast period. Increased adoption of EVs has resulted in growth in the production of batteries. The cell and pack packaging are forecasted to grow with a higher CAGR of 12.6% throughout the forecast period.
Corrugated packaging held the largest market share of 36.5% in the year 2018. As these are cheaper in comparison to blister packs and more number of batteries can be fitted and transported easily, the developing countries such as India and China have a high demand for this type of packaging.
Leading battery manufacturers have shown interest in investing in new regions. For instance, Samsung SDI completed the construction of its new lithium-ion battery plant in Hungary. This will increase the demand for cell & pack packaging. Similar investments are being undertaken by other battery manufacturers such as Tesla, SK Innovation, and LG.
Asia Pacific is forecasted to grow with a CAGR of 12.5% during the forecast period. Countries like China, Taiwan, and South Korea have a high production of cobalt, which is used as the cathode of a lithium-ion battery. This factor is helping the countries to manufacture and export a large amount of these batteries hence driving the market to grow in the region.
Key participants Nefab Group, United Parcel Service Inc., DHL, Zarges Group, Heitkamp & Thumann Group, FedEx, Rogers Corporation, DS Smith, Smurfit Kappa, and Umicore, among others.
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For the purpose of this report, Reports and Data have segmented into the global battery packaging market on the basis of type of battery, material, type of packaging, level of packaging, and region:
Type Of Battery Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Material Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Type Of Packaging Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Level Of Packaging Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Cell & Pack Packaging
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