PUBLISHER: Allied Market Research | PRODUCT CODE: 1239606
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239606
The global battery packaging market was valued at $24.5 billion in 2021, and is projected to reach $61.5 billion by 2031, growing at a CAGR of 9.7% from 2022 to 2031.
Battery packaging is the process of safeguarding batteries such as lithium-ion, lead acid, flow battery, and others for protection purposes. In addition, cell packaging designs and their combinations in modules and battery packs are offered in a vast variety, for primary and secondary batteries. Packaging of batteries reduces any leakage of chemical substances and protects from unexpected wear and tear. Battery packaging has a wide range of applications in automotive, industrial, electronics, battery packaging battery, and others.
Rapid pace in technology, high investment of the government in the production of electric vehicles and surge in consumer demand for electronic gadgets, home appliances, electric vehicles, and others have enhanced the overall potential sales of the battery packaging market. Furthermore, according to data published by The Economics Times in August 2020, sales of smartphones, electronic accessories, and appliances are expected to increase by 30%. Lithium-ion batteries are most widely used in portable consumer electronics which in turn have enhanced the demand for battery packaging where battery packaging material helps to maintain power flow and reduces overheating of gadgets. This may act as one of the key drivers responsible for the growth of the battery packaging market during the forecast period.
Moreover, cost effective, environment-friendly, and high investment of government in the strengthening of EV plants drive the market for carbon-based battery packaging material. This is projected to boost the battery packaging for other segments in the coming years
Battery packaging market involves uses of raw materials such as, polypropylene-polyethylene copolymer, Polyethylene chloride (PVC (Polyvinyl Chloride)), propylene, and others which are derived from petrochemicals. The prices of petrochemicals are fluctuating due to their volatility, depletion of petroleum reserves, demand and supply gap, and other factors. This has hampered the growth of the global battery packaging market during the forecast period.
Rural electrification is the process of making electrical power accessible in rural or remote areas. Battery energy storage systems are effective for rural electrification. Various countries in the world are trying to develop their remote areas such as isolated rural areas and per-urban areas, especially in developing countries; and small islands separated from the national grids. As such, they require to have a reliable and uninterrupted power supply from renewable and conventional sources of energy that increases the overall system efficiency and ensures economic savings across the system life cycle. Installing battery energy storage systems in rural areas would serve businesses and local communities with a reliable and safe power supply. To protect the batteries and to get efficient & proper supply of power battery packages are widely used for [protection purposes. This is projected to enhance the demand for battery packaging market; thus, creating lucrative opportunities for the future.
The battery packaging market is segmented into material type, battery type, casing type, and region. On the basis of material type, the market is divided into all metals, plastics, and others. On the basis of battery type, the market is categorized into lithium ion, lead acid, nickel cadmium, and others. On the basis of casing type, it is classified into cylindrical, prismatic, coin, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global battery packaging market profiles leading players that include: Deutsche Post AG, EPEC LLC, NEFAB Group, Wellplast AB, schott, Sohner Kunststofftechnik GmbH, DS Smith Plc, heitkamp & thumann group, targray, and zarges gmbh. The global battery packaging market report provides in-depth competitive analysis as well as profiles of these major players.