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Global Battery Packaging Market is Projected to Grow to $36.2 Billion by 2023
December 11, 2018 | PRNewswireEstimated reading time: 2 minutes
The battery packaging market is projected to grow from $20.6 billion in 2018 to $36.2 billion by 2023, at a compound annual growth rate (CAGR) of 12% during the forecast period.
The growth of the battery packaging market can be attributed to the increased consumption of batteries in the automotive, energy storage, and consumer electronics industries.
Based on type of battery, lithium-ion battery packaging is expected to grow at the higher CAGR during the forecast period.
In terms of value, lithium-ion battery packaging segment is expected to grow at the higher CAGR during the forecast period. Increasing adoption and rising awareness regarding alternative sources of energy and electric vehicles to control the ever-increasing carbon footprint has spurred the demand for lithium-ion batteries globally. Since these batteries have higher efficiency and energy density compared to lead-acid batteries, they are considered ideal for energy storage and EV applications. They also have advantage over the lead-acid battery in terms of cycle life.
Increased investments in the battery manufacturing market have spurred growth in cell & pack packaging segment.
As the adoption of batteries has been growing rapidly, leading battery manufacturers are investing heavily to ramp up their productions for batteries. Recently, leading battery manufacture have started investing in new regions. For instance, Samsung SDI completed the construction of its new lithium-ion battery plant in Hungary. This facility is expected to be operational in the second quarter of 2018. This would increase the demand for cell & pack packaging. Similar investments are being undertaken by other battery manufacturers such as Tesla, SK Innovation, and LG.
APAC battery packaging market is expected to grow at the highest CAGR during the forecast period.
APAC battery packaging market is expected to record the highest growth rate during the forecast period, due to the presence of leading battery manufacturers in the region. This region is home to some of the leading battery manufacturers, including Panasonic, Samsung, GS Yuasa, Exide, and LG, among others. APAC accounts for the largest share of the global automotive market, as it is home to some of the leading automobile consumer countries such as China, Japan, and India. This region also accounts for largest share of the handheld consumer electronics segment which is driving the battery packaging market.
Competitive Landscape
Nefab Group (Sweden), United Parcel Service Inc. (US), DHL (Germany), Zarges Group (Germany), Heitkamp & Thumann Group (Germany), FedEx (US), Rogers Corporation (US), DS Smith (UK), Smurfit Kappa (Ireland), and Umicore (Belgium) are some of the leading players operating in the battery packaging market.
These players have adopted the expansion, investment, acquisition, partnership, agreement, and joint venture strategies. These strategies are expected to drive the market for lithium-ion battery during the forecast period, as the demand for these batteries is growing rapidly.
Market Developments
UPS opened a new shipping center in Arlington, Texas (US) by investing USD 200 million. This facility created employment for around 1,400 workers to facilitate shipments. This expansion comes as a strategic investment by UPS to improve its efficiency and connectivity across UPS hubs and transportation network.
UPS constructed a new distribution center in Edgerton, US. This development helped the company expand its Kansas operations and facilitate smoother shipments.
H&T Nevada (US), a business unit of H&T, started its production facility in Gigafactory jointly with Tesla (US). This new production facility is embedded in the production line of Tesla, creating a synergy. This development helped H&T increase its market presence in the cell packaging segment.
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