- Increased consumption of batteries across industries is driving the battery packaging market.
- Leading battery manufacturers have started investing in new regions.
- APAC battery packaging market is expected to record the highest growth rate.
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 12.0% 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.
This research report categorizes the battery packaging market based on the type of battery, level of packaging, and region.
Battery Packaging Market, By Type of Battery
- Lithium-ion battery
- Lead-acid battery
Battery Packaging Market, By Level of Packaging
- Cell & Pack Packaging
- Transportation Packaging
Battery Packaging Market, By Region
- Asia Pacific
- North America
- Middle East & Africa
- South America
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 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.
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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.