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(IT-NEWSWIRE.COM, March 26, 2020 ) Market Overview
• The global Battery Packaging market is forecasted to grow at a CAGR of 11.2 % during the forecast period (2019-2026).
• Batteries provide the power source for personal computers, phones, automobiles, and life-saving appliances. However, batteries are classified as dangerous goods, because by definition they produce electricity from a chemical reaction. When improperly handled, packaged, or stored, batteries pose a risk for corrosive chemical and electrical fires. Battery packaging manufacturers focus on customizable packaging solutions for batteries, depending on the size requirement. Battery packaging like bliss boxes, blister packaging, corrugated packaging, and, strip packaging, have increased adoption rate in the global battery packaging market.
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Market Dynamics
• Rising awareness of users towards zero-emission vehicles and increasing demand for batteries from the sustainable energy sector are the major driving factors for the market growth. The development of affordable battery storage is increasingly being looked at as an indispensable component of sustainability. Clean, renewable energy sources are needed to help create a sustainable society. Wind energy is harnessed when it is windy, and solar energy creation is dependent on sunlight. Such challenges require a storage solution such as lithium-ion batteries. They enable renewable energy generation to be stored until required.
• Increased demand for battery storage can be influenced by government policy, which in turn can result in increased production and falling prices. For instance, Several states have adopted storage mandates and regulations, including California, Hawaii, Maryland, Massachusetts, Nevada, New Jersey, and Oregon. Federally, a 30 % Investment Tax Credit is still available for investment in energy storage, as long is it is associated with renewable power generation projects.
• However, the high cost of raw materials is a major restraint hampering market growth.
Segment Analysis
• By battery type, the battery packaging market is segmented into lead-acid and lithium-ion. The global battery packaging market size by battery type was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Lithium-in is expected to grow with a high CAGR rate in the forecast period. Lithium-ion batteries are primarily used in electric vehicles. Increasing the usage of lithium-ion batteries in numerous applications and rise in the growth of automotive and transportation industries worldwide are major factors for the growth of the market.
• Due to increasing safety concerns raised by the aviation industry, the ICAO/IATA regulations governing the shipping of Lithium Batteries have been tightened and airlines consequently have to enforce these regulations more rigorously. For instance, Lithium metal batteries packed in accordance with Section II of packing instruction 968 (loose lithium metal batteries) are forbidden in the DHL Time Definite Network.
• By level of packaging, the battery packaging market is segmented into transportation packaging and cell & pack packaging. The global battery packaging market size by YYY was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
• By casing type, the battery packaging market is segmented into prismatic, pouch and cylindrical. The global battery packaging market size by casing type was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
• Based on the material type, the market is classified into Plastics, Cardboards, and Metals. The global battery packaging market size by material type was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Geographical Analysis
• The Asia Pacific battery packaging market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. Asia Pacific is expected to hold largest market share in the forecast period. China, India, South Korea, Australia, and Japan are expected to witness high growth rates due to the increasing demand from end-use industries. Companies in this region are concentrating to develop new technologies related to batteries. Samsung, Panasonic, LG, GS Yuasa, and, Exide are the leading manufacturers from Asia Pacific region. For instance, In March 2018, Panasonic, the world’s largest producer of lithium batteries,has announced that it had begun production at a new USD 400 million plants in China. Adding to this, on August 2019, SK Innovation has announced that they are working on developing technology to recycle spent electric vehicle batteries.
Competitive Landscape
• The Battery Packaging market is highly competitive with existing players in the market.
• Some of the major players include Heitkamp & Thumann Group, United Parcel Service (UPS), Amara Raja Batteries Limited, Coveris Holdings S.A, Graphic Packaging International, Inc., Amcor Rigid Plastics USA, Inc, Tesla, Inc, DHL, Umicore, and Veolia Environnement S.A.
• In June 2018, UPS has opened a new shipping center in Arlington, Texas (US) by investing USD 200 million with 1,400 workers to facilitate shipments for expanding its connectivity across UPS hubs and transportation networks.
• In March 2018, Panasonic, the world’s largest producer of lithium batteries, has announced that it had begun production at a new USD 400 million plants in China.
• Tesla, in cooperation with Panasonic, has created its Gigafactory battery production plant in Nevada.
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