The battery packaging market is projected to grow from USD 20.6 billion in 2018 to USD 36.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.0%
NEW YORK, Nov. 13, 2018 /PRNewswire/ -- Increasing demand for batteries from various end-user industries is expected to drive the overall growth of the battery packaging market.
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The battery packaging market is projected to grow from USD 20.6 billion in 2018 to USD 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.
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 estimated to account for a larger share of battery packaging market during the forecast period.Sustainable transport and sustainable energy generation are driving the market for batteries.
Uses of alternative sources of energy and electric vehicles to control the ever-increasing carbon footprint are some of the efforts undertaken to achieve this goal.
Cell & pack packaging segment expected to grow at the higher CAGR during the forecast period.
The cell & pack packaging segment is estimated to account for the larger share of the market, in terms of value, of the battery packaging market in 2018.Increased adoption of EVs has resulted in growth in the production of batteries.
The market for EVs is witnessing huge growth and the number of EVs on road has increased from 1 million EVs in 2015 to over 3 million EVs in 2017.On an average, EVs have a power train of around 8000 lithium-ion batteries.
Hence, the increase in sales of EVs drives the market significantly.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to record the highest growth rate during the forecast period, due to the presence of leading battery manufacturers in this region.This region is home to some of the leading battery manufacturers, including Panasonic, Samsung, GS Yuasa, Exide, and LG, among others.
This region also dominates the automotive market as leading automotive countries such as China, Japan, and India are part of this region.On a global level, over 50% of lithium-ion batteries are manufactured in China, Japan, and South Korea.
All these factors are driving the battery packaging market in this region.
The break-up of profiles of primary participants for the report has been given below:
? By Company Type: Tier 1?30%, Tier 2?45%, and Tier 3?25%
? By Designation: C Level?60%, D Level?25%, and Others?15%
? By Region: North America?40%, Europe?15%, Asia Pacific?35%, South America?5%, and the Middle East & Africa?5%
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.
Research Coverage
This report defines, segments, and projects the battery packaging market based on type of battery, level of packaging, and region.It strategically profiles key players and comprehensively analyzes the ranking of the leading market players.
It also tracks and analyzes competitive developments such as expansions, acquisitions, joint ventures, investments, patent acquisitions, partnerships, and agreements in the market.
Reasons to Buy the Report
This report is expected to help market leaders/new entrants in this market by providing them the closest approximations of revenues of the battery packaging market and its subsegments.This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape, gain insights to enhance the position of their businesses, and enable them to make suitable go-to-market strategies.
The report is expected to help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05619611
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