Battery Packaging Market Share Projections: CAGR of 8.56% Envisions Market Size of $58.72 Billion by 2032
Battery packaging market size is anticipated to grow from USD 25.83 Billion to USD 58.72 Billion in 10 years. The main driver of the market’s expansion is the public’s growing awareness of the need to use energy-efficient products, such as zero-emission cars, and the government’s tightening rules regarding environmental safety.
Newark, Jan. 31, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 25.83 Billion in 2022 battery packaging market will reach USD 58.72 Billion by 2032. The growing need for sustainable energy storage solutions is one of the primary drivers of the market expansion. Because governments around the world are pushing for renewable energy sources, there will probably be an increase in demand for solar batteries during the projected time. Consequently, there is an increasing demand for battery packing materials in the market.
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Key Insight of the Battery Packaging Market
Europe is anticipated to expand at the highest CAGR of 10.81% over the projection period.
Europe is expected to grow at the highest CAGR of 10.81% over the forecast period. The need for more effective and dependable battery packaging solutions is being driven by the rising demand for consumer gadgets like laptops and smartphones. Furthermore, the industry is expanding as a result of the increased popularity of electric cars. Several of the top producers of battery packaging in the world, who are making significant investments in R&D to provide cutting-edge solutions, are based in the European region. This is stimulating the market and generating new business prospects. In order to guarantee the safety of battery packaging products, a variety of strict rules and standards are also based in the European region.
The lead acid segment is expected to register the highest CAGR of 12.56% over the projected period in the battery packaging market.
The lead acid segment is anticipated to grow at the highest CAGR of 12.56% in the battery packaging market. Lead acid batteries are frequently utilised in stationary power systems and automobile applications. Lead acid battery packaging places a strong emphasis on corrosion resistance, durability, and preventing leaks. Consequently, during the projection period, propelling the segmental growth.
Over the projected period, the polypropylene segment is expected to register the highest CAGR of 13.85% in the battery packaging market.
Over the forecasted period, the polypropylene segment is anticipated to grow at the highest CAGR of 13.85% in the battery packaging market. Batteries may be transported and stored with strength, light weight, and chemical resistance thanks to polypropylene battery packing. Because of its cost-effectiveness, recyclability, and customisable design, it is a well-liked option for a variety of battery applications. For the duration of the projected period, this is anticipated to fuel the segment’s expansion.
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Driver: Increasing demand for consumer electronics
The increasing demand for consumer electronics has led to a growth in the global market for battery packaging. Due to the rising availability of consumer electronics like laptops, tablets, and smartphones, there is a greater need for battery packaging options. Companies in this sector have benefited from this growth by providing packaging options that are particularly tailored to the needs of these products. The growing demand for electric vehicles is another important factor driving the growth of the global battery packaging market. The need for battery solutions designed specifically to meet the requirements of these vehicles is growing as demand for electric vehicles develops. By offering packaging options that can safeguard these vehicles’ batteries and guarantee their safe and secure storage, businesses in this sector have been able to profit from this development.
Opportunity: Growing demand for electric vehicles
The need for longer battery lifespan, new and improved wireless technologies, and rising demand for electric cars are driving the market for battery packaging. The tight regulations governing the safe transportation of hazardous chemicals and the need for dependable and secure packaging for battery cells are expected to drive the growth of the battery packaging market. The demand for high-performance, lightweight packaging is expected to fuel new growth in the battery packaging market. It is expected that the usage of high-performance materials, such as plastic and aluminium, will increase because of their ability to insulate against heat, moisture, and dust. The growing demand for energy storage solutions is expected to present new prospects for the sector. New prospects for the battery packaging industry are anticipated with the advent of cutting edge technology like bar coding and RFID. Furthermore, the market for sophisticated battery packing is expected to rise as more hybrid and electric cars are introduced.
Challenge: Increasing raw material costs
increasing costs for basic resources. The cost of raw materials used to create battery packages is increasing due to rising commodity prices, a shortage of supply, and fluctuations in currency rates. Because it increases the overall cost of manufacturing battery packages, the global market for battery packaging is not growing as quickly as it could. severe competition amongst local producers. In the battery packaging industry, local and foreign businesses compete fiercely. These local producers are able to offer superior products at more competitive prices since their production costs are lower than those of their foreign competitors. Because of this, it is becoming more difficult for players from other nations to establish a foothold in the worldwide battery packaging market, which is hindering its growth.
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Some of the major players operating in the battery packaging market are:
• Bemis Company, Inc.
• Ball Corporation
• Smurfit Kappa Group Plc.
• Coveris Holdings S.A.
• Graphic Packaging International, Inc.
• Amcor Rigid Plastics USA, Inc.
• Mondi Group Plc.
• DS Smith Plc.
• WestRock Company
• Stora Enso Ingerois Oy
Key Segments cover in the market:
By Battery Type:
• Lead Acid
• Nickel Metal Hydride
• Lithium Ion
• Silver Oxide
• Nickel Cadmium
• Polyvinyl Chloride
• Polyethylene Terephthalate
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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