Battery packaging material market size to exceed $11.3 billion by 2026
Published Date: April 2, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
According to a new research report by Global Market Insights, Inc., the Battery Packaging Material Market size is likely to exceed USD 11.3 billion by 2026, Heavy product requirement in electronics and automotive industry will drive the product demand.
Packaging industry has spread in all sections of various end-use industries such as pharmaceutical, food & beverage, automotive etc. Batteries are a significant element of our regular day to day lives and the rising entrance of batteries across myriad industries has provoked flooding interest for safe battery packaging framework. Battery packaging producers base their products on versatile packaging materials and solutions for batteries, according to the size requirements.
Escalating demand from automotive industry to propel the product growth
The extensive use of batteries in our regular day to day lives, prerequisite the manufacturers for safe battery packaging. Appealing structures, including straightforward rankle packs have seen developing tendency among battery packaging creators, for better item presentation. Battery packaging makers emphasizes on safe packaging framework, to wipe out synthetic spillage. For instance, wooden crate packaging, corrugated packaging and plastic crate packaging will witness higher consumption in the worldwide battery packaging material market share, over the forecast timespan.
Various devices are presently fitted with in-built batteries, which doesn't require packaging. This may hamper the advancement of overall market including usage of batteries in electronic devices. However, batteries are assessed to witness surging applications over the coming years, which is estimated to boost the widespread development of the global battery packaging material market.
Browse key industry insights spread across 250 pages with 262 market data tables & 24 figures & charts from the report, “Battery Packaging Material Market Size By Battery Type (Lithium Ion, Lead Acid, Nickel Cadmium, Nickel Metal Hydride), By Packaging Materials ( Cardboard, Wood, Foam, Plastics [Polyethylene Terephthalate, HDPE, Polypropylene, PVC]) By Packaging Cases ( Corrugated, Wooden Boxes, Plastic Cases), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Lead acid batteries will witness a substantial growth over the forecast period
In accordance to the battery types, it is categorized into lithium-ion, nickel cadmium, lead acid and nickel metal hydride. Lead acid was responsible for over 19% share in 2019 out of the total market demand. Factors effecting the demand for lead–acid batteries are developing SLI applications in the manufacturing of vehicles, development of sustainable energy creation, and heavy usage of power storage gadgets. Improvements in the telecom business in nations, such as India, the U.S., the UK, and Brazil are exhibiting greater requirements for UPSs as backup power. This stimulates prevalent reception of lead–acid batteries as a cost-effective power source. Nevertheless, surging usage of lithium-ion batteries in similar applications may hamper the battery packaging material market growth in the future years.
Demand for the wood packaging material for batteries will surge
Based on the packaging materials used for shipping batteries, the battery packaging material market is divided into wood, cardboard, plastics and foam. Plastic materials are further classified into PVC, polypropylene, HDPE, polyethylene terephthalate and few others such as polystyrene, LDPE, etc. Wood is the main raw material for wooden cases and can be made from an assortment of wood types. Moreover, the raw material of wooden cases is easily accessible and are eco-friendly. There is a choice of customization to manage with the clients' prerequisites. The logistics industry is inclined towards the utilization of wooden crates as they are natural product and the handling cost is economical compared to various other materials.
Wooden boxes will witness a sturdy growth for its eco-friendly nature within the battery packaging material industry
On the basis of packaging cases, battery packaging predominantly uses wooden boxes, corrugated packages and plastic cases. Wooden boxes are expected to be the fastest growing packaging case type exhibiting a CAGR of over 4% till 2026. Wooden boxes being sturdy and ready to deal with transportation of volatile substances are the potential packaging alternative as they are made as per the size, and weight limit of the item to be shipped. It permits the item to be moved securely with no damage to the item. It also provides good ventilation for the item in transit.
Europe will be a prominent region for battery packaging material market
Europe is a major region for the product market covering more than 22% market share in 2019. It is likely to observe a sustained development rate in the forecast timeframe owing to the blooming demand for electric vehicles in the region. The distinctive players in the European region are concentrating on new mechanical advancements to aid the development of the battery packaging material market in the region.
The key players in the battery packaging material industry are Nefab, Ball Corporation, Fedex, Amcor, DHL, Crown Holding, United Parcel Service (UPS), Owens-Illinois, Rogers Corporation, etc.
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