Battery Packaging Market size was over USD 29.79 billion in 2023 and is projected to reach USD 134.59 billion by 2036, growing at around 12.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of battery packaging is assessed at USD 32.72 billion.
The global battery packaging market is thriving on the back of growing demand for different battery types, mostly driven by automotive starter batteries, portable computers and cell phones, high-power applications like electric vehicle batteries (EVBs) or storage for renewable energy sources amongst consumers around the globe. Additionally, innovations in cell chemistries and package design have significantly helped to alter low volume manufacture to mass production and thereby bring high-power batteries to viable markets. Such a factor has also helped to attain the goal of differentiating various battery packaging types and also contribute towards the manufacturability, varied production processes and deployment of various equipment as well as induce factory automation for the packaging of batteries. Moreover, different cell chemistries have also helped to define the essence of a battery and thereby lay the foundations for the suitability of batteries for a specific application, generating the need for varied packaging form
Growth Drivers
Significant transformation has been observed in the field of consumer electronics in the past couple of decades. Several technological advancements have helped the consumer electronics industry to develop several new products which found wide acceptance amongst the consumers. Products such as smart speakers have changed the way how consumers experienced music. Similarly, the development of juice pack access portable battery cases have helped users to transform their traditional battery packs to smart cases. Moreover, wide acceptance of smart wearable devices amongst consumers on the back of increasing concern for health, and other consumer electronic goods, such as drones, along with medical health devices, such as cardiac pacemakers, batteries are used in almost every consumer goods in varied form and shape. The growing demand for consumer electronics, coupled with technological advancements in consumer electronic goods is anticipated to raise the demand for a greater number of battery forms varying in size and shape, thereby generating the need for packaging of the varied forms of batteries. Such factors are anticipated to drive the growth of the global battery packaging market during the forecast period.
Increasing investments across nations for the deployment of solar plants and wind mills on the back of growing concern for the environment amongst nations around the globe is anticipated to raise the demand for batteries that are deployed to store the electrical energy produced by the sustainable energy sources. Rising adaptation of smart cities across economies and the deployment of numerous IoT goods that are powered by batteries as an alternative storage source of energy to support the development of smart cities are anticipated to impact positively towards the greater consumption of batteries across the sector. The utilization of numerous forms of batteries across these sectors is thereby expected to raise the investments of battery manufacturers so as to mitigate the demand for the varied battery forms that are deployed in the various sectors. Such a factor is anticipated to drive the growth of the global battery packaging market in the upcoming years.
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
12.3% |
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Base Year Market Size (2023) |
USD 29.79 billion |
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Forecast Year Market Size (2036) |
USD 134.59 billion |
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Regional Scope |
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The battery packaging market is segmented by battery type into lithium-ion and lead-acid, out of which, lithium-ion battery segment is anticipated to hold the largest market share on the back of rising demand for energy storage applications across consumers, for instance, e-bikes, e-vehicles, smartphones, laptops and other electrical consumer goods. Additionally, increasing use of lithium-ion battery in an immense range of daily use products on the back of rising technological advancements is anticipated to raise the demand for increase in packaging of the battery type in the coming years. Moreover, the global lithium-ion battery market is anticipated to record a CAGR of 16.2% over the forecast period 2018-2027 and is expected to reach a market value of USD 72.3 billion by 2027. According to the Consumer Survey statistical report for the month of December 2018 by Statistics Finland, mobile phone contributed to the largest share of equipment (98.9%) that prevailed in households in Finland during the month of November 2018.
Our in-depth analysis of the global battery packaging market includes the following segments:
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By Battery Type |
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By Packaging Level |
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By Casing Type |
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By Packaging Type |
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By Packaging Material
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On the basis of regional analysis, the global battery packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific industry is set to hold largest revenue share by 2036, backed by leading battery manufacturers present in the region, coupled with presence of numerous nations in the region who are leading consumers for automobiles. Additionally, nations such as China is known for its large consumer electronics base, which is also anticipated to contribute towards the growth of the battery packaging market in the region.
Nefab Group announced that it has signed a co-operation agreement with Speed Group so as to combine packaging and logistic expertise in Sweden and abroad.
Amara Raja Batteries Ltd. (ARBL), part of Amara Raja Group and manufacturer of Amaron Batteries announced that it has introduced its batteries in Bangladesh.
Author Credits: Abhishek Anil
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