The growth of the battery packaging material market is driven by its increasing demand for EV batteries in automotive sector throughout the world, says this report.
Selbyville, Delaware, April 05, 2020 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the overall battery packaging material market was estimated at $8.8 billion in 2019 and is expected to hit $11.4 billion by 2026, registering a CAGR of 3.8% from 2020 to 2026. The market report provides a detailed valuation of the top winning strategies, competitive scenario, drivers and opportunities, wavering market trends, market size & estimations, and key investment pockets.
Awareness regarding the use of environmentally friendly items among customers, like the adoption of zero-emission automobiles, and improving government initiatives towards environmental wellbeing are the key factors fueling the advancement of the battery industry as well as the packaging material market.
Other factors that have pushed the development of the battery packaging market include the use of batteries in the automotive sector mainly in electric bikes and electric cars. Moreover, rapidly emerging interest in the use of batteries in the sustainable power industry is another factor that is expected to drive the battery packaging material market development during the estimated time frame.
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In addition, power generation activities are also leading to the requirement for batteries, which is having a direct impact on the demand for battery packaging materials. However, the uncertainties related to the massive initial capital investments are anticipated to restrict the market growth. Furthermore, considering the immediate future, the coronavirus pandemic is likely to be a major growth-hindering factor for the battery packaging material market.
Key reasons for battery packaging material market growth
- Growing demand from users of energy storage units.
- Rising demand for EV batteries in the automotive industry.
- Increasing demand across APAC, led by Japan, China, and South Korea.
2026 forecasts anticipate the ‘plastic’ packaging cases segment showing appreciative growth
With respect to packaging cases, the market is categorized into corrugated packages, plastic cases, and wooden boxes. Among these, the plastic cases segment is anticipated to grow substantially in the forecast time period with a CAGR of more than 3%. Globally, consumers have shown a preference for plastic-based packaging materials for batteries, since these plastic cases are considerably easier to handle while also being lightweight.
North America battery packaging material industry to grow at a considerable rate
North America is likely to grow with a CAGR over 3.5% over 2020-2026. Numerous technological advancements in packaging procedures across the region are providing enhanced properties like product quality data, traceability and promise minimum harm to the packaged materials. A key factor that is projected to lead to the growth of the battery packaging material market share is the rising adoption of next-generation packing methods in the region.
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Leading market players
The key players include in battery packaging material industry are Rogers Corporation, DHL, Owens-Illinois, United Parcel Service (UPS), Nefab, FedEx, Amcor, Ball Corporation, and Crown Holding among others. These players have adopted various strategies including partnerships, collaborations, agreements, mergers & acquisitions, and others to gain a strong position in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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