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Battery Packaging Market worth $36.2 billion by 2023 | Key Players include Nefab Group, United Parcel Service Inc., DHL, Zarges Group, Heitkamp & Thumann Group, FedEx, Rogers Corporation

12-13-2019 06:12 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets

Battery Packaging Market, Battery Packaging

Battery Packaging Market, Battery Packaging

According to recent market research "Battery Packaging Market by Type of Battery (Lithium-ion, Lead-acid), Level of Packaging (Cell & Pack Packaging, Transportation Packaging), and Region (APAC, North America, Europe, South America, Middle East and Africa) - Global Forecast to 2023", 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.

Browse 125 market data Tables and 35 Figures spread through 149 Pages and in-depth TOC on "Battery Packaging Market - Global Forecast to 2023"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/battery-packaging-market-140916712.html

Battery packaging includes the casing of cells, packaging of modules, and transportation packaging. The packaging material varies based on the type of battery. For instance, polypropylene is used in lead-acid battery casings, while aluminum is used as a packaging material for lithium-ion batteries. Batteries are classified as dangerous goods for transportation due to their volatile nature, and are thus subject to various packaging and transportation regulations based on the mode of transport. Batteries are prone to chemical hazards, electrical hazards, and failure of battery management system. This includes electrolyte leakage, heat production, venting of gases, fire, and explosions. Therefore, battery casing and packaging is critical in the manufacturing of batteries. The battery market is growing rapidly due to demand from end-use industries such as energy storage and automotive, among others. MarketsandMarkets expects the battery packaging market 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.

Based on type of battery, lithium-ion battery packaging is estimated to be the largest segment of the battery packaging market in 2018. In terms of value, it is estimated to account for largest share during the forecast period. The world is mobilizing itself towards a society dominated by sustainable energy and sustainable transport. Use 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. Harnessing alternative energy requires storage of this energy, such as in the form of a battery. This is leading to the increasing production and transportation of batteries globally.

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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.

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. These players have adopted expansion, investment, acquisition, partnership, agreement, and joint venture strategies. The battery packaging market is witnessing high growth as various companies have expanded their areas of operation and production capacities to strengthen their market position. Expansions and acquisitions have been the most dominant strategy adopted by major players from 2014 and 2018. In July 2018, Smurfit Kappa acquired Reparenco (Netherlands) for USD 538.4 million. This acquisition is in line with the company’s strategy to increase its capacity for recycled containerboard in Europe. This strategy was also undertaken by DS Smith in June 2018, when it acquired Europac (Italy), a leading player in the Western European packaging market, for USD 2.2 billion. This acquisition will bolster DS Smith’s presence in Western Europe’s fast-growing packaging market.

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To capitalize the growing demand for batteries, leading players are expanding their production capacities. In June 2018, UPS opened a new shipping center in Arlington, Texas (US) by investing USD 200 million. This facility created employment for around 1,400 workers to facilitate shipments. This expansion comes as a strategic investment by UPS to improve its efficiency and connectivity across UPS hubs and transportation network. In May 2017, UPS constructed a new distribution center in Edgerton, US. This development helped the company expand its Kansas operations and facilitate smoother shipments. In January 2017, H&T Nevada (US), a business unit of H&T, started its production facility in Gigafactory jointly with Tesla (US). This new production facility is embedded in the production line of Tesla, creating a synergy. This development helped H&T increase its market presence in the cell packaging segment.

In January 2014, H&T Dongguan (China) expanded the production capacity for cans as well as for flat parts used in batteries. This production facility helped H&T achieve its ambitious growth strategy, making it become a leading player in the supply of metal components for the lithium-ion battery technology used in hybrid and battery electric vehicles.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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