June 08, 2020
According to recent study titled ‘Battery Packaging Material Market Size By Battery Type, By Packaging Materials By Packaging Cases, Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global battery packaging material market is expected to record significant growth through 2026.
Escalating demand for battery from various industrial sectors including consumer electronics and automotive, in consort with the focus towards safe transportation of these batteries is propelling the growth of battery packaging material market.
It is known that Li-ion batteries are hazardous and improper packaging and storage can lead to truck fires, retail establishment fires, consumer injuries, and waste facility fires. This emphasizes on the need to use UN-certified packaging material for lithium battering, in turn stimulating the market outlook.
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Notably, right quality of goods lead to loyalty as well as customer satisfaction, hence it is very important for enterprises to deliver products in excellent condition. Improper packaging and uncertainties associated with transportation can damage the goods.
Certain factors play a pivotal role in determining the packaging of the battery. The state of the battery being the first factor. It is necessary to know whether the battery is damaged or defective battery, tested series battery, a prototype, or a waste battery which is to be packed for recycling or disposing. Other aspect is the weight of the battery and the medium of transportation is yet another factor deciding the packaging of the battery.
Speaking of electric vehicles, effective functioning of batteries is of utmost importance. Packaging plays an essential role in maintaining the durability, dependability and safety of the battery. Polycarbonate, a plastic based material, is majorly used by companies owing to its toughness to match customer’s battery packaging requirement.
The report bifurcates global battery packaging material market in terms of battery type, packaging cases, packaging material and regional landscape.
Based on battery type, the market is classified into nickel cadmium, nickel metal hydride, lithium ion, and lead acid. As per the report, nickel metal hydride segment is poised to grow with a CAGR of 5.6% over the study duration.
Speaking of packaging material spectrum, the market is bifurcated into cardboard, foam, plastics, and wood. The foam segment generated over US $1 billion in 2019 and is anticipated to grow substantially over the projected timeframe.
Considering the geographical landscape, in 2019, LATAM battery packaging material market held over 7% volume share and is slated to record significant growth during 2020-2026. Also, Middle East & Africa battery packaging material market is projected to grow with a CAGR of over 2.5% through 2026.
Key manufacturers in global battery packaging material market are Amcor, Ball Corporation, Crown Holdings, Owens-Illinois, International Paper, Reynolds Group, and DS Smith among others.
Major battery packers in the industry are United Parcel Service (UPS), Nefab, Fedex, DHL, Rogers Corporation, Umicore, and Zarges among others.