MarketsandMarkets’ research report, “Battery Packaging Market by Type of Battery, Level of Packaging, and Region - Global Forecast to 2023”, projects the battery packaging market to grow from $20.6 billion in 2018 to $36.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.0%. The growth is attributed to the increased consumption of batteries in the automotive, energy storage, and consumer electronics industries.
- Based on type of battery, lithium-ion battery packaging is expected to account for the largest share of the Battery Packaging Market during the forecast period.
- The cell & pack packaging segment is expected to dominate the global Battery Packaging Market during the forecast period.
- Significant capital investments are being made by leading lithium-ion battery manufacturers globally. For instance, most leading Asian battery manufacturers, such as Samsung, LG, SK Innovation, and GS Yuasa, have planned investments in various parts of Europe (Poland, Hungary).
- The Asia Pacific region is expected to hold the largest market size in the Battery Packaging Market during forecast period.
- 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.
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