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.
The cell
& pack packaging segment is estimated to account for the largest share, in
terms of value, of the 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). In 2018, Tesla
identified 2 new strategic locations to establish lithium-ion battery plants,
one in Europe, and the other in Shanghai. All these factors are resulting in
the increasing demand for batteries, which is expected to drive the market for battery
packaging during the forecast period.
In terms of geographic coverage, the
battery packaging market has been segmented into 5 regions, namely, North
America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and
South America., APAC is expected to record the highest growth rate during the
forecast period, due to the presence of leading battery manufacturers in this
geography.
This region is home to some of the
leading battery manufacturers, including Panasonic, Samsung, GS Yuasa, Exide,
and LG, among others. The presence of these large manufacturers has resulted in
increased production and transportation of batteries from this region. This is
driving the battery packaging market in this region.
For more Info Visit Blog: https://chemicalsresearchmarket.wordpress.com/blog/
Comments
Post a Comment