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Los Angeles, CA -- (SBWIRE) -- 02/20/2020 -- Battery packaging is a pack of individual battery cells or identical batteries cells. The batteries are packaged in a customizable package depending on the requirements. Price, quality, and attractive designs are the main competitive factors of the battery packaging market. High preference is given to safe packaging as the risk of leakage is reduced
The battery packaging market is valued at US$ 8966 mn in 2019. It is expected that the market will increase at a CAGR of 11.35% reaching US$ 40679 mn by the end of 2026.
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Research Methodology
Analysts at QY Research have published this report after studying global battery packaging market. The report covered an in depth evaluation of the market that includes data from primary as well as secondary resources. The report contains different market segments including types and application from direct and indirect resources. This report includes drivers and restraints to help readers understand the various market trends with present and historical data base. The regional analysis and the competitive outlook will provide in depth market expansion capabilities and strategic insights.
Blister Battery Packaging Segment to Boost the Market for its Safer Packaging
Blister packaging can be really useful especially in the pharmaceutical and battery industries. Blister packaging are getting more popular as the chances of product leakage is low due the high reliability factor and safe packaging. Blister packaging can be manufactured into different sizes and shapes which makes it more customizable. Moreover blister packaging are relatively cheaper than any other form of packaging.
Lithium Ion Batteries Segment to Fuel the Market due to Higher Efficiency Factor
Lithium Ion batteries are getting more popular than lead acid batteries as they have longer lifespan. The lithium batteries also require less amount of maintenance as compared to lead batteries which boosts their performance. In lithium batteries store more solar power which makes them efficient then lead acid batteries. Higher efficiency will give the batteries longer life and faster charging. Moreover, lithium ion batteries have higher energy density which means they have larger amount of storage capacity in smaller space. Due to these factors the demand for batteries will increase eventually the fuelling the battery packaging market further.
Asia Pacific to Dominate the Global Battery Packaging Market due to Rapid Industrial development
Asia Pacific has witnessed a rapid growth in industrialisation especially in consumer and device sector. The demand for electronic devices is the largest in this region. Many of the companies globally outsource battery packaging from Asia Pacific region as their packaging manufacturing rate is high. It is expected that Asia Pacific will dominate the global battery packaging market further during the forecast period.
Other regions to boost the market also include Europe and North America
Global Battery Packaging Market Competitive Analysis
Major industry leader are concentrating on product innovation and development as well as industry expansion and acquisition. One of the leading company in the global battery packaging market is Nefab. In 2019, Nefab announced to have acquired Pacific Coast Packaging that specializes in manufacturing and design of packaging products.
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Other key drivers to fuel the global battery packaging market also include Fedex, United Parcel Services (UPS), DS Smith, DHL, Heitkamp & Thumann Group, Covestro, Manika Moulds, Zarges, Labelmaster, and DGM Services Inc.
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