Battery Packaging Market Worth $36.2 Billion by 2023 - Exclusive Report by MarketsandMarkets

CHICAGO, November 5, 2018 /PRNewswire/ --

According to the new market research report "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" published by MarketsandMarkets, 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.

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Browse in-depth TOC on "Battery Packaging Market" 

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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.

Lithium-ion batteries have higher efficiency, energy density, and cycle life compared with other types of batteries. Electric Vehicles (EVs) are replacing Internal Combustion Engine (ICE) vehicles. The adoption of EVs is fueling the demand for batteries, which subsequently is driving the Battery Packaging Market. Due to their superior performance characteristics, they are preferred in the energy storage application.

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). 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.