Battery Packaging Market Size, Share,Growth, Industry, Forecast and outlook (2024-2031)
The "Battery Packaging market" is forecasted to grow at during the forecast period Batteries provide the power source for personal computers, phones, automobiles, and life-saving appliances. However, batteries are classified as dangerous goods, because by definition they produce electricity from a chemical reaction. When improperly handled, packaged, or stored, batteries pose a risk for corrosive chemical and electrical fires. Battery packaging manufacturers focus on customizable packaging solutions for batteries, depending on the size requirement. Battery packaging like bliss boxes, blister packaging, corrugated packaging, and, strip packaging, have increased adoption rate in the global battery packaging market.
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Market Dynamics
Rising awareness of users towards zero-emission vehicles and increasing demand for batteries from the sustainable energy sector are the major driving factors for the market growth. The development of affordable battery storage is increasingly being looked at as an indispensable component of sustainability. Clean, renewable energy sources are needed to help create a sustainable society. Wind energy is harnessed when it is windy, and solar energy creation is dependent on sunlight. Such challenges require a storage solution such as lithium-ion batteries. They enable renewable energy generation to be stored until required.
Increased demand for battery storage can be influenced by government policy, which in turn can result in increased production and falling prices. For instance, Several states have adopted storage mandates and regulations, including California, Hawaii, Maryland, Massachusetts, Nevada, New Jersey, and Oregon.
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Segment Analysis
By battery type, the battery packaging market is segmented into lead-acid and lithium-ion. The global battery packaging market size by battery type and is estimated to reach million by during the forecast period. Lithium-in is expected to grow with a high in the forecast period. Lithium-ion batteries are primarily used in electric vehicles. Increasing the usage of lithium-ion batteries in numerous applications and rise in the growth of automotive and transportation industries worldwide are major factors for the growth of the market. Due to increasing safety concerns raised by the aviation industry, the ICAO/IATA regulations governing the shipping of Lithium Batteries have been tightened and airlines consequently have to enforce these regulations more rigorously. For instance, Lithium metal batteries packed in accordance with Section II of packing instruction 968 (loose lithium metal batteries) are forbidden in the DHL Time Definite Network.
Competitive Landscape
The Battery Packaging market is highly competitive with existing players in the market.Some of the major players include Heitkamp & Thumann Group, United Parcel Service (UPS), Amara Raja Batteries Limited, Coveris Holdings S.A, Graphic Packaging International, Inc., Amcor Rigid Plastics USA, Inc, Tesla, Inc, DHL, Umicore, and Veolia Environnement S.A.UPS has opened a new shipping center in Arlington, workers to facilitate shipments for expanding its connectivity across UPS hubs and transportation networks.
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