Lithium Ion Battery Packaging is anticipated to have CAGR of ~5.8% over 2019-2028. The growth in the awareness of users towards the major concern, i.e., zero emission vehicles is anticipated to contribute to the help the industry to boost in the forecast period. The surge in the demand for batteries from the sustainable energy sector is expected to propel the industry in the next few years. Furthermore, the rising concern for safeguarding the environment and minimizing the cause that can affect it badly is expected to contribute the industry to grow lucratively. The development of affordable battery storage is progressively being looked at as an indispensable component of sustainability.
Top Driver: Increase Application of the Batteries to boost the industry
Lithium Ion Battery Packaging is projected to grow with the surge in the applications of the batteries in various industries which include automotive industries, consumer electronics, and other industrial purpose. This expansion in the applications would help the industry grow lucratively in the forecast period. Furthermore, the key reason is that lithium-ion batteries are used in almost all the industries due to its higher density and better efficiency characteristics. The growing popularity of the electric vehicles is anticipated to propel the industry in the coming years.
Automotive to Make Crucial Contribution to Growth of Global Lithium Ion Battery Packaging Market
Among application segments of the global Lithium Ion Battery Packaging market, Automotive is estimated to experience the highest growth rate in the forecast period. The growth in the demand for automotive sector, owing to the increase in the transportation and outreach for various purposes would help the industry grow significantly in the coming years. The rise in the number of companies that require automotive industry to rely on for transportation of raw materials, and finished products which would boost the industry growth in the next few years. The Industrial segment is anticipated to gain highest CAGR due to the surge in demand for automation in every aspect would help the industry flourish.
Increase in the disposable income to Benefit Asia-Pacific Market
Asia-Pacific is experiencing highest revenue growth than any other country and is anticipated to boost further in the coming years. This owes to the surge in the demand posed by the increased population for the automotive, industrial purposes would help the industry to grow in the forecast period. The countries under the region are adapting various strategies to double their production output, which significantly would help the industry flourish in the near future. Furthermore, the North American region is expected to experience highest CAGR due to the rise in the adoption of technologies that are environment friendly would help the industry propel in the coming few years.
Due to outbreak of COVID-19 the Lithium Ion Battery Packaging market is estimated to experience a downfall due to the lockout situation. However, the growth in the innovation for environment friendly alternatives attributed to the growth of the market in the forecast period.
Players to Focus on Lithium Ion Battery Packaging
The global Lithium Ion Battery Packaging market leaders include United Parcel Service, ALLCell Technologies, Heitkamp & Thumann Group, Rogers Corporation, Amara Raja Batteries, Tesla, Inc., Zarges, Veolia Environnement S.A., Targray, and Fedex.
Schneider Electric: In March 2016, Schneider Electric, a global specialist in energy management and automation, announced that it will support the use of lithium-ion (Li-ion) batteries as an alternative to Valve Regulated Sealed Lead-Acid (VRLA) batteries for many of its three-phase uninterruptible power supplies (UPSs).
AllCell Technologies, LLC: In May 2015, AllCell Technologies, LLC, a Chicago-based Lithium-ion battery pack manufacturer for smart-grid, autonomous and light electric vehicle applications, and LG Chem Ltd. have developed a high performance long lasting Li-ion battery for material handling applications. The battery is built with LG’s cylindrical 18650-format Li-ion batteries and AllCell’s proprietary passive thermal management technology with phase change composite (PCC).
Rogers Corporation: In December 2014, Rogers Corporation, a global leader in engineered materials solutions, announced that it had signed a definitive agreement to acquire Arlon, LLC, currently owned by Handy & Harman Ltd., for $157 million, subject to closing and post-closing adjustments. The transaction, which is subject to regulatory clearances, is expected to close in the first half of 2015.
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