Battery Packaging Market: Research Outlook & Market Overview

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. According to MarketsandMarkets research report it expects that 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.

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Purified Terephthalic Acid (PTA) Market | Projected to Reach 61.78 Billion USD by 2023| at a CAGR of 5.1%

The Purified Terephthalic Acid (PTA) market is estimated to be USD 48.14 billion in 2018 and is projected to reach USD 61.78 billion by 2023, at a CAGR of 5.1% from 2018 to 2023. PTA is an organic compound produced commercially through the oxidation of paraxylene by oxygen in air. A majority of PTA is consumed in the development of polyester resins, such as polyester films, polyester fiber & yarn, and PET material bottles. PTA is also used as an intermediate in the manufacturing of liquid crystal polymers, plasticizers, polybutylene terephthalate, and others (that include cyclohexane dimethanol, terephthaloyl chloride, polytrimethylene terephthalate, and copolyester ether elastomers).

Asia Pacific is the largest market for PTA. The increasing consumption of PET material bottles and the rising demand for PTA from the packaging industry are key factors driving the growth of the Asia Pacific purified terephthalic acid market. Rapid industrialization in Asia Pacific countries is also fueling the growth of the purified terephthalic acid market in this region.

Based on application, the polyester segment of the purified terephthalic acid market is projected to grow at the highest CAGR during the forecast period. Polyester is classified into 3 grades, namely, fiber & yarn grade, Polyethylene Terephthalate (PET) grade, and film grade. PET resins are used as packaging materials for food & beverage products, such as chips, pickles, jams, fruit juices, and soft drinks. PET is replacing traditional packaging materials, such as glass, paper, metal, and aluminum, owing to its properties that include high strength, lightweight, improved clarity, long-term durability, and improved design plasticity. The unique properties of PET and its eco-friendly nature have contributed to PET resins becoming the preferred choice of packaging material. The growth of the polyester application segment can be attributed to the increased consumption of packaged food & drinks and rise in per capita income of consumers. 

The South America purified terephthalic acid market is projected to grow at the highest CAGR during the forecast period. The presence of key manufacturers of PTA such as Petroquimica Suape (PQS) (Brazil), Alpek (Mexico), and Artland (Japan) in South America is projected to drive the growth of the purified terephthalic acid market in this region.

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Aroma Ingredients Market: Key Revenue Pockets & Industry Outlook

Rising demand for personal care products across the globe is expected to drive the growth of the aroma ingredients market, worldwide

The aroma ingredients market is expected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5% between 2018 and 2023. The market has been segmented based on type, application, and region. Based on type, the synthetic ingredients segment of the market is projected to grow at the highest CAGR, in terms of value between 2018 and 2023. The growth of the synthetic ingredients segment of the aroma ingredients market can be attributed to its low cost, high performance, and easy availability.

Aroma ingredients are defined as organic compounds with a defined chemical structure which are isolated from microbial fermentation, plant or animal sources, or produced by organic synthesis. The increasing demand for personal care products, coupled with changes in lifestyles and consumer preferences is fueling the growth of the aroma ingredients market. However, the requirement of significant investments in R&D and stringent governmental regulations are hampering market growth. 

Based on application, the toiletries segment of the aroma ingredients market is projected to grow at the highest CAGR in terms of value between 2018 and 2023. Due to the increasing purchasing power of the middle-class population, there is a rise in the demand for soaps, shampoos, conditioners, and hygiene products in emerging countries, which in turn, is fueling the growth of the aroma ingredients market in the toiletries application.

The APAC aroma ingredients market is projected to grow at the highest CAGR in terms of value, between 2018 and 2023. Increasing disposable incomes of middle-class populations in emerging economies of the APAC region, coupled with the flourishing personal care industry, make the region an attractive market for aroma ingredients. Growing demand for personal care and hygiene products in the region are also leading to high consumption of aroma ingredients in this region.

The key players in the aroma ingredients market include Symrise (Germany), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet SA (France), T. Hasegawa Co., Ltd. (Japan), Frutarom (Israel), Givaudan (Switzerland), Firmenich SA (Switzerland), and International Flavors & Fragrances Inc. (US).

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Plastic straps Market: What are the major growth strategies prevalent in the industry?

Plastic straps are flat and flexible materials, which are used for packaging and bundling things together. Plastic straps are made from several types of polymers such as polyester, polypropylene, nylon, composite, and others. This report estimates the size of the plastic straps market based on type, end-use industry, and region. The plastic straps market is projected to grow from USD 1.55 billion in 2018 to USD 3.68 billion by 2023, at a CAGR of 18.8% between 2018 and 2023. The growth of the plastic straps market can be attributed to the increasing demand for plastic straps from the automotive, building & construction, and beverage industries. This increased demand for plastic straps from different end-use industries is due to various properties offered by these straps that include excellent tensile strength, improved flexibility, and ease of recyclability, among others. However, the fluctuating prices of raw materials used for manufacturing these straps are expected to restrain the growth of the plastic straps market across the globe.

The Asia Pacific region led the plastic straps market in 2017, in terms of value. It was followed by the European and North American regions. The growth of the Asia Pacific plastic straps market can be attributed to the increased demand for plastic straps from China. The economic growth of China is boosting the growth of the steel and construction industries in the country, thereby leading to high consumption of plastic straps in these industries. The Asia Pacific plastic straps market is projected to grow at the highest CAGR, in terms of value from 2018 to 2023. The support of governments of different countries of the Asia Pacific region, flourishing manufacturing industry in the region, and rising investments for the production of plastic straps in emerging economies such as China, India, and South Korea are contributing to the growth of the Asia Pacific plastic straps market. The plastic straps markets in the European and North American regions are relatively mature.

Among types, the polyester straps segment of the plastic straps market is projected to grow at the highest CAGR, in terms of value during the forecast period. The polypropylene straps segment is projected to lead the plastic straps market from 2018 to 2023, in terms of value. Polyester straps have excellent dimensional stability, high tensile strength, low moisture absorption, good chemical resistance, excellent electrical properties, superior ultraviolet resistance, and good gas barrier properties as polyester is a high-performance thermoplastic manufactured from dimethyl terephthalate and ethylene glycol. These straps are used for heavy, shrinking, and/or settling loads that require materials, which can handle high tension and possess great elongation and recovery properties.

Based on end-use industry, the paper segment is projected to lead the plastic straps market from 2018 to 2023, in terms of value. The cotton segment of the market is projected to grow at the highest CAGR, in terms of value during the forecast period. Several manufacturers of plastic straps that include Crown Holdings and FROMM Packaging are establishing new production plants and innovative technologies in line with the increasing demand for plastic straps from various end-use industries such as automotive, paper, fiber, and cotton.

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TRIACETIN MARKET - NEW REVENUE POCKETS

The triacetin market is projected to reach USD 309.9 million by 2022, at a CAGR of 4.8% between 2017 and 2022. A key factor contributing to the growth of the triacetin market is the increased demand for triacetin from the tobacco, food & beverage, pharmaceutical, and cosmetic industries.

In terms of value, the tobacco grade segment of the triacetin market is projected to grow at the highest CAGR during the forecast period. According to a study by The Tobacco Atlas, 5.8 trillion cigarettes were smoked globally in 2014. The tobacco grade triacetin is used as a plasticizer in cigarette filters rods. The growing consumption of cigarettes around the globe is driving the growth of the tobacco grade segment.

Among end-use industries, the tobacco segment is projected to lead the triacetin market during the forecast period, in terms of value. According to a study, the market size of the tobacco industry is around USD 800 billion. The tobacco industry is an important contributor to the economies of many countries. The growth of the tobacco industry across the globe has boosted the consumption of triacetin. According to British American Tobacco, there are an estimated one billion adult smokers worldwide. Triacetin is used in many applications as a plasticizer, including in cellulose acetate filters or cigarette filter rods. Chewing gum is another application which majorly uses triacetin as a plasticizer. Based on product type, the plasticizer segment is projected to lead the triacetin market during the forecast period, in terms of value.

In terms of value, the Asia Pacific triacetin market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific triacetin market can be attributed to the region’s growing economies, such as China, India, Japan, Australia, and South Korea, and increasing disposable income. Increasing demand from end-use industries has also fueled the growth of the triacetin market in Asia Pacific.

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PET PREFORMS MARKET – INDUSTRY INSIGHTS & GLOBAL FORECAST TO 2022

The global PET preforms market was valued at USD 17.14 billion in 2016 and is projected to reach USD 23.35 billion by 2022, at a CAGR of 5.31% from 2017 to 2022. PET preforms are unfinished PET bottles with varied neck sizes. PET preforms differ in size, color, and weight.

The growing demand for PET preforms from the manufacturing industry in Asia Pacific, especially in emerging economies, is contributing towards the growth of the global PET preforms market.

Based on type segment, the Type 2 (Alaska/Bericap/Crown Obrist/Others) PET preform segment of the global PET preform market is projected to register the highest CAGR during the forecast period. This PET preform type is used for packaging of water. The growth of this segment is driven by the shifting trend in drinking habits of the people to consume more hygienic and clean drinking water.

Based on application segment, the carbonated soft drinks segment of the global PET preforms market is projected to grow at the highest CAGR during the forecast period. Consumers are looking for a packaging material which is both affordable and easy-to-handle. Since PET is an answer to both these requirements, PET preforms are preferred for the packaging of carbonated soft drinks. This factor acts as a key growth driver for the PET preforms market for the carbonated soft drinks application segment.

In 2016, Asia Pacific accounted for the largest share of the global PET preforms market, followed by Europe. However, the PET preforms market in Middle East & Africa is projected to grow at the highest CAGR during the forecast period. The high demand for PET preforms in Asia Pacific is attributed to the demand for beverages from countries, such as China and India. This factor is driving the growth of the PET preforms in this region as both these countries have the world’s largest consumer base in terms of population.

Market players have adopted both organic and inorganic growth strategies, such as regional expansions, mergers & acquisitions, and new product developments, to expand their businesses worldwide. Increasing consumer awareness regarding health and hygiene and rising demand for clean drinking water has changed the drinking habits of the consumers. This has shifted their focus towards packaged beverages, and hence the demand for PET preforms used in the packaging of non-carbonated drinks such as bottled water, juices, energy drinks, and drinking milk products is expected to grow rapidly. 

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MASTERBATCH MARKET - KEY REVENUE POCKETS

Replacement of metals with plastics for the automotive application and widely preferred coloring method are factors that are expected to drive the growth of the global masterbatch market

The global masterbatch market was valued at USD 10.45 billion in 2017, and is projected to reach USD 13.41 billion by 2022, at a CAGR of 5.1% from 2017 to 2022. This market has been segmented on the basis of type, polymer, application, and region.

Based on type, the color segment of the global masterbatch market is expected to grow at the highest CAGR between 2017 and 2022. This growth is mainly attributed to the increasing applicability of color in packaging, building & construction, consumer goods, automotive, agriculture, and textile among others. In addition, technological advancements in the color masterbatch market have enabled the development of a wide range of colors and improved the efficiency of end-use products.

Based on polymer, the LDPE & LLDPE segment of the global masterbatch market is expected to grow at the highest CAGR during the forecast period. These types of polymers offer superior physical properties such as impact resistance, tensile strength and also help in reducing processing cycle time. These are used for various applications, such as, packaging consumer goods, automotive, agriculture, and others.

Based on application, the packaging segment is projected to grow at the highest CAGR between 2017 and 2022. This growth is mainly attributed to the rising demand in retail, industry, and institutions. The increase in handling and transport of goods due to globalization, liberalization, changing consumer lifestyles, and economic development has led to the increase in demand for better protection and handling of goods.

The Asia-Pacific region is projected to be the fastest-growing masterbatch market. The growth of the masterbatch market in the Asia-Pacific region is primarily attributed to the increasing demand for masterbatch in the packaging application.

Some of the key players operating in the global masterbatch market are Clariant AG (Switzerland), A. Schulman Inc. (U.S.), PolyOne Corporation (U.S.), Ampacet Corporation (U.S.), Penn Color, Inc. (U.S.), Plastiblends India Ltd. (India), Tosaf Group (Israel), Hubron (International) Ltd. (U.K.), Cabot Corporation (U.S.), and Plastika Kritis S.A. (Greece), among others. Most companies have adopted new product developments, expansions, mergers & acquisitions, agreements, and partnerships as key strategies to enhance their shares in the global masterbatch market.

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