Composite Battery Enclosure Market Estimated to Expand at a Robust CAGR over 2031

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Composite Battery Enclosure Market Introduction

• Composite battery enclosures for EVs, also called frames, boxes or housings, have a primary purpose of holding and protecting battery cells. They are available in different shapes and sizes.
• A composite design battery case is up to 40% lighter while demonstrating similar mechanical properties
• Composite battery enclosure provides various benefits. They save weight, free up design space, boost safety, increase fire safety, improve thermal management, lack of corrosion, and provide high electromagnetic compatibility (EMC). Benefits also include automated production, series production to meet automotive production qualities and quantities, and lightness of weight.
• Aluminum and steel are traditional material choices for battery enclosures. However, composites are likely to provide an improved alternative. This is anticipated to significantly improve the performance of the EVs.
• The global composite battery enclosure market can be segmented based on type and end-use

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Key Drivers of Composite Battery Enclosure Market

• Growth of the automobile industry and strict environmental norms and regulations are key factors driving the composite battery enclosure market. Climate change issues and the expected scarcity of fossil resources have accelerated the search for better concepts for electric vehicles. Composite battery enclosure offers better qualities vis-à-vis conventional enclosure. It also offers better sustainability.
• Rise in usage of composite battery enclosure in electric battery applications is expected to boost the market during the forecast period. Composite battery enclosure are also used in more durable applications such as automotive parts and electric components, where the focus is on the usage of renewable resources.

Restraints of Composite Battery Enclosure Market

• Fluctuation in prices of raw materials is the key restraining factor of the composite battery enclosure market. Growth of the market is also hampered by the high cost of composite battery enclosures over their conventional counterparts. Instability in raw material prices is also likely to hinder the composite battery enclosure market. Additionally, development of substitutes is estimated to hinder the market during the forecast period.

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COVID-19 impact on Composite Battery Enclosure Market

• The COVID-19 outbreak is hampering the demand for composite battery enclosures in many applications. Governments of various countries across the globe enforced lockdown measures to curb the spread of the disease. This resulted in slowdown and even halt in manufacturing operations; restrictions on supply and transport; and infrastructure slowdown, thereby adversely affecting the demand for composite battery enclosure.
• Key players operating in the composite battery enclosure market are primarily tier i and tier ii manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players halted their production output due to the COVID-19 pandemic. Thus, the pandemic has negatively affected the demand and supply chain of these materials.
• The COVID-19 outbreak has directly affected the production and demand for composite battery enclosure. The industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.

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Europe to Constitute Significant Share of Global Composite Battery Enclosure Market

• In terms of region, the global composite battery enclosure market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• Europe is anticipated to dominate the global battery enclosure market during the forecast period, as the region has large installed base of renewable energy and electric vehicles. Rise in stringent environmental norms is also anticipated to boost the demand for batteries in power storage applications in Europe.
• North America is projected to account for vital share of the global battery enclosure market, owing to the presence of large number of EVs and smart devices in the region.

Competitive Landscape of Global Composite Battery Enclosure Market

• Major players operating in the global composite battery enclosure market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations