A research report by Global Market Insights Inc., estimates the global glass packaging industry would exceed a valuation of $65 billion through 2024.
The glass packaging market is expected to register a highly lucrative period of growth over the forthcoming timeframe owing to the rapidly expanding global healthcare sector. The healthcare sector had witnessed revenue growth surpassing $1.5 trillion in 2016 and is projected to follow a similar growth trend throughout the projected timeframe.
Growing demand for pharmaceutical products and medicines is estimated to be a key factor behind the healthcare industry augmenting the glass packaging industry outlook. The chemical inertness of glass packaging to liquid syrups is expected to further impel revenue growth in coming years.
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In terms of application, the beer segment is projected to record substantial growth over the coming years as beer consumption increases rapidly among emerging economies. The segment is anticipated to grow at a healthy CAGR of more than 4.5% over the coming years. Beer consumption has observed a sharp rise across various regions throughout the world in recent years. In fact, in 2015, Romania, Columbia, and India observed an annual growth rate of 6% in terms of beer consumption.
Meanwhile, Vietnam and Mexico witnessed the highest rate of beer consumption, approximately 7.5% and 6.5% respectively. It is a common practice for breweries to use unique glassware for each beer brand they serve their patrons. Furthermore, contributing to the marketing activities, market players design bottles before the beer. These industry practices coupled with the rising beer consumption trend would hike would foster the segment share over the coming years.
Meanwhile, the pharmaceutical segment is also likely to play a crucial role in facilitating the market expansion owing to the continuously increasing use of the product for packaging pharmaceutical drugs and medicines. In fact, the pharmaceutical segment is anticipated to grow at a healthy CAGR of more than 4% through the projected timeframe.
From a regional frame of reference, the Asia Pacific glass packaging market is estimated to observe massive growth over the coming years, primarily led by India and China. Increasing consumption of alcohol in the region is the key factor proliferating the APAC glass packaging market outlook.
In addition, the region’s continuously evolving and rapidly advancing pharmaceutical sector would open up a plethora of additional growth prospects the coming years. Furthermore, the strong tourism and hospitality sector across crucial economies such as India and China is also projected to trigger an upsurge in glass packaging market size in the region.
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All in all, growing consumption of beer and alcohol across emerging economies, and a rapidly increasing demand for glass packaging from the pharmaceutical sector is expected to drive the overall glass packaging market growth by 2024.
The competitive landscape of the global glass packaging market is inclusive of players such as Vitro, Piramal, Vidrala S.A., Stolzle-Oberglas GmbH, Owens-Illinois Inc., Koa, Saint-Gobain S.A., Ardagh Group, Gerresheimer AG, Nihon Yamamura, Hindusthan National Glass & Industries Ltd, Heinz-Glas GmbH, Bormioli Rocco SpA, Consol, and Amcor Ltd among others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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