Press release
What's driving the Glass Packaging Market trends? Key Company Profiled - Vetropack Holding, Vidrala, Gerresheimer, Saint-Gobain, Ardagh Group, and Owens-Illinois Inc
Glass Packaging Market
Intensifying beer consumption amongst the emerging nations is likely to propel the glass packaging market development for its extensive use in beer bottle production. Beer consumption rate in India, Romania and Columbia witnessed an annual growth of 6% in 2015. Mexico and Vietnam observed the highest beer consumption rate gains, approximately 6.5% and 7.5% respectively during the same timeframe. Breweries present exclusive glassware for every brand of beer served by them. Contributing to the promotional activities, industry participants tend to engineer the bottles before the beer. These trends of beer consumption hike feature a positive outlook for the industry by 2024.
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According to a new research report by Global Market Insights, Inc. Glass Packaging Market size is projected to exceed USD 65 billion. Certain limitations of glass such as transport related difficulties, brittleness and high cost have led to the rising popularity of plastic bottles and metal cans in recent times. Ease of transportation and handling, moldability and other favorable properties of plastics might have a negative impact on the glass packaging market by 2024.
Yet, glass contributed to over 60% share in beer packaging industry in the year 2015 with promising gains in future. The factors like tolerance towards corrosive effect of alcohol, heat-tolerance during the pasteurization process, higher viscosity compared to plastics and recyclability will contribute to the product's usage in packaging during timeframe.
Borosilicate products provides better resistance against shock and hydrolysis, which enables its usage in production of cookware, glassware and laboratory equipment. Soda lime segment has been frequently used in food & beverages sector. This segment is likely to occupy a considerable share of glass packaging market through 2024.
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Considering the applications, the glass packaging market can be divided into pharmaceuticals, food & beverages, alcoholic beverages, beer and other applications including cosmetic products, personal care products, etc. In 2016, beer segment had contributed to over 20% of overall market and is projected to witness CAGR over 4.5% by 2024. Pharmaceuticals sector poses as another key application segment that, in 2016, contributed over USD 3.5 billion in revenue. The segment is set to grow with a CAGR exceeding 4% during the forecast period on account of the increasing product usage in medicine and pharmaceutical drugs packaging.
Geographically, Asia Pacific accounted for more than one-third of the total glass packaging industry. Rising alcohol consumption coupled with advances in pharmaceutical industry will present brighter growth aspects for the regional product market growth by 2024. Growing hospitality & tourism sector in China and India will drive the regional product market in coming years.
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Key market players Amcor Ltd, Consol, Bormioli Rocco SpA, Heinz-Glas GmbH, Hindusthan National Glass & Industries Ltd, Nihon Yamamura, Gerresheimer AG, Ardagh Group, Saint-Gobain S.A., Koa, Owens-Illinois Inc., Stolzle-Oberglas GmbH, Vidrala S.A., Piramal, and Vitro.
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Global Market Insights, Inc.
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About Global Market Insights
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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