The global glass packaging market size is projected to reach USD 81 billion by the end of 2027. The rising demand for glass material across the world will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Glass Packaging Market Size, Share & Industry Analysis, By End-use Industry (Alcoholic beverages, Food, Non-Alcoholic beverages, Pharmaceuticals, and Others), and Regional Forecast, 2019-2027,” the market was worth USD 60.32 billion in 2019 and will exhibit a CAGR of 3.95% during the forecast period, 2019-2027.
The rising demand for glass and glass material is consequential to the lesser environmental effects it has. The exceptional properties of this material including rigidity and durability will contribute to the growing demand. The high investment in the research and development of efficient glass material, coupled with the presence of several large scale manufacturers across the world will aid the growth of the overall market in the coming years. The adverse effects of plastic and the strict regulations imposed by governments of several countries towards the use of plastic will lead to a huge adoption of glass as alternative solution to plastics. The product is most widely used in the food and beverage industry for beverage supply and distribution. The increasing consumption of bottled and packaged beverages will aid the growth of the overall market in the foreseeable future.
Increasing Efforts to Maximize Glass Packaging Use Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the growing efforts put in to maximize the use of glass by major companies as well as governing bodies across the world will have a huge impact on the growth of the market. This will also influence the companies operating in the market towards making large investments in the development of efficient products. In March 2020, BG Container Glass announced that it has allocated USD 92.2 million for the acquisition of 3 companies engaged in manufacturing of glass packaging. The company claims that it will look to decrease its dependency on external sources and in-house capabilities. These three firms are associated with labels, lids, and boxes for glass packaging. Through the acquisition of these three companies, BG Container will look to establish a stronghold in the market.
List of companies profiled in the market:
- Ardagh Group S.A. (Ireland)
- Anchor Glass Container Corporation (BA Glass B.V.) (U.S.)
- Verallia (U.S.)
- Owens-Illinois Inc. (U.S.)
- TOYO GLASS CO.,LTD. (Japan)
- Heinz Glas GmbH (Germany)
- Vetropack Group (Switzerland)
- AGI Glasspack Ltd. (India)
- Yantai NBC Glass Packaging Co., Ltd. (China)
- Yantai Changyu Glass Co., Ltd. (China)
Information source :
https://www.fortunebusinessinsights.com/glass-packaging-market-102812
