Transparency Market Research offers a comprehensive outlook of the global container glass market in its latest research report. In terms of revenue, the global container glass market is estimated to expand at a CAGR of 5% during the forecast period. TMR focuses on the various drivers and restraints in the market that are expected to define the trajectory of this market in the coming days.
According to the report, the market will be driven by growing awareness about using eco-friendly materials for packaging as landfills continue to overflow with plastic. This has led to growing adoption of container glass in packaging of consumer goods, pharmaceuticals, and several items belonging to the food and beverages industry.
On the basis of end use, the global container glass market is segmented into packaging, beverage packaging, cosmetic and perfumery, pharmaceuticals, and others. TMR anticipates that the food and beverage industry will lead the market as the sales of sauces, condiments, and drinks both alcoholic and nonalcoholic continue to soar. As an essential, the demand for packaged food and beverages will drive the revenue for container glass at an exponential rate throughout the forecast period.
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The pharmaceutical industry to is projected to be a key consumer of container glass as syrups and wide range of medicines are preferably stored in glass bottles. As race to develop and commercialize COVID-19 vaccine intensifies, labs are expected to show a high demand for vials, which use container glass. Thus, the market stands to benefit as pharmaceutical industry stays ahead to find a cure for the pandemic.
Global Container Glass Market Dynamics
The demand for container glass is expected to surge in the coming years as packaging solutions witness a paradigm shift with sustainability awareness. From mason jars to bottles, the demand for container glass will be felt strongly in the food and beverage industry. Increasing number of restaurants and soaring demand for alcoholic and nonalcoholic beverages are expected to lead this market to new heights of success.
Global Container Glass Market: Region-wise Analysis
Asia Pacific dominates the current global container glass market and is expected to continue its dominance in terms of both revenue generation and CAGR. India and China are anticipated to create significant opportunities as the countries continue to manufacturing hubs. Thus, Asia Pacific is expected to hold a significant share during the forecast period. Furthermore, strong product innovation among manufacturers with new designs and quality material are expected to boost the market during the forecast period.
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Container Glass Market: Key Players
Some of the key players operating in the global container glass market are Gerresheimer AG, Owens-Illinois, Inc., Hindusthan National Glass & Industries Limited, Nipro Corporation, Vidrala S.A., Vitro, S.A.B. de C.V., Nampak Ltd, Becton, Dickinson and Company, Consol Glass (Pty) Ltd, Saverglass Group, BA Glass, Adelphi Healthcare Packaging, Wiegand-Glas GmbH, and Schott AG
Business expansion through collaborations to increase the global footprint will be a key strategy used by players in the market. For instance, in 2019, Piramal Glass Ltd. invested US$ 16 Mn in Kosamba, its India-based container glassmaking site to add three more production lines in order to meet the soaring demand.
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