The global size is projected to reach USD 81 billion by the end of 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.
List of top companies profiled in the glass packaging market are:
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)
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.
Browse Summary of This Research Insights with Detailed TOC:
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 the 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.
Asia Pacific Accounts for Dominant Share; Huge Consumption of Bottled Beverages will Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, the market in Asia Pacific is projected to emerge as the dominant region in the coming years. The increasing consumption of bottled beverages in several countries across this region will aid the growth of the regional market. The rising consumption of alcoholic beverages and the use of glass packaging material in the beverages industry in India will contribute to market growth. Furthermore, strict government regulations regarding the use of plastic and plastic bans in several countries will emerge in favor of the growth of the market in this region. As of 2019, the market in Asia Pacific was worth 22.20 billion and this value is projected to increase further in the coming years. The market in North America will also witness considerable growth driven by the presence of several large scale companies in this region.