According to a report,“Glass Packaging Market Analysis By Application (Food and Beverage, Beer, Pharmaceuticals) And Segment Forecasts To 2020” , published by Grand View Research, Inc., The global glass packaging market is expected to reach USD 68.4 billion by 2020. In addition, the increasing preference towards use of glass in packaging of food and beverage, pharmaceuticals and cosmetics is further expected to boost the market in the near future.
Global glass packaging market volume was estimated to be 47,000 kilo tons in 2013 and is expected to reach 60,846.5 kilo tons by 2020, growing at a CAGR of 4% from 2014 to 2020.
Key Takeaways from the report:
Asia Pacific is expected to maintain leadership position in the market, and is estimated to account for close to 38% of the global glass packaging demand by 2020. Europe, which is the second largest market, is expected to play a key role in boosting the demand for glass packaging owing to the increased beer consumption from countries of Eastern Europe.
Asia Pacific is also expected to be the fastest growing regional market over the next six years, growing at an estimated CAGR of 4.2% in terms of volume from 2014 to 2020.
The global glass packaging market is highly fragmented, with a couple of companies having significant share of the market, in comparison to numerous companies catering to the local markets. OI or Owens Illinois Inc and Saint Gobain are the key players in the glass packaging market catering to majority of the application segments. Other key companies in the market include Ardagh, Vidrala and Vetropack among.
North America glass packaging market revenue by application, 2012-2020, (USD Million)
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Alcoholic Beverages were the largest consumers of glass packaging and consumed over 25,000 kilo tons of glass in 2013. Beer is expected to witness fastest growth at an estimated CAGR of 4.2% from 2014 to 2020. Pharmaceuticals along with food and beverage were the other large application segments for glass packaging and are expected to witness substantial growth over the next five years. However, the substitution of glass by plastic as a medium of packaging is expected to be a key restraint for the growth of the market.
Grand View Research has segmented the global Glass Packaging market on the basis of application and region:
Glass Packaging Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
Beer
Food and Beverage
Pharmaceuticals
Alcoholic Beverages
Others
Glass Packaging Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
North America
Europe
Asia Pacific
RoW
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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