Glass Packaging Market growth drivers in 2017 & Challenges by 2024

Glass Packaging Market has been undergoing a plethora of changes over the recent years with regards to innovations, enhanced branding, and unconventional packaging formats. Glass being 100% recyclable, is one of the most trusted and proven packaging solutions related to health, taste, and sustainability. In fact, statistics claim that glass is the only extensively used food packaging material that have been granted with the highest standard certification, ‘GRAS’ (as a recognized safe material) by the Food and Drug Administration. 

The impermeable and chemically unreactive characteristics of glass materials is further enhancing the application scope of glass material packaging industry across various domains, pharmaceutical and alcoholic beverages being at the pinnacle.  As per a recent market speculation put forward by Global Market Insights, Inc., global glass packaging industry will surpass a valuation of USD 65 billion by the end of 2024, with an estimated CAGR of 4.5% over 2017-2024.

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Worldwide, glass packaging industry is fragmented with leading six companies representing only 30% of the revenue share. In this competitive scenario, it has been observed that industry biggies are adopting mergers and acquisitions and strategic collaborations to sustain their geographical presence.  Companies are continuously trying to expand their production capacities by incorporating innovative products that are highly customized. Some of the renowned names in glass packaging market are Saint-Gobain, Owens-Illinois Inc, Gerresheimer AG, Vetropack Holding AG, Hindustan National Glass (HNG), Ardagh Group S.A., Piramal, Stölzle-Oberglas GmbH and Nihon Yamamura Glass Co., Ltd.

Pharmaceutical sector is one of the most outpacing domains actively driving glass packaging industry commercialization. The prime factor that can be credited for the market proliferation is the unprecedented rate of innovations outlining the business landscape.

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One such breakthrough is Corning’s revolutionary pharmaceutical glass packaging solution, Valor Glass. As it is proclaimed, Valor Glass offers superior strength, enhanced chemical durability, chemical resistance, assuring better protection of the drugs. Recently Corning and Stevanato Group have entered a strategic partnership focusing on merchandizing Corning’s Valor Glass to the glass packaging market.  Another instance of such collaborations which is expected to be a potential boost for the overall industry dynamics from pharmaceutical applications is the business alliance between Merck, Corning, and Pfizer over Valor Glass packaging. Keeping into consideration the chain of positive disruptive trends, it is certain that pharmaceutical sector will contribute a significant portion toward the global glass packaging industry in the coming years, with a projected CAGR of over 4% over 2017-2024.

Having acquired a major portion of the glass packaging market share in past years, alcoholic beverage and beer sector emerged to be another profitable domain thriving the business landscape. The rising consumption of beer especially across APAC belt can be primarily attributed for the market revenue.  In this regard, it is prudent to note that Asia Pacific almost represented 40% of the glass packaging industry in 2016. 

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Increasing disposable incomes, a significant influence of the westernized lifestyles, and reduced cost of beers across some of the regions have acted in favor of the market growth. In fact, as per statistics, consumption of beer in Mexico and Vietnam have experienced an increase of around 6.5% and 7.5% respectively over the period of 2014-2015. Glass packaging is widely adopted for alcoholic beverages and beers, subject to its sustainability, non-permeability, and negligible chemical reaction rate which allows it to be best fit for long term preservation.

The industry is faced by several challenges, the prime being the rising popularity of plastic packaging which has observed rapid advancements in recent years. The linear growth curve of plastic packaging market can be attributed to some of its adhered benefits like easy transportation, cost effectiveness, durability, and aesthetic features. However, with increasing consumer preference for sustainable packaging materials having a high grade environmental viability, glass packing market is forecast to witness an appreciable growth in the years ahead.

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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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