Glass Packaging Market Update, Analysis, Forecast, 2019 – 2024
Glass Packaging Market outlook 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 size will surpass USD 65 billion by the end of 2024.
The competitive landscape of worldwide glass
packaging industry is rather fragmented. 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.
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. One such breakthrough is the revolutionary pharmaceutical
glass packaging solution, Valor Glass.
As
is proclaimed, Valor Glass offers superior strength, enhanced chemical
durability, chemical resistance, assuring better protection of the drugs.
Recently the maker of Valor Glass entered a strategic partnership with another
firm to merchandize Corning’s Valor Glass to the Glass Packaging Market.
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Another instance of a major collaboration
which is expected to be a potential boost for the overall industry dynamics
from pharmaceutical applications is the business alliance between Merck,
Pfizer, and the maker of Valor Glass. Considering 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.
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 Europe belt can be primarily attributed for the market
revenue.
In this regard, it is prudent to note that Europe will account
for almost 30% of glass packaging industry share by 2024. Increasing disposable
incomes and reduced cost of beers across some of the regions have acted in
favor of the market growth. 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.
About Global Market Insights, Inc.
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.
Contact Us
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Connect with us twitter | LinkedIn | Facebook | Google+
Glass Packaging Market Update, Analysis, Forecast, 2019 – 2024
Reviewed by GMI
on
September 27, 2019
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