Glass Manufacturing Market to exceed $329 billion by 2027
Published Date: May 20, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Glass Manufacturing Market size is estimated to surpass USD 329.4 billion by 2027. Growth indicators in the glass manufacturing industry include advanced manufacturing techniques, improvement in existing materials, and growing global industrial production.
Strong demand from the manufacturing sector has provided the glass manufacturing market with an opportunistic growth scenario. Factors including recovering automobile sales, increasing demand for consumer electronics, and an upsurge in the use of materials in specialty applications are set to keep the industry in a growth trajectory during the forecast timeframe.
Growing demand from the packaging sector to boost market demand
The packaging sector held a market share of over 35% in 2020 and is projected to exhibit a CAGR of over 4.1 % in terms of revenue. The growing encouragement towards the use of glass as an environmentally friendly packaging material is projected to substantially contribute to the growth of the segment. Moreover, increasing demand for glass in the food & beverage industry shall further augment the glass manufacturing market growth throughout the forecast period.
The global economy is witnessing a slowdown due to the COVID-19 pandemic and a temporary halt in the manufacturing & automotive industries, which are the largest end-users of the glass manufacturing market. The imposition of nationwide lockdown in various countries has restricted global trade, impacting the overall market. China is one of the largest manufacturers of glass. The country has gone through a difficult period due to a halt in the manufacturing sector, creating a major discrepancy in the demand & supply of glass in 2020. Moreover, a halt in the manufacturing sector has also resulted in a slowdown in demand from major end-user industries including packaging, construction, electronics, and others. The market is anticipated to take its normal course by the end of 2022.
Browse key industry insights spread across 233 pages with 176 market data tables & 28 figures & charts from the report, “Glass Manufacturing Market By Product (Flat Glass, Container Glass, Fiber Glass, Specialty Glass), By Sector (Packaging, Automotive & Transportation, Construction, Telecommunication, Electronics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The container glass segment to exhibit tremendous growth during the assessment period
The container glass segment is poised to grow owing to its increasing use in the food and beverage industry. Glass as a material is more hygienic than its plastic counterpart, in terms of storage, as glass has lesser particle migration than plastic. Glass is also an environmental-friendly material, thus is increasingly being incorporated as a packaging material.
Container glass segment anticipated to reach a value of over USD 79 billion by 2027. Furthermore, container glass finds considerable usage in the packaging sector owing to its economical and recyclable properties. Rising preferences for glass vials in the medical and packaging sectors will fuel product share over the forecast timeframe.
Latin America held is projected to grow at a CAGR of 3%, in terms of volume, during the assessment period. Improving economic conditions coupled with the presence of a high economically active population have attracted many glass manufacturers to set up manufacturing plants in rapidly growing countries such as Brazil & Mexico. The region is experiencing high private consumption growth and improving consumer confidence, driving public and government investments in large-scale infrastructure development programs. The regional food & beverage industry is also experiencing strides, driving container glass demand.
Key manufacturers operating in the glass manufacturing industry include China Glass Holdings, Guardian Glass LLC, NSG Group, Corning Incorporated, Kyocera Corporation, CoorsTek Group, Schott A.G, Morgan Advanced Materials, AIS Glass, and Central Glass Ltd.
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