Glass Packaging Market to reach USD 69 billion by 2027
Published Date: July 12, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights Inc., the Glass Packaging Market size will reach USD 69 billion by 2027 driven by the increasing consumption of beauty & personal care products over the study timeframe.
Glass packaging is widely used for the packaging of cosmetics & beauty products as it offers excellent protection while preventing contamination. Cosmetics & personal care products are used as a part of daily health & hygiene regime and to improve the quality of life. These products also help in building self-esteem and enhance social interactions.
The rising demand for cosmetics is fueled by high disposable income levels, demographic shifts, and changing consumer interests. Additionally, consumers are leaning toward sustainable products and online platform purchases. In addition, companies are implementing targeted pricing strategies in the search for more profits.
The coronavirus pandemic has hugely affected many industry verticals due to the temporary shutdown of various production facilities. This has created tremendous strain on the product supply chain while sending shockwaves through the supply-demand dynamics. Due to strict lockdown measures and transportation bans, the supply of raw materials required for glass packaging production is hampered, resulting in a decreased production output. The consumption of alcoholic beverages had declined significantly in 2020.
Browse key industry insights spread across 150 pages with 144 market data tables & 23 figures & charts from the report, “Glass Packaging Market By Product (Borosilicate, De-alkalized Soda Lime, Soda Lime), By Application (Alcoholic Beverages, Beer, Food & Beverages, Pharmaceuticals), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising pharmaceutical sales will drive the growth of borosilicate glass
The borosilicate glass will grow at a CAGR over 3.5% between 2021 to 2027. Borosilicate glass consists of a large amount of aluminum oxide, boric oxide, alkali earth oxide, etc. It is highly resistant to chemical composition, possesses excellent light transmission characteristics, and can be exposed to varying temperatures. This glass is extremely durable and has ten times more strength than soda-lime glass.
This kind of glass is widely used in pharmaceutical, chemical laboratory products (tubs, bottles, vials, etc.), food jars, bottles, containers, etc. Besides these, borosilicate glass is used to make microwave glass cookware due to its heat resistance. It is also used to make high-quality glassware. However, the high cost of this glass type compared to other glass types may affect its market growth.
Growing consumption of packaged foods will benefit glass packaging market growth
The food & beverages segment will cross USD 11 billion by 2027. Packaging aids are popular among customers due to their lightweight, no-mess dispensing, and portability. Busy lifestyles and time constraints coupled with the rising spending propensity are compelling people to opt for packaged foods & beverages. Additionally, technological progressions associated with food & beverage packaging are gaining momentum in the wake of product safety, quality retention, and shelf life extension.
Europe will witness steady market growth in the coming years
European nations are some of the largest users and producers of food & beverage packaging. Favorable economic trends and demographic changes are revolutionizing the packaging value chain of the mature food & beverage sector in this region. It is one of the largest manufacturing sectors and adds significant value to the economy. In addition, consumption of alcoholic beverages is significantly high in this region. All these factors in conjunction with solid glass recycling rates will create a favorable environment for market growth in the future. Europe will capture more than 30% share in glass packaging market by the end of 2027.