LONDON--(BUSINESS WIRE)--The global glass packaging market size is expected to grow by USD 12.25 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Increasing demand for pharmaceutical packaging is expected to propel the glass packaging market growth during the forecast period. Advanced economies including Canada, Japan, the US, and Western Europe account for 50% of the global demand for glass packaging. Economies such as India and China are expected to emerge as the fastest-growing markets owing to the rapidly expanding pharmaceutical industries in these countries. The introduction of stringent laws to improve the quality and integrity of domestically manufactured drugs is leading to an increase in the use of glass for packaging pharmaceutical products. Also, the increasing demand for sterile medical packaging products from the pharmaceutical and biological industries will further drive the growth of global glass packaging market during the forecast period.
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As per Technavio, increasing number of innovations in developing shatter-proof glass will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global Glass Packaging Market: Increasing Number of Innovations for Shatter-Proof Glass
Manufacturers and distributors are increasingly focusing on developing shatter-proof glass bottles which are lightweight, convenient, and portable. Moreover, the development of durable glass bottles will help to mitigate the environmental hazard resulting from the rampant use of plastic bottles. Such innovations can be expected to positively impact the growth of the global glass packaging market.
“Increasing consumption of beverages and consumer products and rising number of partnerships and acquisitions will boost the glass packaging market growth during the forecast period,” says a senior analyst at Technavio.
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Global Glass Packaging Market: Segmentation Analysis
This market report segments the global glass packaging market by application (food and beverage packaging, personal care packaging, pharmaceutical packaging, and others) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the glass packaging market share in 2019 followed by Europe, North America, South America, and MEA. The glass packaging market growth in the region can be attributed to the rising gross domestic product (GDP) and economic growth. Growing application of glass packaging in flourishing industrial sectors such as food and beverages, personal care, consumer goods, and medicines will further drive growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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