NORTH AMERICA GLASS PACKAGING MARKET WILL GROW AT 3% CAGR UP TO 2024

According to a new research report by Global Market Insights, Inc. Glass Packaging Market size is projected to exceed USD 65 billion up to 2024.Over the past few decades, global glass packaging industry has provided the pharmaceutical and food & beverage sectors with remarkable innovations in their packaging solutions. Glass is a 100% recyclable product that can be reused without any deprivation in the quality or the purity of the material.

Owing to its negligible chemical interaction rate, glass has for long been a favorite material category used in packaging of medicines and other beverages. The worldwide glass packaging market stood at USD 45 billion in 2016 and is anticipated to exceed a valuation of USD 65 billion by 2024, growing at an annual rate of 4.5% over 2017-2024.

Considering the applications, the glass packaging market can be divided into pharmaceuticals, food & beverages, alcoholic beverages, beer and other applications including cosmetic products, personal care products, etc. In 2016, beer segment had contributed to over 20% of overall market and is projected to witness CAGR over 4.5% by 2024. Pharmaceuticals sector poses as another key application segment that, in 2016, contributed over USD 3.5 billion in revenue. The segment is set to grow with a CAGR exceeding 4% during the forecast period on account of the increasing product usage in medicine and pharmaceutical drugs packaging.

Geographically, Asia Pacific accounted for more than one-third of the total glass packaging industry. Rising alcohol consumption coupled with advances in pharmaceutical industry will present brighter growth aspects for the regional product market growth by 2024. Growing hospitality & tourism sector in China and India will drive the regional product market in coming years.

Key market players Amcor Ltd, Consol, Bormioli Rocco SpA, Heinz-Glas GmbH, Hindusthan National Glass & Industries Ltd, Nihon Yamamura, Gerresheimer AG, Ardagh Group, Koa, Owens-Illinois Inc., Stolzle-Oberglas GmbH, Vidrala S.A., Piramal, and Vitro.