Europe Glass Packaging Market to trace exponential gain of $21 bn over 2019-2024

Oct 18, 2019 (AmericaNewsHour) -- Increasing beer and other alcoholic beverages consumption in the region is anticipated to positively influence glass packaging market size by 2024. Beer industry is one of the most crucial sectors of Europe which is responsible for driving European economy. Production as well as sales of beer generates around USD 60 billion annually for the government. Furthermore, Europe is among world's top beer producer and ranks second globally. 

In Europe, around 44% of alcohol is consumed in the form of beer and rest in the form of wine and spirits. As the product has major application in beer and other alcoholic beverages, increasing consumption in the region is expected to uplift the Europe glass packaging market size in the forecast spell. 

According to the Graphical Research new growth forecast report titled Europe Glass Packaging Market By Application (Alcoholic Beverages, Beer, Food & Beverages, Pharmaceuticals, Others), By Product (Borosilicate, De-alkalized Soda Lime, Soda Lime), Industry Analysis Report, Regional Outlook (Germany, UK, France, Spain and Italy) size to rise at USD 21 billion by 2024.

Glass packaging market is segmented on the basis of product types as de-alkalized soda lime glass, soda lime glass and borosilicate. Borosilicate accounted for approximately 25% of the overall business size. Borosilicate glasses are generally used in packaging of drugs and medicines. The product has several other applications including cookware, oven & microwave, telescopes, semiconductors, etc. On the other hand, glass packaged products has applications in ample number of sectors including pharmaceuticals, food & beverages, beer and alcoholic beverages. Glass containers are primarily used in pharmaceutical industry owing to various properties offered by glass. Glass based packaging materials are easy to sterilize, chemically inert and therefore do not react with the content and are generally impermeable with water. Various pharmaceutical companies are also investing in glass-based packaging worldwide. For instance, Merck and Pfizer announced collaboration with glass manufacturing company Corning to offer innovative solutions for drugs and cartridges.

Key Europe Glass packaging market participants includes Honeywell International, Inc., Amcor Ltd, MTS Medication Technologies, Sonoco Products Company, Bemis Company, Inc., Reynolds Packaging, WestPack, etc.