Glass Packaging Market will be worth of US$ 55.24 Bn in 2020, expanding at a CAGR of 4.6% by 2020

ALBANY, N.Y. - Sept. 8, 2016 - PRLog -- This information is based on the findings of a report published by Transparency Market Research titled "Glass Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020." According to the report, the global market opportunity in glass packaging is expected to rise from US$43.90 bn in 2015 to US$55.23 bn by 2020. By application, the alcoholic beverages segment is expected to continue to lead through the forecast. The alcoholic beverages segment is expected to account for 45.4% of the market by 2020, followed by the beer segment. The alcoholic segment is also expected to grow at a significant pace in the coming years.

Rise in Beer Consumption in Asia Pacific to Propel Demand for Glass Packaging

On the basis of geography, Asia Pacific, followed by Europe, is expected to lead the market. Asia Pacific is expected to account for 39.1% of the global glass packaging market. The growth of the region is expected to be likely due to the growing beer market. On the other hand, Europe and North America are expected to lose shares due to the rising use of plastics and papers for packaging purpose.

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Global beer consumption has increased significantly and with it, the demand for glass packaging. The pharmaceuticals segment of the healthcare industry is another sector, which is expected to have a high demand for glass packaging. Glass packaging is extensively used for packing drugs, thus driving the market. Consumers are increasingly opting for glass packaging in healthcare owing to the sterility provided by it. Additionally, the fact that glass can be reused, resulting in minimal wastage, and saving costs are other factors increasing their popularity and preference as packaging material.

Growing Popularity of Plastic Packaging Impacting Glass Packaging Businesses

A rise in the demand for light-weight materials with qualities comparable to glass has led to an increase in the use of plastic for packaging. Plastics can be molded into various shapes and sizes are their thickness can be controlled, which is increasing the scope of their applications, and posing a significant threat to glass packaging market. Additionally, research and developmental activities in plastics and with it the technological advancements are resulting in the production of plastics with qualities similar to glass. This is increasing the the popularity of plastics as packaging materials and dampening the demand for glass packaging.

Technological Advancements in Glass to Provide New Opportunities for Players

R&D coupled with technological advancements in glass are likely to reduce the weight of glass and enable hi-tech design. This is expected to further drive the consumer preference for glass as a packaging material. Thus, increasing preference for glass bottles, jars and other packaging is anticipated to offer new opportunities for the growth of the glass packaging market.

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The glass packaging market is highly fragmented, preventing companies from extending their operations across international markets. As a result of this, the top six companies accounted for less than 35% of the market in 2013. These companies are Saint-Gobain S.A., Owens-Illinois Inc., Ardagh Group, Vetropack Holdings, Gerresheimer AG, and AGand Vidrala SA. These and other companies are forming strategic partnerships and alliances to introduce new range of innovative glass packaging solutions. Transparency Market Research (TMR), in its new study, states that the threat of substitutes is expected to be a concern in the coming years owing to the growing popularity of aluminum cans, paper, and plastics for packaging.