Pharma applications to drive glass packaging market, five trends to watch out for in near future
Date: 2018-07-12   Author: Sunil Hebbalkar  Category: #market

Pharma applications to drive glass packaging market, five trends to watch out for in near future

The rapidly increasing demand for beverages and alcoholic drinks will reportedly drive glass packaging market over 2017-2024. Changing consumer lifestyles leading to increased beer consumption and the introduction of lightweight and appealing glass designs will also expedite the industry trends in the years ahead.

Five trends proliferating glass packaging market:

  • As per estimates, beer application accounted for 20% share of glass packaging market and will register an annual growth rate of above 4.5% over 2017-2024. The growth can be attributed to the changing lifestyles and rise in per capita income fueling the consumption rate of alcoholic beverages.
  • The rise in alcohol consumption across North America will mainly be responsible for the regional glass packaging industry growth. Driven by the rapid expansion of the pharma sector in the continent, North America glass packaging industry will record an annual growth rate of more than 3% over 2017-2024.
  • As per sources, the pharmaceutical industry will have a notable influence on overall glass packaging market, pertaining to the surging acceptance of the product for medicine and drug packaging. Glass packaging market share from pharmaceutical application will grow at CAGR of 4% over 2017-2024.
  • The extensive use of borosilicate in the construction of glassware, cookware, and laboratory equipment for storing non-parenteral, parenteral, and diagnostic reagents due to its hydrostatic and thermal resistance capability will boost borosilicate glass packaging industry. The growth will also be driven by the increasing deployment of product across the chemical and pharmaceutical sectors.
  • Sources claim Asia Pacific to have accounted for 40% of glass packaging industry share in 2016. The remarkable rise in the consumption of alcoholic beverages and growing development across the hospitality sector will push the regional product demand.

The competitive hierarchy of glass packaging industry is characterized by extensive fragmentation, comprising of Saint-Gobain, Owens-Illinois Inc, Vetropack Holding AG, Ardagh Group, Koa, Amcor Ltd, Vitro Packaging LLC, and Heinz-Glas GmbH.



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Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

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