PORTLAND, Ore., Jan. 10, 2022
Increase in demand from the food & beverage and pharmaceutical sectors drive the growth of the global container glass market.
PORTLAND, Ore., Jan. 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Container Glass Market by Glass Type (Borosilicate-Based and Soda-Lime-Silica-Based), Forming Method (Blow & Blow, Press & Blow, and Narrow Neck Press & Blow), and End User (Foods & Beverages, Cosmetics & Personal Care, Pharmaceuticals, Chemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global container glass industry generated $82.2 billion in 2020, and is anticipated to generate $155.9 billion by 2030, witnessing a CAGR of 6.7% from 2021 to 2030.
Prime determinants of growth
Increase in demand from the food & beverage and pharmaceutical sectors drive the growth of the global container glass market. However, environmental hazards associated with the manufacturing of container glass hinder the market growth to some extent. On the other hand, emergence of lightweight container glass products creates new opportunities in the coming years.
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The press & blow segment to maintain its leadership status throughout the forecast period
Based on forming method, the press & blow segment held the highest market share in 2020, accounting for nearly half of the global container glass market, and is estimated to maintain its leadership status throughout the forecast period. This is due to increase in trend of using reusable bottles in the foods & beverages industry. Moreover, the narrow neck press & blow segment is projected to manifest the highest CAGR of 7.2% from 2021 to 2030, owing to rise in consumption of alcoholic drinks that need narrow neck bottles for packaging and increase in fashion consciousness.
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The food & beverages segment to maintain its lead position during the forecast period
Based on end use, the food & beverages segment accounted for the largest share in 2020, contributing to more than three-fourths of the global container glass market, and is projected to maintain its lead position during the forecast period. This is attributed to increase in utilization for food storage purposes and rise in demand for premium alcoholic beverages. However, the pharmaceuticals segment is expected to portray the largest CAGR of 7.5% from 2021 to 2030, owing to increase in severity of diseases that led to increased adoption of container glass for storage and packaging of pharmaceuticals and rise in research and development (R&D) activities for producing highly efficient medicines in which glass-based equipment is used for product sampling, storage, and other applications.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global container glass market. Moreover, the same region is expected to witness the fastest CAGR of 7.3% from 2021 to 2030. This is due to utilization of container glass in sectors such as pharmaceuticals, foods & beverages, and chemical manufacturing, rise in demand for packaged food items, and storage of a wide range of food items for long durations.
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