Pharmaceutical Companies is likely to Propel the Demand for Glass Packaging Market

The market dynamics for glass packaging is highly fragmented and the leading six players hold 35% share in the global market. Gerresheimer AG, Owens-Illinois Inc., Vetropack Holding AG, Ardagh Group, Saint-Gobain S.A., and Vidrala SA. are the leading players in the global glass packaging market. These companies use advanced business strategies to maintain their stand in the global glass packaging market. However, various small and medium players working across geographies are also making efforts to strengthen their position in the market.

In order to curb pollution, several companies are focusing on product recycling. This is likely to help companies gain traction due to increasing environmental consciousness among users. For instance, Ardagh Group has improved recycling efforts in its glass packaging business in North America. This initiative has also increased the furnace performance and reduced energy consumption during glass packaging.

According to TMR, the global glass packaging market is expected to reach US$55.24 bn by the end forecast period in 2020. This market is estimated to expand at a CAGR of 4.6% between 2014 and 2020.

Among the various applications, alcohol beverages (except beer) has emerged dominant. The alcohol beverage segment held more than 40% of the market in 2013. According to the regional analysis, Asia Pacific is leading the global glass packaging market and is projected to rise at a CAGR of 5.3% during the forecast tenure.

Increasing Consumption of Alcoholic Beverages to Boost Market 

There are multiple uses of glass packaging in pharmaceuticals, food and beverages, medical supplies, and personal care. The growing consumption of alcoholic drinks especially beer has fuelled the demand in the glass packaging market. The high consumption of beer in developed countries will bode well for the global glass packaging market. In addition to this, the rising consumption of beer in developing nations in Asia Pacific will also contribute towards the market’s growth.

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Pharmaceutical companies have also exhibit high demand for glass packaging. Thus, contributed towards the expansion of the global glass packaging market. In addition, the rising use of glass packaging in the cosmetics industry for packaging of nail paints, perfumes, and other beauty products has enabled the market gain momentum.

Availability of Substitutes to Restrict Glass Packaging Market

The presence of substitute is likely to hamper the market performance. For instance the increasing use of plastic packaging may hamper the market’s trajectory. These factors will restrain the market to grow at its full potential. Nonetheless, the increasing awareness pertaining to the negative effects of plastic has sidelined the use of this alternative. Government initiatives to minimize the use of plastic for various reasons will also help in overcoming this restrain.