World Market for Glassware to Reach $29 Billion by 2029 - Coffee Mugs Dominate with Their Ubiquitous Presence and Cultural Importance

Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Global Glassware Market Outlook, 2029" report has been added to ResearchAndMarkets.com's offering.

The market is anticipated to cross USD 29 billion by 2029, increasing from USD 20.30 billion in 2023. The market is expected to grow with 6.24% CAGR by 2024-29. With the increasing demand for glassware, manufacturers are focusing on research and development to offer cost-efficient and durable glassware which is the requirement of the customers.

Asia-Pacific has emerged as a dominant force in the glassware industry, driven primarily by its large and diverse consumer market. Countries such as China and India have substantial populations with rising disposable incomes, fueling demand for household products including glassware. As living standards improve, consumers in these markets seek higher quality, aesthetically appealing glassware for their homes and special occasions. The region's manufacturing base also plays a key role in its leadership in the glassware industry. Asia-Pacific is known for its robust and efficient manufacturing capabilities, offering a range of production facilities that can produce glassware at different price points and quality levels.

This well-established manufacturing infrastructure enables the region to meet both domestic demand and export glassware to international markets. Innovation and design are other critical factors contributing to the Asia-Pacific region's prominence in the glassware industry. Manufacturers in the region continuously strive to introduce new designs and styles to cater to changing consumer preferences. This includes exploring various materials, finishes, and forms, as well as incorporating cultural and traditional elements into modern glassware. The region's openness to experimentation and adaptation allows it to stay ahead of trends and meet evolving consumer expectations.

Additionally, the region's strategic location and access to major shipping routes make it a global hub for trade and distribution, facilitating the export of glassware to other parts of the world. This ease of access to international markets further cements the region's position as a leader in the industry. Moreover, government support and investments in infrastructure and technology have enabled glassware manufacturers in the Asia-Pacific region to improve their production processes, quality control, and efficiency. These factors contribute to the overall competitiveness and appeal of glassware produced in the region.

Market Drivers

• Sustainability and Environmental Concerns: Manufacturers are increasingly using recycled glass in their production processes, reducing the demand for raw materials and energy consumption. Recycled glass can be melted and reused indefinitely, making it an excellent sustainable resource. Companies are adopting eco-friendly methods such as using renewable energy sources (e.g., solar and wind power) and optimizing production processes to reduce emissions and waste. Consumers are actively seeking out eco-friendly and sustainable products, encouraging glassware companies to align their practices with these values.
• Consumer Preferences and Demand for Customization: As consumers seek unique and personalized items, glassware manufacturers are offering customized designs, engravings, and colors to cater to individual tastes. Modern glassware includes a variety of styles and trends, allowing customers to choose items that reflect their personal style and preferences. Glassware tailored for specific events such as weddings, anniversaries, or corporate functions is gaining popularity, providing opportunities for targeted products.

Market Challenges

• Competition from Alternative Materials: Materials like plastic and ceramics often have lower production costs, making them attractive alternatives for budget-conscious consumers. Plastics, in particular, can be more resistant to breakage than glass. However, glassware manufacturers are addressing this challenge by producing stronger and more resilient glass products. The competition from these materials can erode the market share of glassware, necessitating a strong focus on the benefits of glass.
• Supply Chain and Raw Material Issues: The cost of raw materials such as sand, soda ash, and limestone can fluctuate, impacting the production costs for glassware. Disruptions in supply chains due to external factors (e.g., geopolitical instability, global events) can lead to delays and increased costs in manufacturing. Ensuring consistent and ethical sourcing of materials can be complex, particularly in the case of recycled glass or other specialty components.

Market Trends

• Innovation in Smart Glass and Functional Design: Innovations in smart glass include electrochromic glass (changes opacity with electric signals) and thermochromic glass (changes color with temperature), which have applications in both glassware and architecture. Glassware manufacturers are developing designs with added functionalities, such as stackability, modularity, and multipurpose uses, to enhance convenience and practicality.
• Revival of Traditional Craftsmanship and Artisanal Techniques: Resurgence in the appreciation of handmade glassware has led to an increased focus on traditional techniques such as glassblowing and lampworking. Artisanal glassware often features intricate patterns and designs, which adds a layer of exclusivity and aesthetic value to the products. Many glassware manufacturers are collaborating with contemporary artists to create exclusive collections that blend traditional glassmaking with modern artistry.

Market Segmentation Highlights

• Soda-lime glass leads the glassware industry primarily due to its versatility and cost-effectiveness, which makes it an optimal choice for various applications across different sectors.
• Coffee mugs lead in the glassware industry due to their widespread use and cultural significance as a staple in daily life, offering practical functionality and personal expression.
• The medium price point is leading in the glassware industry is due to its balance of affordability and quality, offering customers products that meet their needs without excessive cost, while ensuring durability and style.
• Commercial end users lead in the glassware industry is due to their high-volume, consistent demand for quality glassware to support various business operations and enhance customer experiences.
• Specialized stores lead in the glassware industry is their ability to offer a curated selection of high-quality, unique products and personalized services tailored to specific customer preferences and needs.
• Asia-Pacific region leads in the glassware industry is due to its vast and rapidly growing consumer market, coupled with an established manufacturing base and a focus on innovation and design.

Industry Developments

• In 2023, Bormioli Luigi has completed its merger with glass manufacturer Bormioli Rocco. The move is anticipated to build on the synergies between the two companies and create a more agile and flexible business model.
• In 2023, Guardian Glass announced an agreement to acquire Vortex Glass. This partnership allowed Guardian Glass to expand its business in Florida and the Caribbean with hurricane-laminated and insulated glass.
• In November 2022, the photo-printing, canvas, and gifting website MailPix keeps growing its selection of personalized goods. Customers may now make high-quality engraved glassware gifts using their preferred picture printing website. Making MailPix engraved glassware is simple. Users can add a message, name or monogram and select the typeface. The text is sandblasted or deeply etched into the glass.

By Material

• Soda Lime Glass
• Crystal Glass
• Borosilicate Glass
• Heat Resistant Glass

By Product

• Coffee Mug
• Normal Glass
• Glass Jars
• Spirit Glass
• Wine Glass
• Beer Mug
• Pitchers
• Tea Cup
• Others

By Price Point

• Medium
• Economy
• Premium

By End User

• Commercial
• Household
• Industrial

By Distribution Channel

• Specialized Stores
• Hypermarkets and supermarkets
• Online Retail
• Others

Study Coverage

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Key Attributes

A selection of companies mentioned in this report includes, but is not limited to:

• AGC Inc.
• Meyer Corporation
• Inter IKEA Holding B.V.
• Bormioli Rocco S.p.A.
• Arc Holdings
• Libbey Incorporated
• Tupperware Brands Corporation
• La Opala RG Limited
• Turkiye Sise ve Cam Fabrikalari A.S.
• Anchor Hocking Company
• Lenox Corporation
• Fiskars Oyj Abp
• RONA a.s.
• Lifetime Brands, Inc.
• Deli-Jw Glass Public Company Limited
• Ocean Glass Public Company Limited
• Krosno Glass S.A.
• Riedel (Tiroler Glashutte GmbH)
• D. Swarovski KG
• Borosil

For more information about this report visit https://www.researchandmarkets.com/r/ksp0ac

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

• Global Glassware Market