Selbyville, Delaware, July 12, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Glass Packaging Market was estimated at $51.2 billion in 2020 and is slated to exceed $69 billion by 2027, registering a CAGR of 4.4% from 2021 to 2027. The report provides a comprehensive analysis of the investment avenues, major leading strategies, drivers, and opportunities, wavering industry trends, business estimations, and competitive scenarios.
Increasing population, time constraints, and easy availability will drive the consumption of packaged foods, thereby triggering the glass packaging market growth over the next few years.
Amidst concerns associated with rising packaging wastes, glass packaging offers significant environmental benefits as glass can be recycled over and over. Many countries, especially developed countries, are introducing new policies and norms to increase glass recycling rates and reduce the overall amount of packaging wastes.
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The UK government launched the Deposit Return Scheme (DRS) to increase glass recycling rates. Under this scheme, customers will receive money for returning the glass containers. Furthermore, the scheme will increase the awareness of glass recycling among the community. The UK government has increased landfill tax rates in the past few years, which helped in minimizing glass waste disposal.
The governments of Scotland and Wales established the “Zero Waste Plan” to boost glass recycling practices. Such trends will drive glass recycling and pose glass packaging as a suitable option compared to other packaging options in the future.
De-alkalized soda-lime glass will cross USD 6 billion by 2027. De-alkalized soda-lime glass is treated with sulfur during the annealing process. This glass type is surface treated to improve its hydrolytic stability and offer protection against abrasion or breakage. It is generally used in the packaging of acidic or neutral products.
The pharmaceutical segment will capture over 10% share of the glass packaging market by the end of the forecast period. Glass packaging is widely used in the pharmaceutical industry owing to its versatility. It is chemically inert and does not react with the content. It is resistant to air and water, thereby an ideal option for drug storage. Moreover, it is easy to sterilize with the application of heat.
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Europe will capture more than a 30% share of the glass packaging market by the end of 2027. Favorable economic trends and demographic changes are revolutionizing the packaging value chain of the mature food & beverage sector in this region.
Ardagh Group, Amcor Ltd., Gerresheimer AG, Hindusthan National Glass & Industries Ltd., Nihon Yamamura Glass Co., Ltd., and Heinz-Glas GmbH are key players in the glass packaging industry landscape. A high degree of competition is evident in the market. These players are continuously trying to expand their customer base and improve their profitability.
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