Selbyville, Delaware, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Glass Container Market size is estimated to be valued at USD 86.6 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The surging focus of several organizations and industry players to promote glass recycling for reduced waste and conserve resources will contribute to the industry expansion. For instance, in June 2023, ITC reaffirmed its commitment towards addressing the issue of plastic waste management with the introduction of multi-dimensional initiatives, including the replacement of plastic water bottles with eco-friendly glass bottles. The rising usage of recycled glass in container manufacturing and the growing advances in several recycling technologies driven by the escalating government support will also drive the market growth.
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Glass jars to witness high demand
Glass container market share from the jar type segment will garner immense traction through 2032 driven by extensive application in packaging of various food and beverage products, such as jams, fruit cocktails, smoothies, jellies, sauces, pickles, honey, and specialty drinks. The growing spending on cosmetics and personal care items has led to the higher demand for glass jars to provide airtight sealing of face creams, body lotions, and serums while maintaining the freshness and efficacy. As per recent survey from Advanced Dermatology, Americans, on average, spend $722 on their appearance, including skin care, per year. Rising usage in laboratory settings to store chemicals, reagents, samples, and supplies will also drive the product preference.
Growing adoption in pharmaceutical sector
Based on end-use, the glass container market from the pharmaceutical segment will record significant share by the end of 2032. The growth can be attributed to the rising need to package and preserve various pharmaceutical products, such as medications, vaccines, and biologics. On account of their higher resistance to oxygen, moisture, and other environmental factors, glass containers help in extending the shelf life of medications and vaccines. The growing popularity of amber or colored glass containers given their ability to protect light-sensitive pharmaceuticals from degradation due to exposure to ultraviolet (UV) and visible light will also favor the market growth. For instance, in March 2023, SCHOTT invested 75 million euros to expand its pharma glass production in India to match the increasing demand in Asia.
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Asia Pacific to emerge as a lucrative market destination
APAC glass container market size is estimated to witness significant expansion between 2023 and 2032. The booming middle-class population and the higher disposable incomes have led to the growing preference for premium and luxury products. The rapid shift to e-commerce and food delivery services is driving the need for glass containers, mainly for packaging gourmet food items due to their durability and improved protection of the contents during transit. As per South Korea's state statistical service, the online food delivery service market in the country grew to 25.6 trillion won in 2021. The surging rate of beverage consumption, including beer, wine, and spirits will further add to the regional product uptake.
Glass Container Market Participants
Leading glass container industry players include Nippon Paper Industries Co., Ltd., South African Pulp & Paper Industries, Mondi plc, Stora Enso, ITC Limited, Oji Holding Corporation, Smurfit Kappa Group, International Paper Group, and Svenska Cellulosa Aktiebolaget. These firms are placing targeted efforts on partnership and expansion initiatives to reinforce their global penetration. For instance, in October 2021, Oji Holding Corporation acquired 80% stake in Punjab-based Empire Packages that offers services to numerous fortune 500 companies and large FMCG companies across North India, to tap its presence in the region.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
