Glass Packaging Market By Technology, By Application & By End User Industry
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.
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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.