March 04, 2020
According to the research report titled ‘Asia Pacific Glass Packaging Market Size by Application, Product, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019-2024’, available with Market Study Report LLC, the Asia-Pacific glass packaging market is expected to exceed USD 25 billion by the year 2024.
According to the report, increasing consumption of alcohol is a major factor driving the glass packaging market in Asia-Pacific region. Glass as a packaging material offers stability and chemical inertness, which results in insignificant chemical leeching into sterility and reusability. Also, glass helps in improving the shelf life and facilitates in preserving the quality of the product. Characteristics of glass such as transparency enables consumers to view the product and thus, aforementioned factors are projected to facilitate the market expansion over the forecast time spell. Although rising adoption of plastic may hinder the market growth, but, shifting preferences towards glass packaging owing to its capability of preserving flavor, quality, and taste of the product will certainly boost industrial revenues in Asia-Pacific.
Based on the application spectrum, glass packaging market is bifurcated into alcoholic beverages, beer, food & beverages, pharmaceuticals and others. The alcoholic beverages applications segment of Asia-Pacific glass packaging industry is expected hold 50% share by the year 2024. Rising consumption of alcohol such as wines and spirits is fueling the growth of the segment. Whereas, the healthcare applications of glass packaging are presumed to expand significantly during the estimated timeframe. Glass packaging is extensively used in healthcare sector since the technique helps in providing chemical stability and sterility to the drugs.
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The prominent companies operating in the Asia-Pacific glass packaging industry are Nihon Yamamura Glass Co. Ltd., Owens-Illinois Inc., Piramal Glass Ltd., Hindustan National Glass Industries Ltd., Bormioli Rocco S.p.A., Gerresheimer AG, Vitro Packaging LLC, Ardagh Group, and Amcor Ltd.
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