March 04, 2020
The research report on ‘Europe Glass Packaging Market Size By Application, Product, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024’, which is available with Market Study Report LLC, emphasizes on the key industry trends and the growth estimations of the Europe glass packaging market.
According to the report, Europe glass packaging market is expected to be worth USD 21 billion by the year 2024. The growth is attributed to increasing consumption of beer and other alcoholic beverages in the region. The glass packaging is extensively used in beer and other alcoholic beverages.
Notably, the beer industry in region has grown substantially over the past few years and is a major contributor towards the European economy. There has been an upsurge in beer production and sales in Europe and thus, booming beer industry has upscaled the demand for glass packaging solutions, which in turn is aiding the market expansion.
Based on the product landscape, the Europe glass packaging market is bifurcated into soda lime glass, de-alkalized soda lime glass, and borosilicate. The report states that borosilicate market segment held 25% share in the year 2018 and is expected to record continuous growth during the study period. Borosilicate glass is majorly used in packaging operations of medicines and drugs. The product is also used in various applications such as semiconductors, telescopes, oven & microwaves, and cookware. Thus, aforementioned factors are contributing towards popularity of the product across Europe.
Elaborating on the application spectrum, the report states that pharmaceutical industry application segment of Europe glass packaging industry is presumed to expand significantly during the estimated timeframe. Glass containers are impermeable with water, chemically inert, and easy to sterilize and hence are primarily utilized in pharmaceutical industry, which in turn is facilitating the business scenario in Europe.
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The prominent companies operating in the Europe glass packaging industry are Sonoco Products Co., MTS Medication Technologies, Honeywell International, Bemis Co. Inc., and Amcor Ltd.
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