March 05, 2020
As per the report titled ‘North America Glass Packaging Market Size By Application, Product, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2024’, available with Market Study Report LLC, North America glass packaging market is projected to record substantial growth during 2019-2024.
Glass packaging is widely employed for alcoholic and non-alcoholic beverages to preserve freshness, aroma, and taste while maintaining the quality. This factor in tandem with rising preference of food & beverage manufacturers for glass over other alternatives is favoring the growth of North America glass packaging market. In addition, high per capita alcohol consumption across U.S. and Canada, coupled with growing popularity of craft beer and other beverages will stimulate the market growth in the coming years. According to the report, North America glass packaging market is estimated to surpass USD 8 billion by the year 2024.
Furthermore, North America glass packing market is presumed to witness escalated adoption from pharmaceutical industry in the ensuing years. Rising geriatric population and increasing prevalence of chronic diseases will fuel the demand of medicines & drugs, which in turn will facilitate the market scenario. Glass packaging provides superior chemical resistance and restricts air and moisture entry, hence preserving the characteristics of the medicine.
The report cites that soda lime glass will account for significant share of North America glass packaging market over the analysis timeframe, owing to its usage in the production of jars and bottles for storage of food and beverage products. On the other hand, borosilicate glass segment is anticipated to register 2.5% CAGR during 2019-2024, on account of high demand from pharmaceutical industry.
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Additionally, the study states that alcoholic beverages segment is expected to account for 10% volume share of North America glass packaging by the year 2024, pertaining high disposable income and evolving lifestyle of consumers across the region. Whereas, food and beverages sector is estimated to consume over 2000 kt of glass packaging by 2024.
Major players operating in North America glass packaging market include Owens-Illinois, Gallo Glass Company, Ardagh Group, and Saint Gobain.
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