Global Glass Packaging Market Size to grow USD 80 Billion by 2030 | CAGR of 5%

Global Glass Packaging Market worth $80 billion by 2030

According to a research report published by Spherical Insights & Consulting, the Global Glass Packaging Market Size to grow from USD 52 billion in 2021 to USD 80 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5% during the forecast period. The glass packaging market has grown due to the abundance of small and medium-sized businesses. In addition, future growth potential is anticipated as a result of continued product innovation and technological developments that make glass bottles lighter and need less energy to produce and transport.

Browse key industry insights spread across 200 pages with 122  market data tables and figures & charts from the report” Global Glass Packaging Market Size, Share, and COVID-19 Impact Analysis, By Raw Material (Cullet, Soda Lime, Selenium, Cobalt Oxide, Limestone, Dolomite, Coloring Material, and Others), By Application (Alcoholic Beverage, Non-Alcoholic Beverage, Food, Pharmaceutical, Personal Care, Beauty Products, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030. “in detail along with the table of contents. https://www.sphericalinsights.com/reports/glass-packaging-market

On credit portfolios, the COVID-121.9 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.

The soda lime segment accounts for the largest market size during the forecast period

Based on the raw material, the global glass packaging market is categorized into Cullet, Soda Lime, Selenium, Cobalt Oxide, Limestone, Dolomite, Coloring Material, and Others. The soda lime segment to account for the largest market size during the forecast period. It demonstrates mediocre hydrolytic and chemical resistance. Glass can be reformed and remelted numerous times, making it affordable and perfect for recycling. It is highly malleable and can be repeatedly softened during the fabrication process.

The alcoholic beverages segment to hold a higher CAGR during the forecast period.

  Based on the application, the glass packaging market is categorized into Alcoholic Beverages, Non-Alcoholic Beverages, Food, Pharmaceuticals, Personal Care, Beauty Products, and Others. The alcoholic beverages segment to hold a higher CAGR during the forecast period. Over the coming years, increasing alcohol consumption will push the market share for glass packaging. In the forecast period, demand for glass packaging of alcoholic beverages includes the expanding availability of bottles in various sizes in the retail market and innovation in design & chemical composition that results in reduced weight of glass bottles. Alcohol consumption will be positively impacted by rising spending tendencies, the influence of western lifestyles, and easy availability.

Asia-Pacific is estimated to account for the highest market share in 2021.

The Global Glass Packaging Market has been segmented into five major regions:  North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Due to the increasing usage of glass in numerous end-use sectors, such as food and beverage, pharmaceuticals, and alcoholic drinks in China and India, the regional market is predicted to expand. Additionally, the abundance of raw resources, notably silica, is anticipated to fuel industry expansion. Due to their large populations of consumers, China and India have a disproportionate market share for glass packaging in the Asia Pacific region. The increase in the demand for beverages and the growth of the urban population is credited with the industry's expansion in this region. China is a significant user of glass packaging goods worldwide. North America to hold a higher CAGR during the forecast period.

Major vendors in the Global Glass Packaging Market include Saint-Gobain, Owens-Illinois, Inc., Amcor plc, Ardagh Group S.A., HEINZ-GLAS GmbH & Co. KgaA, Bormioli Rocco S.p.A, Consol,Gerresheimer AG, Hindusthan National Glass & Industries Limited, Koa Glass Co. Ltd., Nihon Yamamura Glass Co. Ltd., Orora Packaging Australia Pty Ltd, Piramal Enterprises Ltd., Rockwood & Hines Glass Group, and Shanghai Vista Packaging Co. Ltd.

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