Rising beer consumption in emerging countries will drive the global glass packaging market growth as the product is extensively used as beer bottles. Increasing income levels, the influence of western lifestyle, ease of availability, and reduced costs of beers has led to its rising consumption in these emerging economies. Beer consumption in Vietnam and Mexico witnessed the highest increase of approximately 7.5% and 6.5% respectively from 2014 to 2015. India, Columbia, and Romania beer consumption rates increased by around 6% within the same period. Some other countries that have been witnessing a significant increase in beer consumption are Poland, Spain, South Africa, South Korea, France, and Thailand. This increase in beer consumption will positively impact the glass packaging market growth until 2024 as the majority of beers are packed in bottles.
The global glass packaging market is segmented based on product into borosilicate, de-alkalized soda lime, and soda lime. Borosilicate contains significant amounts of boric oxide, aluminum oxide, and alkaline earth oxides. It has a high thermal shock and hydrolytic resistance and is used for the construction of laboratory equipment, cookware, and glassware for storing and handling parenteral, non-parenteral, and diagnostic reagents. The borosilicate glass packaging segments growth will be propelled by the rising product demand in pharmaceutical and fine chemical industries.
De-alkalized soda lime glass packaging segment growth will be chiefly driven by its increasing use for packing acidic and neutral aqueous products for non-parenteral and parenteral use. This product type is obtained by inner surface treatment of soda lime glass at high temperatures to improve its hydrolytic and chemical resistance. Better thermal and chemical properties of this product type, when compared to normal soda-lime packing material, will increase its demand and will propel the de-alkalized soda lime glass packaging market during the forecast timeframe.
Glass Packaging Market, By Application
Based on application, the global glass packaging market is segmented into alcoholic beverages, beer, food & beverages, pharmaceuticals, and others such as personal care products, cosmetic products, etc. Beer application segment accounted for more than 20% of the overall market. The segment will gain by more than 4.5% CAGR during the forecast timeframe owing to growing beer consumption in emerging countries.
The pharmaceuticals sector is another significant application segment in the global glass packaging market which registered a revenue above USD 3.9 billion in 2016. This segment will grow by a CAGR above 4% from 2016 to 2024 owing to the increasing use of the product in pharmaceutical drugs and medicine packaging. The products inertness and recyclability will drive its demand for pharmaceuticals application and will boost the industry growth till 2024.