With a wide range of applications in the pharmaceutical, personal care, chemical, and food and beverage industries the demand for glass bottles is expected to remain strong for the foreseeable future. According to a new Market Study, the market will surpass a valuation of US$ 61 Bn by the end of 2031 at a CAGR of over 5%.
The COVID-19 pandemic has brought the pharmaceutical, manufacturing, logistics, and packaging companies together to deliver the vaccines worldwide. Many COVID vaccines have been approved globally, and 150 + further vaccines are still in clinical trials. Glass as a primary packaging material will play an essential role in the global vaccine supply chain. Packaging companies are working hard to prevent bottlenecks and shortages. For the vaccine packaging, type I borosilicate molded glass has emerged as a preferred material. Glass bottles are chemically inert and are highly resistant to enzymes. Consequently, type 1 bottles are ideal to store and deliver vaccines across the globe. The unprecedented surge in demand for vaccines has pushed manufacturers to increase production capacities to keep up with the supply demand gap. Key players of glass bottles such as Gerresheimer AG and SGD S.A. are committed to supplying type I borosilicate molded glass vials to meet requirements arising during the crisis.
Key Takeaways from Glass Bottles Market
· Type I grade glass bottles are expected to hold more than 50% of the value share owing to applications in storing strong solutions, acids, and alkalis.
· Consumption of the 501-1000 ml glass bottles is expected to reflect relatively larger volumes, with notable demand from the beverage industry.
· The U.S. is a prominent regional market, accounting for more than 84% of sales in North America owing to a mature food and beverage and pharmaceutical sector.
· Germany currently holds the lead in Europe accounting for nearly a fourth of all regional sales in2021.
· China accounts for more than 45% of the value share in East Asia, while Japan and South Korea will make small gains in the upcoming decade.
“A significant rise in the use of glass bottle packaging in the food and beverages industry owing to changes in consumer's preferences has generated demand. In addition, Type I borosilicate molded glass vials sales will consistently surge amid the Covid-19 pandemic. As a result, customer-centric, branded and affordable glass bottle offerings will drive developments through 2031” says Research Analyst.
Customization Efforts to Reinforce the Demand for Glass Bottles
Customization details in the glass bottle industry are increasingly being made using 3D blueprints. Even labels and lids are designed using 3D technology. Manufacturers have come up with digital printing technologies for printing on glass bottles.
Glass bottles can be customized according to their shape, choice of finish, color, and design. The customization reinforces brand image, and helps in information dissemination to the consumer. Customization will make help the brands stand out from their competitors.
Impact of COVID-19 on the Glass bottles Market
The ongoing COVID-19 pandemic has affected all the sectors. Pharmaceutical companies have leveraged key opportunities during the pandemic as the increased demand for glass vials for medical purposes will drive short-term revenue generation. Glass bottle companies have been designated as essential services due to their role in food and beverage and pharmaceutical products. Also, glass bottles are regarded as safe packaging for food items; hence the demand for the glass bottles market has recovered and remained relatively consistent. Across the globe, alcohol consumption has suffered due to lockdown and travel restrictions. However, online sales and relaxation of regulations, has helped to partially mitigate losses through home delivery services.
Glass Bottles Market Landscape
Leading players in the market are focused on product development for customization capabilities, in addition to driving investments into bolstering production capacities to keep up with demand. Tier 3 players hold 65-75% of the value share in the global glass bottles market.
Owen Illinois, Inc., Ardagh Group, SA, Vitro, S. A. B. de C. V., Vidrala, S.A, Gerresheimer AG, Vetropack Holding AG, Verallia SA, Frigoglass Jebel Ali FZCO and among others are the prominent players in the global glass bottles market.
These insights are based on a report on Glass Bottles Market by Future Market Insights