The global market for glass packaging is expected to reach $68.4 billion by 2020, according to a recent study by Grand View Research Inc. Growing beer consumption, especially in parts of Eastern Europe and the Asia-Pacific region, is expected to be a key driver for the growth of the market over the next five years. In addition, the increasing preference toward use of glass in packaging of food and beverage, pharmaceuticals and cosmetics is further expected to boost the market in the near future.

Alcoholic beverages were the largest consumers of glass packaging, making up more than 25,000 kilotons of glass in 2013. Beer is expected to witness the fastest growth, at an estimated compound annual growth rate (CAGR) of 4.2% from 2014 to 2020. Pharmaceuticals, along with food and beverage, were the other large application segments for glass packaging and are expected to have substantial growth over the next five years. However, the substitution of glass by plastic as a medium of packaging is expected to be a key restraint for the growth of the market.

Further key findings from the study suggest:

• Global glass packaging market volume was estimated to be 47,000 kt in 2013 and is expected to reach 60,846.5 kt by 2020, growing at a CAGR of 4% from 2014 to 2020.
• The Asia-Pacific region is expected to maintain its leadership position in the market, and is estimated to account for close to 38% of the global glass packaging demand by 2020. Europe, the second-largest market, is expected to play a key role in boosting the demand for glass packaging owing to the increased beer consumption from countries of Eastern Europe.
• The Asia-Pacific region is also expected to be the fastest growing regional market over the next six years, growing at an estimated CAGR of 4.2% in terms of volume from 2014 to 2020.

For more information, visit www.grandviewresearch.com.