Asia-Pacific Container Glass Market size is forecast to reach US$61.0 billion by 2026, after growing at a CAGR of 4.3% during 2021-2026. Glass containers are clean, sanitary, odorless, and inert, which is increasing their demand from food and beverage, pharmaceutical, and cosmetic producers. Also, the rising development of innovative and lightweight goods with appealing designs and brilliant color combinations at lower production costs has uplifted the demand for container glass in the APAC region. Furthermore, product development initiatives by manufacturers and the launch of container glass in a variety of shapes to assist packaging industries are projected to boost the target market's growth in this region. Furthermore, the increasing R&D activities in the container glass market are further estimated to drive the growth of the Asia-Pacific container glass industry in the forecast period.
Glass offers properties such as chemical resistance, weather resistance, insulation, hardness and brittleness, transparent, and others that make it a suitable material for packaging pharmaceutical products. For instance, glass containers offer better protection to drug formation as they are resistant to air & moisture and resistant to chemicals, thus preventing the drug from contamination or denaturing. Additionally, inert nature of the glass increases the stability of drug by avoiding interaction between drug molecules and environmental particles, thus preventing its degradation. The key factors such as rise in the consumption of generic drugs and increasing access to healthcare services are constantly presenting new opportunities for pharmaceutical companies. Also, the significant growth in the pharmaceutical industry in the emerging economies such as China and India will provide ample opportunities for the growth of Asia-Pacific Container Glass market in the upcoming years.
Also, rising investments in the end use industry is estimated to raise the market growth opportunities for the container glass industry. For instance, the growing demand in the genderless skincare in South East Asian countries is majorly driving the Asian container glass market during the forecast period 2021-2026. For instance, in May 2020, Global beauty company Amorepacific Corporation announced a partnership with Australian luxury skincare company Rationale Group. The partnership is majorly aimed at expanding in Asia. Also, in February 2020, Piramal glass announced to invest $42M investments towards expansion in India to expand its manufacturing lines. Similarly, the significant investments and expansions in the food manufacturing sector is analyzed to contribute to the container glass market in the region. Since the south Asian countries are highly known for spices, hence the growing demand for spices and exports is analyzed to boost the market growth rate. For instance, the Indian government announced that by 2024, the Food Processing industry will potentially attract $33bn investments and generate employment for 9 million people.Thus, it is anticipated that the rising investments in the end use sectors will boost theAsia-Pacific container glass market during the forecast period.
China dominated the Asia-Pacific container glass market in terms of revenue with a share of 50% in 2020 and is projected to dominate the market during the forecast period (2021-2026).The presence of key players coupled with the growing demand of beverages with innovative taste and flavor is helping the growth of the market in the region. For instance, Vista Group is one of the leading glass bottle manufacturer in China offering spirit bottle, brandy bottle, food bottle, water bottle, beer bottle, glass jar and other with various shapes and sizes. Japan in Asia-Pacific is projected to grow with a CAGR of 2.9% during the forecast of 2021-2026.The growing investment by key players in Japan is a vital factor fueling its market growth. For instance, in 2019 Arglass Yamamura LLC, a joint venture between a New York investment firm and a Japanese glass manufacturer, invested US$ 123 million in South Georgia to establish a new plant with a goal of employing 150 people. Growing demand for beverages and increasing investments in the container glass market in the Asia pacific region is estimated to drive the market growth.
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Asia-Pacific container glass Market Growth Driver
The continuously growing demand of glass packaging in beverage industry
According to the “International Commission of Glass” the glass container industry is a second major force in the marketplace with global sales near US$ 53billion, split between beverages, cosmetics, pharmaceuticals and others. Going green is the main theme in the packaging market. The environmentally friendly packaging of beverage product has not only become an ethical concern but more of marketing technique employed by companies to cater for consumer demand and to build up company image and brand loyalty. Thus, factors such as growing concern for the environment, combined with consumer preference for healthy living, is driving increased trust in glass as the ultimate packaging choice for food and drinks. According to the India Brand Equity Foundation (IBEF), the packaged food sector in India is likely to double by 2015 to touch US$ 30 billion from the current US$ 15 billion, owing to the changing urban lifestyle, rise in income, and modern retail trade. This indicates a further increase in the demand of container glass in the Asia-Pacific region.
The Major Players in this Market Include
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Asia-Pacific container glass market. Major players in the Asia-Pacific container glass market are Piramal Glass Pvt. Ltd., Haldyn Glass Ltd., La Opala RG, Toyo Glass Co. Ltd., Saverglass Group, Dongwon Systems Corp., Hindustan National Glass & Industries Ltd., AGI Glasspac, Amcor plc, Owens-illnois, Inc. and Others. In March 2021, an investment of US$75 million was raised by AGI Glasspac for the production of 154 tonnes of premium flint and other colours on a new furnace in the Telangana plant.
COVID-19 has impacted the consumer goods, food and beverage industry, oral care, household care; fine fragrances, animal and pet food as well. Companies faced significant reduction in consumption and supply chain disruption challenges in the year 2020. Lack of supply of basic raw material due to the temporary shutdown of factories, blockage of roads, reduced access to input and services, labour movement, and various other factors has hampered the market growth. Owing to the pandemic, the manufacturers are usually unable to come up with a wide range of products which is eventually hampering its market growth. This has led to tremendous loss for various manufacturers.
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