The glass packaging market is expected to grow at a compound annual growth rate (CAGR) of 3.4% to 2019 states a new report.
The Transparency Market Research report states the global market for glass packaging was valued at $47.43 billion in 2012 and is expected to reach $59.94 billion by 2019, growing at a CAGR of 3.4% from 2013 to 2019.
In terms of volume, global demand was 45.71 million tons in 2012 and is expected to grow at a CAGR of 3.1% from 2013 to 2019.
Rise in global consumption of beer is expected to be one of the main factors driving the glass packaging market.
The growth of the healthcare industry and use of glass bottles for storage of medicines due to its sterility and reusability is expected to augment the demand for glass packaging over the next few years.
Growing popularity of plastics and its increasing application scope for packaging is expected to hamper the growth of the market.