GLASS MANUFACTURING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The presence of substitute materials is significantly restraining the growth of the global glass manufacturing market. Substitute materials such as plastics, metals, and other fiber-based composites have been capturing market share from glass over the past few years. These substitute materials offer various advantages over glass such as lightweight, flexibility, shatter-resistance, and lower costs of production.  Substitute plastics in particular have emerged as a major threat to the glass market. Lightweight and versatile plastics can be easily molded into various complex shapes and are increasingly replacing glass in various end-use industries such as automotive, construction and consumer goods packaging. Plastics provide better insulation and impact resistance compared to glass at considerably lower costs. This makes plastics an attractive proposition for manufacturers looking to reduce production expenses. Various plastic variants like polycarbonate sheet, acrylic sheet, polyethylene terephthalate (PET) are widely replacing traditional glass in applications like automotive glazing, greenhouses, machine guards and windows & building facade panels.

Market Opportunities: Innovation of new products

Innovation of new products provide great opportunities in the global glass manufacturing market. With growing concerns around sustainability, companies are innovating glass packaging products made from recycled glass which requires less energy to produce. Major brands have launched glass bottles containing 50% recycled glass helping reduce carbon footprint. Properties of glass like durability and ability to preserve taste and quality of content for longer duration is driving demand for innovative packaging solutions especially in food and beverage industry.