The dominant players in the global glass tableware market for 2015 – ARC International, Libbey Inc., Bormioli Rocco S.p.A., Sisecam Group, and WMF Group – held a massive 65% of its overall value, according to a research report released by Transparency Market Research. These players are currently facing hard times imparted by the massive scale of entrance of local players all over key regions, players that are swiftly gaining appeal due to the affordable pricing that they bring to the table. As for key players, product innovation, strategic mergers and acquisitions, and joint ventures and partnerships are expected to work in their favor over the coming years.
As stated in the TMR report, the global glass tableware market is expected to be valued at US$14.2 bn in 2024, ahead from its 2015 evaluation of US$8.8 bn. For the report’s forecast period from 2016 to 2024, the global glass tableware market is slated to expand at a CAGR of 6.1%.
Beverageware Continues with Leading Share in Global Market
Aesthetic tableware, beverageware, tea pots, baby bottles, bowls, cook pots, and roasters are among the key products classified in the global glass tableware market currently. Beverageware is expected to lead the global market and is likely to acquire 34.9% of the market by the end of 2024. The demand for beverageware is largely augmented by the easier recyclability of beverageware when compared to other materials, and the overall increasing consumption of beverages.
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From a regional perspective, the global glass tableware market has so far been led by Asia Pacific, owing to the region’s swiftly improving amounts of disposable income. The region is anticipated to acquire a share of 35.8% by 2024 in the market as urbanization continues at an accelerated pace.
Improving Purchasing Power of Middle Class Contributes Significantly to Soaring Revenue
The global glass tableware market is forecast to experience a solid rate growth over report’s given forecast period. “Skyrocketing investments being made by international hotel chains into emerging economies such as India, China, and Japan is currently placing a massive demand on the production rate of glass tableware,” states a TMR analyst. This fillip, especially in Asia Pacific, is further augmented by the increasing disposable incomes of urban consumers who are showing more demand for both utility and aesthetic items. Emerging economies are also experiencing an increasing expenditure on travel and tourism as well as a growing interest in eating out has also spiked the demand for glass tableware in recent years. The market is also anticipated to thrive due to the flourishing catering industry, which is expected to have a positive impact on the overall market.
The shifting preference of glass over plastics has also been contributing to the growth of the global glass tableware market. The changing standard of living and growing awareness about the environmental hazards of using plastic are also expected to complement the growth of the overall glass tableware market in the coming years.
No Quality Standards Governing Regional Manufacturers
The global glass tableware market is currently being restrained by several major and minor factors. One of the leading factors hindering the market is the lack of standardization taken up by manufacturers to maintain the quality of the product. Qualities such as durability of the finished product, the presence of permanent residual stress, the grade of glass used, and raw material composition varies with every manufacturer, local or globally prominent. The global glass tableware market is also expected to be hindered by the increasing prices of raw materials.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.