Glass Additives See Growth from Glass Packaging Market
Increasing consumption of colored and specialty glass in the packaging industry has been a major factor driving growth in the glass additives market.
According to a recent report available from Research and Markets, the global glass additives market is expected to reach $1.56 billion by 2025. The report states that increasing consumption of colored and specialty glass in the packaging industry has been a major factor driving growth in the glass additives market. Additional drivers include rising demand from the food and beverage industry, we well as the growing popularity for customized glass wares across industries such as pharmaceuticals, cosmetics, and others.
Global glass additives demand reportedly reached 35,428.4 tons in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2017 to 2025. Europe emerged as the largest consumer in 2016 and is estimated to generate revenue of over $533.8 million by 2025.
The metal oxide segment was valued at $403.1 million in 2016 and is projected to witness growth of 3.6% over the forecast period. Asia-Pacific is estimated to witness the fastest growth over the forecast period due to the presence of key developing economies such as China, which is the largest producer of rare earth elements. Regional demand is expected to grow at a CAGR of 3.7% from 2016 to 2025.
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