by Glass tableware offers advantages such as durability, scratch resistance, temperature resistance, and transparency over plastic tableware. Rising demand for glass tableware from commercial sectors such as restaurants, hotels, catering services is driving the market. The global shift towards environmental friendly products is further propelling the demand.
The global glass tableware market is estimated to be valued at US$ 13.55 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Glass Tableware Market Size are Brooks Automation Inc., Entegris Inc., Tokyo Electron Limited, Lam Research Corporation, ASML Holding N.V., Applied Materials Inc., Hitachi High-Tech Corporation, AMAT Applied Materials AG, KLA Corporation, Mattson Technology Inc., Tokyo Seimitsu Co. Ltd., Advantest Corporation, Ultratech, MKS Instruments Inc., Novellus Systems.
Rising commercial sector and increasing number of food outlets present significant growth opportunities in the glass tableware market. Growing popularity of glass containers for alcoholic and non-alcoholic beverages also offers lucrative opportunities.
Advancements in automated manufacturing technologies such as robotics are facilitating mass production of glass tableware. Developments in manufacturing processes such as 3D printing, PECVD, atomic layer deposition and ion beam assisted deposition are helping produce glass tableware with enhanced properties in a cost effective manner.
Market Drivers
The key driver for the glass tableware market is the growing food service industry. Expanding number of restaurants, cafes, hotels and other food outlets is driving the demand for glass tableware products. Additionally, rising disposable incomes and changing lifestyle of consumers is positively impacting the market. Growing popularity of glass containers for packing alcoholic beverages such as beer and wine is another factor pushing market growth. Shift towards eco-friendly products from plastics is augmenting sales of glass tableware globally.
Current challenges in the Glass Tableware Market
The glass tableware market is facing certain challenges which are hindering its growth. The key challenges include increasing raw material prices and high threat of substitutes. Glass being a commodity, is highly susceptible to price fluctuations in raw materials like soda ash and silica which are the key ingredients in glass manufacturing. The rising prices of these raw materials are negatively impacting the profit margins of glass tableware manufacturers. Moreover, the market faces a serious threat from substitute materials like steel, plastic and ceramic which are cheaper and easier to produce compared to glass. The substitutes are increasingly gaining preference from consumers as well as food service providers and industrial buyers due to their cost and weight advantages over glass tableware.
SWOT Analysis
Strength: High durability and ability to withstand heat. Glass tableware can withstand high temperatures and does not break, crack or chip easily making it suitable for cooking and serving hot foods.
Weakness: Fragile nature, susceptibility to breakage. Though glass is durable, it can break if dropped causing injuries. High production costs.
Opportunity: Growth in food service industry. Rising number of restaurants, cafes, hotels etc present an opportunity to increase glassware consumption. Innovation of stained, engraved glassware.
Threats: Easy availability of substitutes like plastic, ceramic at lower costs. Stringent regulations regarding use of toxic materials in glass production.
Geographically, North America currently dominates the glass tableware market in terms of value owing to robust food service industry and presence of several renowned glassware manufacturers. However, Asia Pacific region is emerging as the fastest growing market for glass tableware driven by burgeoning middle class population, growing number of restaurants and cafes as well as rising disposable incomes in developing nations like India and China.
In terms of value, United States and China collectively account for over 40% of global glass tableware market currently. The large and diverse food service industry coupled with presence of numerous glassware brands have made United States the dominant regional market. Meanwhile, China has emerged as a major production and consumption hub for glass tableware attributable to low cost manufacturing and massive urban population.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
