PUBLISHER: Grand View Research | PRODUCT CODE: 1224662
PUBLISHER: Grand View Research | PRODUCT CODE: 1224662
The Europe pharmaceutical glass packaging market size is expected to surpass USD 5.8 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.8% from 2023 to 2030.
The European pharmaceutical industry is expected to witness strong growth in the coming years. Growing aging population in France, Germany, and other European countries; increasing health consciousness among consumers; high emphasis of government on strengthening the healthcare sector; and introduction of various healthcare insurance schemes by governments are primarily driving the pharmaceutical industry.
Research-based pharmaceutical industry is a key asset of the European economy and one of Europe's top performing high-technology sectors. The pharmaceutical glass packaging market is on the rise owing to growth in healthcare developments in the region by research, development, and introduction of new medicines to improve the health and quality of life of patients.
Further, glass is 100% recyclable in nature and can be recycled endlessly without loss in quality or purity. The recycled glass can be substituted for up to 95.0% of raw materials such as sand, soda ash, limestone, and cullet (recycled glass). Recycling of glass products benefits the manufacturers as it reduces the amount of raw materials and helps in reducing emissions.
The rate of recycling has been increasing at a faster rate throughout European countries. Sweden, Belgium, Luxembourg, Austria, and Germany continue to be the best performers. According to the report of the European Container Glass Federation (FEVE), average rate for glass recycling hit the high of 73% in 2022. Over 25 billion glass containers continue to be recycled in a bottle to bottle closed loop, making glass a model for the circular economy.
However, the market for pharmaceutical glass packaging is estimated to witness a moderate growth rate in the coming years mainly because glass materials are expensive and are not able to provide economically viable solutions for the packaging of products at a large scale. Plastic bottles used for pharma packaging are made of a special plastic, known as polyethylene terephthalate (PET), which is a clear, strong, and lightweight plastic belonging to .