Glass tableware products such as drinking glasses, plates, bowls, tumblers, and others have been gaining immense popularity owing to their aesthetic appearance, durability, and eco-friendly nature. Glass tableware offers unbreakable strength, shatter resistance, resistance to stains and heat, and are lightweight in nature. The shifting consumer preferences towards premium and luxury glass tableware products for home decoration and usage at restaurants are propelling the glass tableware market growth.
The global Glass Tableware Market is estimated to be valued at Us$ 13.55 Billion in 2024 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing shift towards luxury and premium glass tableware products is one of the key trends being witnessed in the market. Premium and luxury glass tableware products demand higher pricing owing to their aesthetically appealing designs, precision craftsmanship, and utilization of superior raw materials. Manufacturers are launching new product lines with innovative designs, advanced glass coatings, and novel materials to appeal to the luxury tableware requirements of high-end consumers. For instance, Riedel Glass's luxury glassware products feature thin but sturdy glass structure along with unique sommelier-inspired shapes to enhance the sensory experience of taste, aroma, and balance in wine. Such premiumization and demand for luxury tableware options is expected to continue during the forecast period propelling the market growth.
Segment Analysis
The global glass tableware market is dominated by glass plates and bowls segment. This segment accounts for more than 35% of the total market share owing to wide applications of glass plates and bowls in household, commercial, and institutional sectors. Glass plates are preferred over other material plates due to their resilience, easy to clean, and transparent properties. Increasing demand for glass plates and bowls from hotels, cafes, and restaurants is one of the major factor driving the growth of this segment.
Key Takeaways
The Global Glass Tableware Market Demand is expected to witness high growth during the forecast period.
Regional analysis:
Asia Pacific region is expected to witness fastest growth during the forecast period owing to significantly growing middle class population and rapid urbanization driving the demand for glass tableware from various sectors in the region. China currently holds largest share in the Asia Pacific glass tableware market and is anticipated to continue dominating the regional market. Rapid infrastructure development boosting the number of commercial spaces like hotels and restaurants is supporting the market growth in the country.
Key players operating in the glass tableware market 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., and Novellus Systems. Brook Automation and Entegris dominate the global glass tableware market owing to their extensive product portfolio and widespread distribution network across various regions.
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