Global Crystalware and Glassware Market Overview
Crystalware and glassware are referred to the products which are made up of glass and crystals. It is a variety of glass with a different chemical composition and crystalline structure. Crystalware and glassware products are usually made up of three types of glasses which are soda lime glass, lead glass and heat resistance glass. Soda lime glass by product is the most common type of glass used; hence it contributes more than half of total crystalware and glassware market. Crystalware and glassware products have higher refractive index and lower working temperature and viscosity. These products are also used in ornament and have decorative applications.
Market Size and Forecast
The global crystalware and glassware market is expected to grow at a robust growth rate over the forecast period i.e. 2017-2024. The growth of crystalware and glassware market is driven by the rising popularity of fine dining across the globe as well as increasing number of restaurants and hotels globally.
Geographically, North America has been a leading crystalware and glassware market in terms of market demand and is anticipated to maintain its dominance over the forecast period. In North America, U.S. is witnessing the augmented demand for crystalware and glassware products. Furthermore, North America is expected to be the most lucrative market, owing to presence of large manufacturing companies for crystalware and glassware products in this region.
North America region is trailed by Europe which is expected to showcase a modest growth owing to the economic crisis which has resulted in high cost of living and low wages growth rate. Middle East and Africa are anticipated to witness a robust growth over the forecast period. Further, this can be attributed to the development glass and plastic industry in the region. Middle East and Africa regions are considered as price sensitive market. Moreover, low prices of crystalware and glassware products are believed to foster the growth of this market. Latin America is also projected to observe significant demand for crystalware and glassware products over the forecast period.
Our in-depth analysis segmented the global crystalware and glassware market in the following segments:
Global crystalware and glassware market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Rising demand for crystalware and glassware items in residential apartments and restaurants and hotels are expected to spur the demand for crystalware and glassware market globally. Further rise in modern infrastructure facilities across the globe is expected to foster the demand for crystalware and glassware items. Moreover, crystalware and glassware products are widely used for serving or for decorative purposes.
Rapid urbanization coupled with rising standard of living; owing to the adoption of luxury products for decoration of houses is anticipated to be the dynamic factor behind the growth of crystalware and glassware market globally.
However, the availability of cheap products is believed to dampen the growth of crystalware and glassware market. Moreover, penetration of plastic and ceramic product is also expected to hinder the growth of this market.
The major key players for crystalware and glassware market are as follows
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