Crystalware and Glassware Market

Crystalware and Glassware Market Analysis by Type (Crystalware, and Glassware); by Product (Lead Glass, Soda Lime Glass, and Heat Resistant Glass); by Application (Tableware, Drinking Vessels, Ornamental & Decorative, and Others); and by Price (Low, Medium, and High) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 320 | Published On: Dec 19, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • Stölzle Lausitz GmbH received the prestigious Tableware International Award of Excellence 2021, for its new series titled NEW YORK BAR glasses collection since of their two decorative cuts "Manhattan" and "Club".

  • Lifetime Brands, Inc. has acquired S’well, who is a global wholesaler, designer, and retailer of reusable, vacuum-insulated products.


Global Crystalware and Glassware Market Definition

Glass products include crystalware and glasses are used in social gatherings, housewares, and other industrial settings. These goods have a low working temperature and viscosity and a high refractive index. Crystal and glassware products are made from soda lime plastic, lead glass, and heat-resistant glass.


Global Crystalware and Glassware Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~10%

Base Year Market Size (2022)

~ USD 8,580 Million

Forecast Year Market Size (2033)

~ USD 12,230 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Crystalware and Glassware Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global crystalware and glassware market are estimated to garner a revenue of USD 12,230 Million by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 8,580 Million in the year 2022. The growth of the market is primarily attributed to the growing craze for fine dining as of its sophistication. For instance, fine dining is a highly expensive dining experience that typically includes multi-course with a prix fixe menu choice.

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Crystalware and glassware are referred to products that are made up of glass and crystals. It is a variety of glass with different chemical compositions and crystalline structures. Crystalware and glassware products are usually made up of three types of glasses which are soda lime glass, lead glass, and heat-resistant glass. Crystalware and glassware products have a higher refractive index and lower working temperature and viscosity. These products are also used in ornament and have decorative applications globally increasing count of hotels and restaurants is anticipated to lead the growth of the crystal ware and glassware market over the forecast period. For instance, as of 2018, the count of hotels had increased to nearly 187,300 across the globe.


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Global Crystalware and Glassware Market: Growth Drivers and Challenges

Growth Drivers

  • Worldwide Growing Inclination of Eating Out – As a result of changing lifestyles and an increase in the working-people ratio, the trend of eating out in a restaurant or hotel has been increasing. Moreover, now people prefer to relish other countries’ cuisines as well, which led them to go out for taking dinners, and lunch in some hotels, where crystalware and glassware are being used majorly. For instance, a staggering ratio of around 43% of people eats out multiple times per week, with another 23% eating out once every week.

  • Escalating the Number of Bars Worldwide – For instance, the number of bars in Longrewrown was around 3240 in 2020.

  • Worldwide Surge in Travel & Tourism Industry – For instance, international tourism exhibited significant signs of improvement in the first 7 months of 2022, with the number of visitors reaching approximately 55% of pre-pandemic levels which denotes, over the period, an approximated 470 million tourists traveled globally, compared to 172 million during the same months of 2021.

  • Upsurge in Food and Beverage Industry – For instance, the food and beverage industry in the United States garnered approximately USD 996 billion in 2020.

  • Increasing Ratio of UrbanizationAs per the statistics of the   World Bank, currently, more than 50% of the world's population lives in cities. The count of people living in urban areas is projected to increase more than double to 6 billion by 2045.

Challenges

  • Rise in Penetration of Plastic and Ceramic Products - Plastic resins of many types are used to make packaging products. Nearly 2 million tonnes, or 13.6% of the total amount of plastic containers and packaging produced in 2018, were recycled. As per recent data, Additionally, 16.9% of the garbage produced from plastic containers and packaging was burned with energy recovery, with the remaining (more than 69%) being landfilled.

  • Availability of Cheap products

  • Surging Demand for Paper Based and Steel Drinkware

The global crystalware and glassware market is segmented and analyzed for demand and supply by product into the lead glass, soda lime glass, and heat-resistant glass. Out of these, the soda lime glass segment is anticipated to significantly grow over the forecast period owing to its most commonly produced variant glass, less expensiveness, chemical stability, and notable ability to transmit visible light which makes it a very ideal material to use in several kinds of industries. For instance, since atoms in soda lime glass have strong intermolecular bonds and are strongly integrated, other compounds are not able to influence its structure and cause corrosion to the glass. This makes it appropriate for use in chemical environments. It has a hardness of 5-7 on the Mohs scale and a refractive index of about 1.5, which means that only about 4% of the light that strikes it is reflected. The remainder passes through, making it a great substance for applications requiring high-light transmission.


Global Crystalware and Glassware Market Regional Synopsis

The North American crystalware and glassware market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 backed by outstanding lifestyle standards, escalating per capita income, and the existence of large manufacturers of crystalware and glassware in the region. According to the statistics provided by the Bureau of Economic Analysis, by March 2022, personal income and disposable personal income (DPI) in the United States have expanded by USD 107.2 billion and USD 89.7 billion, respectively.

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Market Segmentation

Our in-depth analysis of the global crystalware and glassware market includes the following segments:

       By Type

  • Crystalware
  • Glassware

       By Product

  • Lead Glass
  • Soda Lime Glass
  • Heat Resistant Glass

      By Application

  • Tableware
  • Drinking Vessels
  • Ornamental & Decorative
  • Others

      By Price

  • Low
  • Medium
  • High

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Top Featured Companies Dominating the Global Crystalware and Glassware Market

    • Villeroy & Boch AG

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Noritake Co., Limited
    • Lifetime Brands, Inc.
    • Lenox Corporation
    • Libbey Glass LLC
    • FUSO Glass India Pvt Ltd.
    • Bormioli Rocco S.p.A.
    • Shandong Hikingpac Co., Ltd
    • Fiskars Group
    • Stölzle Lausitz GmbH

Key Questions Answered in the Report

1) What are the major factors driving the growth of the crystalware and glassware market?

Ans: Worldwide growing inclination of eating out, escalating number of bars, worldwide surge in travel & tourism industry, and upsurge in food and beverage industry are some major factors driving the growth of the market.

2) What would be the CAGR of crystalware and glassware market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the crystalware and glassware market growth?

Ans: Availability of cheap products, rise in penetration of plastic and ceramic products, and surging demand for paper base and steel drinkware are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of crystalware and glassware market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the crystalware and glassware market?

Ans: The major players in the market are Villeroy & Boch AG, NORITAKE CO., LIMITED, Lifetime Brands, Inc., Lenox Corporation, Libbey Glass LLC, LENOX CORPORATION, Bormioli Rocco S.p.A., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the crystalware and glassware market?

Ans: The market is segmented by type, product, application, price, and by region.

8) Which segment captures the largest market size in product segment in the crystalware and glassware market?

Ans: The soda lime glass segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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