Crystalware & Glassware Market Analysis
Crystalware and Glassware Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Crystalware and glassware are products made from glass, which find applications in social gatherings, home décor, and other industrial applications. These products possess high refractive index and lower working temperature and viscosity. Soda lime glass, lead glass, and heat resistance glass are used to produce crystalware and glassware products.
The global crystalware and glassware market is expected to exhibit a good growth rate over the forecast period (2019-2027). Rising number of restaurants and hotels and increasing popularity of fine dining are some of the major factors that are expected to drive the global crystalware and glassware market growth over the forecast period. For instance, according to Coherent Market Insights’ analysis, the chained restaurant market in India was valued at US$ 6.77 Bn in 2016 and expanded at a CAGR of over 13% from 2018-2025.
Moreover, increasing demand for these products in laboratories, cosmetic industry, beverage industry, and other industrial applications is also expected to drive the global crystalware and glassware market size over the forecast period. However, factors such as increasing demand for plastics and ceramics, and availability of cheap products are expected to restrain growth of the global crystalware and glassware market.
On the basis of applications, the crystal ware and glassware market has been segmented as:
On the basis of price, the crystal ware and glassware market has been segmented as:
Asia Pacific is expected to be the fastest growing region in the global crystalware and glassware market over the forecast period. This is owing to rising demand for glassware and crystalware products in emerging economies such as China and India. Various cheap products from Asia Pacific are imported to developed regions such as Europe and North America, which is expected to decrease the demand for glassware and crystalware in these regions in the near future. Therefore, retailers in these regions are forced to reduce their prices to retain in the crystalware and glassware market.
Major players operating in the global crystalware and glassware market are largely focusing on tapping market potential in growing economies. This is expected to drive growth of the crystalware and glassware market over the forecast period.
Key players are adopting various strategies such as new product launches in order to retain its position in the global crystalware and glassware market. For instance, in March 2018, Lifetime Brands introduced Farberware Collection, a new sub-brand that features a curated assortment of kitchen tools, gadgets, cutlery, cutting boards, and pantryware. Some of the major players operating in the global crystalware and glassware market include Oneida Ltd., Lenox Corporation, WMF Wurttembergische Metallwarenfabrik AG, Lifetime Brands, Inc., WWRD Holdings, Guy Degrenne SA, The Zrike Company, Inc., The Denby Pottery Company Ltd., Noritake Co., Ltd., Libbey, Inc., and Villeroy & Boch AG.