The new glass logistics market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Glass Logistics Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Growing Expansion in Glass Production Facilities," says a senior analyst for industrials at Technavio.
Growing expansion in glass production facilities across the globe has created the demand for glass logistics services. Increasing demand for glass products around the world in different industries has induced glass manufacturers to expand their production capabilities. Manufacturers are also concentrating on offering innovative products such as tempered glass and thin glass for enhancing the suitability and effectiveness of their products in specific industrial applications. Such initiatives from glass producers are providing immense growth opportunities to vendors operating in the glass logistics market.
As the markets recover Technavio expects the glass logistics market size to grow by USD 1.40 billion during the period 2020-2024.
Glass Logistics Market Segment Highlights for 2020
- The glass logistics market is expected to post a year-over-year growth rate of 4.39%.
- Availability of specialized transport systems such as flat-bed trailers and in-loaders for transporting critical glass-based products and growing use of collapsible transport racks to reduce the cost of transportation is providing profitable growth opportunities in the transportation segment.
- Additionally, several trucking companies are focusing on mergers and acquisitions to expand their global presence. Such initiatives have boosted the adoption of transportation services in the global glass logistics market.
- Market growth in the transportation segment will be faster than the growth of the market in the warehousing and VAS segment.
Regional Analysis
- 59% of the growth will originate from the APAC region.
- Favorable government policies and initiatives related to environmental sustainability will significantly influence glass logistics market growth in this region.
- China, India, and Japan are the key markets for glass logistics services in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The glass logistics market size is expected to accelerate at a CAGR of about 6% during the forecast period.
- The glass logistics market is segmented by Service (Transportation and Warehousing and VAS) and Geographic Landscape (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AGC Inc., Emons Group, Kerry Logistics Network Ltd., Lannutti Spa, Nijman/Zeetank, Odyssey Logistics Technology Corp., Bonded Logistics Inc., Saint-Gobain Glass Logistics, sedak GmbH Co. KG, and Stölzle-Oberglas Gmbh
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