Top Glass Stocks to Watch as the Industry Capitalizes on Sustainability and Innovation

The global glass industry is experiencing a transformative moment, and savvy investors are beginning to recognize the investment potential embedded in glass stocks. Beyond mere commodities, companies in this space are positioned at the intersection of sustainability imperatives, technological breakthroughs, and robust market demand. With major end-markets from packaging to construction experiencing structural growth, strategic glass stocks offer compelling opportunities for those seeking exposure to secular industry trends.

Why Glass Stocks Are Attracting Investor Attention

Glass stocks have begun capturing renewed investor interest for several compelling reasons. The Zacks Glass Products industry currently holds a Zacks Industry Rank of #18, placing it firmly in the top 7% of all 251 Zacks-ranked industries. This ranking reflects bullish near-term prospects, supported by solid earnings outlooks for constituent companies. Historical data demonstrates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor exceeding 2 to 1, underscoring the significance of this industry positioning.

When benchmarked against broader market indices, glass stocks have demonstrated impressive performance. Over the past twelve months, the industry gained 24.2%, substantially outpacing the Industrial Products sector’s 5.3% gain and the S&P 500’s 6.8% decline. On a valuation basis, glass stocks appear attractively priced. The industry trades at a forward 12-month EV/EBITDA multiple of 5.59X, significantly below the S&P 500’s 19.71X and the Industrial Products sector’s 19.88X. This valuation discount, combined with strong performance, suggests glass stocks may offer compelling risk-reward profiles for value-oriented investors.

Sustainable Packaging Driving Demand for Glass Stocks

One of the most compelling growth narratives for glass stocks centers on the sustainability transformation in packaging. Glass is increasingly becoming the preferred packaging material for beverage, food, and pharmaceutical manufacturers, driven by its capacity for endless recyclability without any degradation in quality. The environmental mathematics are compelling: more than 80% of recycled bottles are transformed into new bottles, while each ton of recycled glass conserves 1,400 pounds of sand, 430 pounds of soda ash, and 400 pounds of limestone or dolomite.

As consumer environmental consciousness deepens, demand for refillable glass containers—widely recognized as the most sustainable and economical rigid packaging solution—is experiencing a sharp acceleration. Premium cosmetic and beverage brands are actively choosing glass as a differentiation strategy, leveraging packaging excellence to reinforce product quality and brand positioning. Manufacturers are simultaneously innovating through weight reduction initiatives, making bottles more convenient to handle while reducing transportation impacts.

The quantitative picture reinforces these qualitative trends. Global glass bottle and container production reached approximately 690 billion units in 2020. Projections indicate this figure will expand to 922 billion units by 2026, representing substantial volume growth that will benefit established glass stocks in the packaging segment. This expansion reflects both volume growth in existing markets and penetration into markets previously dominated by alternative materials.

Construction and Smart Windows: Next Growth Frontiers for Glass Stocks

Beyond packaging, construction represents another cornerstone growth driver for glass stocks. Glass has achieved significant traction as a sustainable alternative to traditional building materials like wood and brick, offering superior cost-effectiveness, lightweight properties, exceptional strength, and environmental credentials. In commercial and residential settings, glass increases natural light influx, reduces energy consumption, minimizes carbon emissions, and enhances aesthetic appeal—benefits that resonate with contemporary construction priorities.

The macroeconomic backdrop supports continued expansion. Rising construction activities across residential, commercial, and industrial sectors generate fundamental demand tailwinds for glass stocks. Government initiatives promoting green construction through favorable policies and financial incentives further amplify these dynamics. The global construction glass market reached $105.6 billion in 2021 and is projected to reach $190.3 billion by 2027, representing 7% compound annual growth.

Technological innovation within glass stocks has accelerated dramatically through the introduction of smart glass and intelligent window solutions. These electrokinically-enhanced and AI-powered glass products enable occupants to optimize access to natural daylight and exterior views while managing solar heat and glare. Beyond occupant comfort, smart glass solutions significantly reduce energy consumption from lighting and HVAC systems, directly lowering operating costs and carbon footprints. The legislative environment has become increasingly supportive, with the Inflation Reduction Act of 2022 providing transformative incentives—specifically, 30-50% Investment Tax Credits for smart windows—that will materially accelerate market adoption.

Navigating Cost Pressures: How Leading Glass Stocks Respond

The glass stocks industry is not without headwinds. Transportation, chemical, and fuel cost inflation, combined with supply-chain disruptions, create margin pressures that require active management. Leading glass stocks are responding through a combination of strategic pricing actions, aggressive cost reduction initiatives, and manufacturing automation to enhance productivity and operational efficiency. These defensive measures, layered atop favorable industry tailwinds, create a resilient earnings outlook for well-managed companies.

Four Glass Stocks Positioned for Growth

O I Glass: Scaling Production Through Innovation

O I Glass stands out as a compelling glass stock opportunity, having successfully capitalized on robust demand for glass packaging. The company has deployed multiple strategic initiatives including higher selling prices, production capacity expansion, and disciplined cost control. O I Glass’s margin expansion program targets more than $100 million in benefits during 2023, demonstrating management’s commitment to shareholder value creation amid inflationary pressures.

The company’s proprietary MAGMA glass melting technology represents a significant competitive advantage. This innovation substantially reduces capital requirements for furnace installation, rebuild operations, and ongoing maintenance. O I Glass’s first greenfield MAGMA facility is positioned to commence operations in Kentucky during 2024, establishing a platform for efficiency gains across the fleet.

The market has recognized these dynamics, with O I Glass shares gaining 16% over the past month. Earnings estimates for fiscal 2023 have been revised upward by 16% over the past sixty days, with consensus expectations indicating 12.2% year-over-year earnings growth. The company has demonstrated exceptional execution, with a trailing four-quarter earnings surprise averaging 16.5%. Carrying a Zacks Rank of #1 (Strong Buy), O I Glass—based in Perrysburg, Ohio, and focused on glass container manufacturing for beverages, food, and pharmaceuticals across the Americas, Europe, and Asia Pacific—warrants close attention from investors seeking concentrated exposure to glass industry growth.

Apogee Enterprises: Capitalizing on Construction Recovery

Apogee Enterprises represents another compelling glass stock pick, particularly for investors seeking exposure to the construction end-market. The company has demonstrated impressive operational momentum, with sequential margin expansion and adjusted earnings-per-share improvement across six consecutive quarters. This performance reflects strong architectural services execution and robust framing systems demand.

The company’s Architectural Services division has emerged as a particular strength, consistently securing significant project awards and maintaining a healthy project pipeline. Apogee benefits from synchronized tailwinds including new construction activity acceleration, supportive government stimulus measures, and its own internal improvement initiatives. Management expects continued margin expansion across the Architectural Glass and Framing segments, driven by lean operational improvements, strategic pricing actions, and ongoing restructuring benefits.

The investment community has responded positively, with shares advancing 8% over the past month. Earnings estimates for the current year have improved modestly by 1% over the past sixty days, yet consensus expectations still point to 59.7% earnings growth compared to the prior year. Apogee’s trailing four-quarter earnings surprise averages 49%, demonstrating consistent operational outperformance. Currently rated Zacks Rank #2 (Buy), this Minneapolis-based glass stock company combines construction sector exposure with demonstrated operational excellence.

View Inc.: Riding the Smart Glass Wave

View Inc. represents a differentiated glass stock play centered on technological leadership in smart glass solutions. The company has experienced accelerating top-line momentum across all major product categories—Smart Glass offerings, Smart Building Platforms, and Smart Building Technologies. Recently-implemented cost-saving initiatives have successfully protected margins amid challenging cost environments.

View has substantially broadened its product portfolio, bringing multiple smart building solutions to market that address the intersection of occupant comfort, energy efficiency, and environmental sustainability. The company’s customer base continues expanding, supported by ongoing manufacturing capacity investments designed to support scaling. The Inflation Reduction Act’s 30-50% Investment Tax Credit for smart windows has catalyzed surging customer interest, with View well-positioned to capture market share gains from this regulatory tailwind.

Management is simultaneously executing a go-to-market evolution, establishing relationships with real estate brokers to amplify product awareness and accelerate adoption. While the company currently operates at a loss, earnings estimates for the current year have improved from an anticipated loss of 74 cents per share to 72 cents, indicating a constructive earnings trajectory. Shares have declined 11% over the past month despite these positive operational developments, potentially creating a tactical opportunity. Currently holding a Zacks Rank of #2, this Milpitas-based glass stock offers technology-driven upside potential for growth-oriented investors.

Crown Electrokinetics: Expanding Beyond Glass Innovation

Crown Electrokinetics completes the glass stocks quartet, though the company has meaningfully expanded its strategic scope beyond core electrokinetics technology. Recently, the company acquired Amerigen 7, an emerging leader in distributed antenna systems and fiber optic infrastructure construction. Now operating as Crown Fiber Optics, this acquisition is expected to contribute $30 million to revenues and $10 million to EBITDA during 2023, diversifying earnings sources and reducing business concentration.

Crown Electrokinetics secured a credit facility totaling $100 million, providing capital to accelerate fiber optic construction projects across the Great Lakes region—where the company maintains prime contracting status—while simultaneously expanding geographic reach. The company is pursuing distributed antenna systems projects, an adjacent market experiencing robust growth dynamics. Simultaneously, the company continues commercializing its proprietary electrokinetic technology for smart glass applications, maintaining exposure to glass stocks’ most innovative segment.

Organizational restructuring efforts are yielding cost reductions that support future profitability. The Inflation Reduction Act represents a material positive catalyst for the company’s smart glass technology applications. Shares have appreciated 12.5% over the past month. Although the company currently operates at a loss—with 2023 consensus estimates pointing to a 30-cents-per-share loss—trailing four-quarter earnings surprises averaging 13.5% suggest management’s ability to beat expectations. Holding a Zacks Rank of #3, Crown Electrokinetics, headquartered in Corvallis, Oregon, offers exposure to both glass stocks and adjacent technology-driven markets experiencing secular expansion.

Conclusion: The Case for Strategic Glass Stocks Positioning

Glass stocks merit serious consideration from investors seeking exposure to compounding secular trends: sustainability imperatives driving packaging transformation, construction revival fueled by green building incentives, and technological innovation centered on smart glass and energy efficiency. The industry’s valuation discount relative to broader indices, combined with its strong recent performance and healthy earnings outlook, creates an intriguing opportunity set. Whether through established packaging leaders, construction-focused players, smart glass innovators, or diversified technology platforms, glass stocks offer multiple ways to capitalize on an industry in transition.