Newark, NJ, May 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global recycled glass market is expected to witness growth from USD 4.14 billion in 2020 and reach USD 6.49 billion by 2028, and is growing at a CAGR of 5.9% during the forecast period 2021-2028.
The demand for recycled products has increased tremendously due to swift industrialization, which has caused large landfills of waste. Increasing glass waste has become a cause for concern worldwide as most of the waste ends up in landfills and incinerators, which then adds to global warming and climate change. The government campaigns for cleanliness and the initiatives taken have contributed to the growth of the recycled glass market worldwide. The need for sustainable development and awareness campaigns has driven the growth of the market. Glass recycling has a vital role to play in waste management as it is environment-friendly.
Glass recycling involves the processing of waste glass into valuable products, and it can be in any form due to its nature of 100% recyclability without the loss of quality. This recycled glass is collected from sources like drop-off centers or deposit centers. Cullet is a commonly used recycled glass product that is melted in the furnace and then molded to form the desired outcome. Generally, the manufacturing of glass requires raw materials such as silica, limestone, soda ash, etc., which are extracted from the crust of the Earth through mining. The use of these raw materials can be reduced by recycling glass as the recycled glass acts as a substitute for the raw materials, thereby cutting down furnace maintenance costs and energy consumption.
The global recycled glass market is predicted to witness a significant growth rate due to increased awareness among consumers about effective waste management and the environmental benefits linked with recycled glass. The challenges and factors restraining the market's growth are the complications involved in the recycling of glass as not all glass products can be recycled, and they need to be segregated before initiating the recycling process. The more contaminants, the higher will be the cost of contaminant removal, which increases the complexity. Lack of investments is also a hindering factor as not many investors are willing to invest a large amount of money due to a more extended payback period and low returns. The avoidance of using single-use plastic in the manufacturing of bottles has opened up opportunities for the players in the recycled glass market.
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Some of the notable players operating in the global recycled glass market are LLC, Cap Glass, Glass Recycled Surfaces, ACE Glass Recycling, Gallo Glass California Pure Company, Strategic Materials, Inc., United Resource Management, BALCONES RESOURCES, Ripple Glass, 2M Resources, Momentum Recycling, Dlubak Glass Company, Harsco Corporation, Ardagh Group S.A., Coloured Aggregates Inc., Ngwenya glass, Owens Illinois Inc., Vetropack Holding Ltd.
Cullet segment dominated the market and held the largest market share of 47% in the year 2020
Based on product, the global recycled glass market is segmented into glass powder, cullet, and crushed glass. The cullet segment dominated the market and held the largest market share of 47% in the year 2020. This growth is primarily due to its positive impact on the overall operational performance of the process involving glass manufacturing. It cutbacks on the energy requirements and brings down the associated costs. It has the property of melting at a lower temperature and a faster rate. The cullet segment includes amber cullet, green cullet, clear culler, and others.
Glass bottles & containers segment dominated the market and held the largest market share of 25% in the year 2020
Based on application, the global recycled glass market is segmented into flat glass, fiberglass, glass bottles & containers, highway beads, abrasives, fillers, and others. The glass bottles & containers segment dominated the market and held the largest market share of 25% in the year 2020. This growth is largely due to the wide range of applications in the beauty & personal care industry, packaging industry and pharmaceutical industry. The fiberglass segment is expected to capture a significant market share during the forecast period due to its superior resistive characteristics and insulation properties and has found its use in industries such as metals & mining, automotive, power generation, etc.
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Regional Segment of Recycled Glass Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global recycled glass market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe dominated the market and held the largest market share of 38% in the year 2020. This growth is largely due to high awareness about glass recycling and government policies which support its use. The landfill tax rates have been increased in most European countries, which will bring down the glass waste disposal significantly and boost the market for recycled glass. The North American market is anticipated to observe a significant growth rate as glass has become an ideal packaging solution for health-conscious consumers who value freshness, high-quality ingredients and prefer glass packaging for beverages.
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About the report:
The global recycled glass market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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