New York, June 02, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on “Recycled Glass Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, and Geography,” the market is expected to grow from US$ 3,435.81 million in 2022 to US$ 4,571.62 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The projected growth of the market during the forecast period is attributed to the increasing adoption of fiber glass insulation in many end-use industries. Recycled Glass Market Forecast to 2028 by Product Type (Glass Cullet, Glass Fines, and Glass Powder), Application (Bottle & Container, Flat Glass, Fiber Glass, Highway Beads, Fillers, and Others), and Geography.
In 2020, Europe held the largest share of the market. Factors contributing to the market growth in the region are the growing demand for bottles and containers and fiber glass for insulation in the food & beverages, pharmaceutical, and residential sectors. Europe is the hub of several industries such as food & beverages, pharmaceutical, and automotive. The rising investment in the industrial sector and rapid urbanization are creating demand for fiber glass required for insulation, which is driving the recycled glass market in the region.
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| Report Coverage | Details |
| Market Size Value in | US$ 3,435.81 million in 2022 |
| Market Size Value by | US$ 4,571.62 million by 2028 |
| Growth rate | CAGR of 5.5% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. Tables | 131 |
| No. of Charts & Figures | 120 |
| Historical data available | Yes |
| Segments covered | Product Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Recycled Glass Market: Competition Landscape
Coloured Aggregates Inc.; Gallo Glass Company; Strategic Materials, Inc.; Vetropack; O-I Glass, Inc.; Dlubak Glass Company; G.R.L, Glasrecycling; Ardagh Group S.A.; Bradish Glass, Inc. and Momentum Recycling, LLC are a few of the major players operating in the market. Players operating in the recycled glass market are constantly focusing on strategies such as investments in research and development activities and new product launches.
Bottles and containers are 100% recyclable and without any loss in purity and quality. Many manufacturers of bottles and containers uses recycled glass due to a shift in consumer preferences toward eco-friendly packaging. The initiatives taken by governments of various countries for reduction of air and water pollution generated from industries has created lucrative opportunities for recycled products. The bottles and containers are completely made of recycled glass.
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Increasing Adoption of Fiber Glass Insulation in Many End-Use Industries
Fiberglass is used to manufacture different products in several industries, such as automobiles. Fiberglass is an insulation material composed mainly of glass. The recycled glass is used in the processing of finished fiberglass. The main function of fiberglass as an insulator is to trap air and slow heat transfer. It is available in a blanket form and loose fill with different thicknesses for determining the resistance to heat flow. Fiberglass insulation is one of the most affordable and easy-to-install insulating options. The characteristics of fiberglass, such as flexibility, fire retardant, and energy efficiency, have resulted in the utilization of fiberglass as an insulator in the residential & other industrial sectors. In the residential sector fiberglass is used for noise reduction purposes.
Fiberglass has natural sound-dampening properties that can significantly reduce noise coming into the house. It is also applied in walls, ceilings, and even ducts as acoustic insulation to help reduce sound transfer. Thus, the growing need for fiberglass in the industrial & commercial sectors is driving the recycled glass market growth.
Recycled Glass Market: Segmental Overview
Based on type, the recycled glass market is segmented into glass cullet, glass fines, and glass powder. The glass cullet segment held the largest share in the recycled glass market in 2021. Recycled glass cullet is used as a replacement for minerals in the manufacture of glass packaging, thus helping to reduce the reliability of primary raw materials. cullet is being utilized in manufacturing bottles and containers, flat glass, and fiberglass for various industrial purposes at a large scale. Glass cullet is used in various industries, including food & beverages, pharmaceutical, and construction.
Based on application, the recycled glass market is segmented into bottles and containers, flat glass, fiberglass, highway beads, fillers, and others. The bottles and container segment held the largest share in the market in 2021. Glass containers used for food and beverages are 100% recyclable as compared with other types of glass like windows, ovenware, Pyrex, crystal, etc. as this glass are manufactured through a different process.
Thus, recycled glass is introduced into the glass container manufacturing process, as they don’t cause production problems and defective containers like other types of glass. Bottles and containers are employed in many industries for packaging purposes. An increase in industrialization has boosted the consumption of bottles and containers in the end-use industries such as food & beverages and pharmaceutical. This has led to a rise in demand for recycled glass across the globe.
The demand for eco-friendly packaging in developed as well as developing nations has driven the market for bottles and containers. Glass bottles are frequently used for packaging liquids like soda, juice, beer, and wine. Recycling of these bottles is a quick process as a bottle can be recycled and kept on store shelves in 30 days. Thus, the quick recycled packaging process is responsible for a higher preference for bottles and containers in the packaging industry. The major factor creating demand for bottles and containers is the increasing demand for eco-friendly packaging a larger scale in the industrial and residential sectors.
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The recycled glass are largely used in the manufacturing bottles and containers required in commercial as well as residential sector. The consumption of bottles and containers is directly influenced by the growing population and urbanization across the globe. The increasing application of recycled glass in the bottle and container, flat glass, fiber glass, highway beads, fillers, and others boosts the recycled glass market growth. It can be attributed to the growing demand for end use industry such as packaging, construction, coatings, and etc. The packaging industry majorly relies on bottles and containers for bulk packaging and to maintain the shelf life and quality of products. The pharmaceutical and food & beverage packaging industry are major users of bottles and containers. This factors led to driving demand for bottles and containers which, in turn, holds responsible for driving recycled glass market.
In 2021, Europe held the largest share of the global recycled glass market. Germany, France, and the UK are the leading producers of recycled glass across the region. In Germany, the recycled glass production industry is among the fastest-growing ones. The growing industrialization and modernization in this region, coupled with rise in government initiatives for treatment of glass waste, has fueled the consumption of recycled glass extensively.
The glass cullet segment held the largest market share. The glass cullet is employed for manufacturing bottles and containers, flat glass, glass fibers for packaging, construction, and other industries. The cost of glass cullet is low as compared to other type of recycled glass.
The bottles and containers segment held the largest share of the market in 2021. Recycled glass has been used in processing bottles and containers to large extent. Due to its high utilization in the packaging industry and growing demand for ecofriendly packaging the bottles and containers made of recycled glass has observed tremendous growth in past few years.
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The fiber glass segment is the fastest growing segment in the global recycled glass market during the forecasted period. Fiber glass are used as insulator in manufacturing components in automotive and other industries. The fiber glass is one of the best option for insulation purpose. Recycled glass is used in processing of fiber glass.
Impact of COVID-19 Pandemic on Recycled Glass Market
The COVID-19 pandemic caused significant economic losses across the globe. Further, the pandemic led to the temporary discontinuation of operations across various industries. As a result, the demand for recycled glass declined in 2020.
Various economies have started reviving their operations. Further, the demand for recycled glass from different applications started increasing, backed by the recovery of the various industrial activities. The growing need for recycled glass and significant investments by prominent manufacturers to increase production capacity are driving the growth of the recycled glass market.
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