Rising Demand from Bottles & Containers Sector to Escalate Recycled Glass Market Growth
According to our latest market study on “Recycled Glass Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type and Application,” 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 report highlights key factors driving the market growth and prominent players along with their developments in the market.
Glass recycling is a method of reprocessing waste glass into new glass products. The waste glass is 100% recyclable and recycled endlessly without losing purity. There are various benefits of glass recycling, including reducing emissions and consumption of raw materials, extending the life of manufacturing equipment such as furnaces, and saving energy. The recycled glass market is mainly driven by the increasing use of recycled glass in the bottles & containers sector. In 2020, Europe held the largest revenue share of the recycled glass market.
Recycled glass is largely used in manufacturing bottles and containers required in the commercial & residential sectors. 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 bottles and containers, flat glass, fiber glass, highway beads, fillers, and others boosts the market growth. It can be attributed to the growing demand from the end use industry, such as packaging, construction, and coatings. The packaging industry majorly relies on bottles and containers for bulk packaging and maintaining shelf life and quality of products. The growing demand from the food & beverages industry and pharmaceutical industry has led to an increase in the usage of bottles and containers for packaging, which is boosting the demand for recycled glass. The rising use of recycled glass for various applications in developed and developing regions created a huge impact on the market, with Europe contributing the largest market share in the recycled glass market.
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 global recycled glass market. Market players are highly focused on the development of high-quality and innovative product offerings to fulfill the customer’s requirements.
Impact of COVID-19 Pandemic on Recycled Glass Market
Due to the COVID-19 pandemic, many industries, such as chemical & materials and construction, faced unprecedented challenges due to disruptions in the global supply chain that adversely affected the manufacturing, delivery schedules, and sales of various goods. The market size for recycled glass has decreased due to a decline in the growth of several industrial sectors. Many production sites were either partially or fully closed to combat the spread of SARS-CoV-2. The COVID-19 pandemic also caused fluctuations in the prices of recycled glass. However, as the economies plan to revive their operations, the demand for recycled glass also began to rise globally. The demand for recycled glass is gradually increasing, backed by the recovery of industrial and commercial activities. The growing use of recycled glass in various applications is expected to offer more growth opportunities for the recycled glass market during the forecast period.
Global Recycled Glass Market Breakdown –by Region
Recycled Glass Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Glass Cullet, Glass Fines, and Glass Powder) and Application (Bottle and Container, Flat Glass, Fiber Glass, Highway Beads, Fillers, and Others)
Recycled Glass Market Size Report | Forecast & Growth by 2028
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The report includes the segmentation of the recycled glass market as follows
Based on product type, the recycled glass market is segmented into glass cullet, glass fines, and glass powder. Based on application, the market is segmented into bottle and container, flat glass, fiber glass, highway beads, fillers, and others. By geography, the recycled glass market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The recycled glass market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South & Central America is categorized into Brazil, Argentina, and the Rest of South & Central America.
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