Publication Month: May 2022 | Report Code: TIPRE00006004 | No. of Pages: 150 | Category: Chemicals and Materials | Status: Published
In 2020, Europe held the largest revenue share of the recycled glass market. High demand for bottles and containers from the residential & industrial sectors, such as food & beverages and healthcare, is mainly driving the recycled glass market growth in Europe. Moreover, the region consists of countries such as Germany, France, the UK, and the Netherlands, which are top manufacturers of food & beverages and pharmaceuticals. The bottles and containers made of recycled glass are highly preferred in the packaging of food & beverages and pharmaceuticals as the self-weight of bottles and containers manufactured from recycled glass is low compared to normal glass. Thus, this factor is responsible for the rising demand for convenient packaging, which leads to increased consumption of bottles and containers. The growing industrialization has also increased the demand for recycled glass in the region.
|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|
|No. of Pages||150|
|No. of Tables||131|
|No. of Charts & Figures||120|
|Historical data available||Yes|
|Segments covered||Product Type and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel restrictions, and business shutdowns. In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries, which led to low demand for recycled glass from various industries. The COVID-19 pandemic caused volatility in the prices of waste glass required to produce recycled glass. The worldwide consumption of recycled glass declined due to low demand from various industries such as construction and manufacturing. The reduced demand from various industries due to the COVID-19 pandemic has hampered the growth of the recycled glass market. However, the demand for recycled glass is expected to rise globally as various economies revive their operations.
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Bottles and containers are 100% recyclable without losing purity and quality. Many manufacturers of bottles and containers use recycled glass due to a shift in consumer preferences toward eco-friendly packaging. The initiatives taken by governments of various countries to reduce air and water pollution generated by industries have created lucrative opportunities for recycled products. Bottles and containers are completely made of recycled glass. The demand for eco-friendly packaging in developed and developing nations has driven the market for bottles and containers. Glass bottles are frequently used to pack liquids, such as soda, juice, beer, and wine. Recycling these bottles is a quick process as a bottle can be recycled and kept on store shelves for 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 at a larger scale in the industrial & residential sectors.
Based on product type, the recycled glass market is segmented into glass cullet, glass fines, and glass powder. The glass cullet segment held the largest market share in the recycled glass market in 2021 A glass cullet is a broken glass processed and sorted based on colors. The benefit of using glass cullet over other materials in industries is that it saves 25-30% of energy during manufacturing. The usage of glass cullet also leads to the reduction of carbon emissions. It is also used in manufacturing bottles and containers. Thus, the application scope of the glass cullet is held responsible for its dominance in the recycled glass market.
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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 recycled glass 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.