Global Recycled Glass Market 2022-2028

Global Recycled Glass Market 2022-2028

Global Recycled Glass Market Size, Share & Trends Analysis Report By Type(Glass Cullet And Glass Fines & Powder) and By Application(Abrasive, Bottle & Container, Fiber Glass, Highway Bead and Others) Forecast Period (2021-2028)

The global recycled glass market was valued at around $2.1 billion in 2021 and is estimated to reach nearly $2.7 billion in 2028, growing at a CAGR of 6.8%, during the forecast period (2021-2028).Various pivotal factors that are contributing to the growth of the global recycled glass market include, the growing discouragement of plastics, the rising volume of glass waste across the globe, cohesive government regulations, among others. Due to rising environmental concerns, there has been an increased shift towards the adoption of recycled glass. The recycled glass is recovered from the municipal solid waste at recycling facilities. The recycled glass is used as a replacement for 95.0% of raw materials in the manufacturing processes of glass. Owing to which the glass products are widely used across various applications such as containers, bottles, surfaces, abrasives, and others.

The majority of the countries including the US, UK, Germany, Korea, France, among others, implemented complete lockdowns to contain the COVID-19 pandemic.A sudden outbreak of the COVID-19 across the globe disrupted the global supply chain of the recycled glass market in the first two quarters of 2021. Further, the declined growth of the end-user industry has also impacted the demand for recycled glass market. As per the OMR analysis, the global recycled glass market was declined to around $1.9 billion in 2021 from nearly $2.1 billion in 2021.

The expansion of the recycling capacities for glass across the globe further provides considerable opportunity to the market. For instance, in January 2021, the Victorian Government is expected the RMF to double the domestic glass recycling capacity in Victoria. A total of $8.1 million was expected to be offered in the first-round funding for seven glass and plastics projects that have been announced. Besides, in October 2021, AGI Glaspac, an India-based glass manufacturer also announced the immediate expansion plan of AGI Glaspac, on doubling its present capacity in the next six years. However, the recycled glass market is projected to hinder due to complexity in the manufacturing process. These difficulties include the sorting and removal of glass wastefrom other wastes contaminants.

SEGMENT ANALYSIS

The global recycled glass market is segmented based on type and application. Based on the type, the market is sub-segmented into glass cullet and glass fines & powder. Based on the application, the market is segregated into abrasives, bottle & container, fiber glass, highway bead, and others.

Among the type of recycled glass, glass cullet contributes the major share of around 85.0%, in the market. The market was valued at around $1.8billion in 2021, which is further estimated to reach nearly $2.3billion in 2028, growing at a CAGR of 6.6% during the forecast period. The market is mainly dominating due to the high application of glass cullet in the glass industry. The use of cullet reduces the cost associated with the European Emissions Trading Scheme (EU-ETS) across all glass producing sectors as well as minimizes raw material and energy costs. When the cullet is contaminated, it leads to manufacturing losses. Glass cullet is useful as it offers several benefits to glass production. Moreover, the glass fines & powder segment is estimated to grow at the fastest CAGR of 7.5% in the recycled glass market during the forecast period. The market was valued at $319 million in 2021, which is estimated to reach $431 million in 2028. The market is mainly driven due to the growing demand for glass fines in general concrete paving. Crushed glass is also permitted to be used as a supplementary material in many crushed rock mixes and as a granular filter material for subsurface drains.

Among the application, the bottle & container segment contributes the major share, around 54.0%, in the market. The market was valued at around $1.1billion in 2021, which is further estimated to reach nearly $1.5billion in 2028, growing at a CAGR of 7.1% during the forecast period. The market is dominating mainly due to the significant application of recycled glass for bottle and container manufacturing. Recycled glass is substituted for up to 95.0% of raw materials used in the manufacturing of new bottles & containers used in the packaging industry. Lowering costs for glass container manufacturers along with meeting sustainable development goals are the key motivators to use recycled glass in the making of bottles & containers.

REGIONAL ANALYSIS

Geographically, the global recycled glass market study covers the analysis of four major regions, including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and Rest of the World (Latin America, and Middle East and Africa (MEA).

Europe held a dominant position with over 64.2% share in the global recycled glass market in 2021. As per OMR analysis, the European recycled glass market was valued at around $1.4 billion in 2021, which is estimated to reach nearly $1.7 billion in 2028, growing at a CAGR of 6.4% during the forecast period. In Europe, the RoE held around 21.3% in the Europe recycled glass market in 2021; however, Germany is estimated to grow at the fastest CAGR of 7.7% in the Europe recycled glass market during the forecast period. The growth of the market is attributed to the high glass waste generation, a high recycling rate of waste including glass, and cohesive government regulation for waste recycling. Moreover, the discouragement to plastic usage is also a major factor contributing to the market growth as the adoption of glass will increase as an alternative to plastic especially in the packaging sector.

Moreover, Asia-Pacific is estimated to grow at the fastest CAGR of 8.3% in the global recycled glass market during the forecast period. The market in Asia-Pacific was valued at $345 million in 2021, which is estimated to reach $493 million in 2028. The increasing utilization of glass in different end-use industries in the region creates significant potential for the recycled glass industry. The demand for recycled glass is increasing rapidly as governments in the region progressively move towards sustainable development. The recycled glass industry in Asia-Pacific is in a nascent stage, thus, the prospect for growth in the region is considerably high.

MARKET PLAYERS OUTLOOK

The report covers the analysis of various players operating in the global recycled glass landscape. The online streaming industry is consolidated, consisting of some major players of the recycled glass services. The major player of recycled glass includes Strategic Materials Inc., ACE Glass Recycling, Balcones Resources Inc., Gallo Glass Co., Dlubak Glass Co., Harsco Corp., Trivitro Corp., and Verallia. These market players are contributing to the market by adopting various market strategies such as product launch, merger and acquisition, partnership, collaboration, among others, to stay competitive.

Recent Activities:

In August 2021, Balcones Resources, Inc. declared the acquisition of Single Stream Recyclers (SSR), an artificial intelligence (AI) powered recycling company based in Sarasota, Florida. This acquisition will enable Balcones to reinvigorate the recycling infrastructure in the US, to keep valuable material in the manufacturing supply chains.

In August 2021, Vetropack announced to acquire glassworks in Moldova as an expansion strategy. This acquisition is another step for Vetropack expansion and growth that will provide a valuable long-lasting contribution to the company.