Acumen Research and Consulting, Recently Published Report On “Recycled Glass Market Size, Share, Growth Opportunity, Trends and Forecast, 2019 to 2026”.
LOS ANGELES, Nov. 18, 2019 (GLOBE NEWSWIRE) -- The global recycled glass market is expected to grow at a CAGR of around 6.0% over the forecast period 2019 to 2026 and reach the market value of around 5,723.6 million by 2026.
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The global recycled glass market is gaining substantial growth owing to rapid industrialization, which has resulted in higher amount of industrial waste. In addition to this, rising awareness among people about sustainable development due to various favorable initiatives driven by government and various environmental organizations is also a factor supporting the market growth.
The global recycled glass market is segmented into the source, product, application, and region. On the basis of source, the market split into the deposit, buy-back/drop-off, and curbside. Buy-back/drop-off held the largest market share in the year 2018. Buyback/drop-off is a preferred method owing to its high participation rate and public awareness is a factor stimulating the segment growth.
In terms of product, the recycled glass is segmented into cullet, crushed glass and glass powder. From the above-mentioned segment, cullet accounted for the maximum market share in the year 2018, owing to its wide range of applications in the glass industry and continuously increasing demand from glass manufacturers. The cullet is also experiencing a high demand over other products because of its ability to substitute about 95% of the raw material which is used for manufacturing glass products. Along with this, cullets are available in three forms including clear cullet, amber cullet, and green cullet.
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Furthermore, recycled glass has applications across glass bottles & containers, flat glass, fiberglass, highway beads, abrasives, and fillers among others. Bottles and containers leading the market owing to the benefits associated with glass packaging like it ensures almost zero interaction with the chemicals and keeps the strength, aroma, and flavor of the inside product. Additionally, the rapidly growing packaging industry is further contributing to the segment growth.
In addition to these, the global recycled glass market has studied across the region of North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. By region, North America accounts for the largest market share in the year 2018. The increasing demand from the packaging industry because it is cheaper as compared to the virgin glass and also needs less energy for processing is driving the growth in the regional market. Apart from this, Europe is projected to be the fastest-growing region during the forecast period. Supportive government regulations in the Europe region is expected to create potential demand over the forecast period. In addition to these, the Europe government has applied strict restrictions on pollution, which is pushing manufacturers to opt for recycled glass, which is also a factor propelling the market value.
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Some of the leading competitors include Ardagh Group, Balcones Resources Inc., Berry Glass, Gallo Glass Company, Glass Recycled Surfaces, Harsco Minerals International and Coloured Aggregates Inc., Heritage Glass, Momentum Recycling, Ngwenya Glass, Owens Illinois Inc., Reiling Glass Recycling GmbH & Co. KG, Rocky Mountain Bottling Company, Strategic Materials, and Vetropack Holding Limited. The companies are involved in R&D activities and mergers and acquisition for the expansion of market share.
Some key observations regarding recycled glass industry include:
- Gerresheimer contributes to the pharma and healthcare industry with its specialty glass and plastic products. The company has developed cosmetic packaging with glass, which has the highest percentage of post-consumer recycled (PCR) material.
- Fairfax County has added a new purple curbside recycling bin at the Reston South Park and Ride Lot, where the residents can drop off the glass for recycling. All colors empty bottles and jars are accepted for recycling after the removal of residue.
- The company Arglass Yamamura is planning to invest $123 Mn in a plant of bottle at Valdosta. The plant is designed to produce 265 million bottles per year. Along with this, the facility furnace is capable to handle a high level of recycled glass.
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