ALBANY, N.Y., March 02, 2022 (GLOBE NEWSWIRE) -- The global recycled glass market is expected to cross the mark of US$ 4.5 Bn by the end of 2027. The global market is also projected to register growth at a CAGR of 6.7% during the forecast period, from 2019 to 2027. Growing awareness about environmental safety and sustainability across industry verticals and around the globe is leading to the rising demand for recycled glass items in the global market. Over the years, recycled glass has been used in a variety of applications, including abrasives, filtration, containers, fiberglass insulation, and bottles, to name a few. Since glass can be melted down and then recycled numerous times sans any compromise on quality, the use of recycled glass in the manufacturing of glass items is on the rise.
Wall insulation, countertops, containers, and kitchen tiles are all made from recycled glass components. Such increasing usage is likely to bolster the demand in the global recycled glass market. These materials help glass product makers save money by reducing raw material consumption, lowering hazardous emissions, conserving energy, and extending the life of glass plant machinery such as furnaces. These characteristics make them a valuable commodity in the manufacture of new glass items, thereby boosting the global recycled glass market.
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Glass recycling in various nations is influenced by the availability of favorable government legislation, cullet, and consumer awareness. Furthermore, the cost of recycling glass and the supply & quality of cullet have a direct influence on the expansion of the global recycled glass market.
Key Findings of Market Report
- Growing uses of glass cullet, particularly in the manufacture of new glass jars as well as bottles, is likely to drive the demand for glass cullet in the global recycled glass market to allow bottle-to-bottle recycling
- Kitchen tiles, worktops, containers, and wall insulation are made from recycled glass. Recycled glass reduces pollutants as well as raw material usage while also extending the lifespan of industrial equipment and saving energy. When compared to other raw materials, cullet takes less energy to melt during manufacturing operations.
- Glass bottle manufacturers are competing for more revenue by optimizing glass recycling operations with new technology and software components. For instance, Momentum, Rocky Mountain Bottle Co., and various other companies are among some of the market participants who are putting forth considerable efforts to improve glass recycling through the use of sophisticated tracking software created by the End of Waste Foundation's BWTS or Blockchain Waste Traceability Software. Material recovery facilities (MRFs), waste management organizations, as well as other market stakeholders can use the technology to monitor glass from new items to curbside bins.
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- Furthermore, by avoiding the use of single-use plastic in the production of bottles, stakeholders in the existing recycled glass market have gained new prospects. Recycled glass has become as an attractive and environment-acceptable alternative as governments globally strive to prohibit the usage of single-use plastic.
- Europe led the global recycled glass market in terms of volume. The regional market is estimated to grow at a CAGR of 6.7% during the forecast period. Europe is a desirable location for the global market, due to increase in the number of glass recycling regulations and technical advancements in the region.
Global Recycled Glass Market: Growth Drivers
- Glass, or recycled glass, is the only packaging material that has been designated by the Food and Drug Association (FDA) as ‘generally regarded as safe’. This factor is likely to accelerate the usage of recycled glass in the packaging industry and drive the global recycled glass market.
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- Developments in the recycled glass industry are in line with the demand for a long-term solution. Participants in the recycled glass market are always re-evaluating recycling procedures and looking for new ways to manufacture recycled glass more effectively.
Global Recycled Glass Market: Key Players
Some of the key market players are
- Momentum Recycling LLC
- Strategic Materials, Inc.
- Dlubak Glass Company
- Pace Glass Inc.
- 2M Ressources Inc.
- Bradish Glass, Inc.
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Global Recycled Glass Market: Segmentation
Product
- Glass Cullet
- Glass Fines
Application
- Bottles & Containers
- Fiberglass Insulation
- Abrasives
- Filtration
- Others
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