India, Pune, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on “Recycled Glass Market Size, Share, Growth Factors, Opportunity and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, and Geography, the market is expected to grow from US$ 3.44 Billion in 2022 to US$ 4.57 Billion by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The projected growth of the market during the forecast period is attributed to the increasing adoption of fiberglass insulation in many end-use industries.
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Global Recycled Glass Market: Competitive Landscape and Key Developments
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.
Recycled Glass Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 3.44 Billion in 2022 |
| Market Size Value by | US$ 4.57 Billion by 2028 |
| Growth rate | CAGR of 5.5% from 2021 to 2028 |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| 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; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | 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 |
In 2020, Europe held the largest share of the recycled glass market. Many European countries are increasing their waste disposal collection rates, lowering the volume of glass waste disposals and fueling recycled glass. Several countries in Europe have started initiating a waste glass deposit program to manage waste. In Europe, all drink containers, whether plastic, glass, or metal, are covered under the deposit-return scheme of the government. Factors contributing to the recycled glass market growth in the region are the growing demand for bottles and containers and fiber glass for insulation in the food & beverages, pharmaceutical, and residential sectors. Europe is the hub of several industries such as food & beverages, pharmaceutical, and automotive. The rising investment in the industrial sector and rapid urbanization are creating demand for fiber glass required for insulation, which is driving the recycled glass market in the region.
Increasing Adoption of Fiber Glass Insulation in Many End-Use Industries
Recycling glass contributes to a closed loop system, reducing waste, pollution, and carbon emissions. Manufacturing that is eco-friendly When recycled glass is used in the production of products such as fibreglass insulation, fewer natural resources such as sand, limestone, and soda ash must be extracted from the environment. Because fibreglass insulation is one of the most cost-effective materials, it is frequently utilised in the roofs of homes and businesses. Because the material is made up of 70% recycled glass, it is eco-friendly. It may be erected quickly if the ceiling is open. It's also fire- and insect-resistant. It has a range of uses and may be put in both homes and offices. The sound insulating properties of this wool are exceptional. Heat transfer is also limited. Glass wool for sound insulation comes in a variety of shapes and sizes. It's also suitable for use in aircraft.
It's also simple to install and maintain, and it's commonly seen in swimming pools. In comparison to other swimming pools, it requires fewer chemicals. There are a number of other advantages to using this material to construct swimming pools. Glass wool has a long history and a number of advantages that make it useful in a variety of applications. It has a higher strength-to-weight ratio and is more long-lasting. It's also mould and mildew resistant, as well as able to survive natural changes.
Fiberglass wool insulation is used in homes to keep them cool in the summer and warm in the winter. At a temperature of 1550 degrees Celsius, basic materials such as sand and glass are melted to create fibreglass insulation wool. It has decent heating and cooling capabilities. This insulation material isn't flammable. All these factors are creating lucrative opportunities for fiberglass insulation.
Recycled Glass Market: Segmental Overview
Based on type, the recycled glass market is segmented into glass cullet, glass fines, and glass powder. he glass cullet segment held the largest share in the recycled glass market in 2021. Recycled glass cullet is used as a replacement for minerals in the manufacture of glass packaging, thus helping to reduce reliability on primary raw materials. cullet is being utilized in manufacturing bottles and containers, flat glass, and fiber glass for various industrial purposes at a large scale. Glass cullet is used in various industries, including food & beverages, pharmaceutical, and construction.
Based on application, the recycled glass market is segmented into bottle and container, flat glass, fiber glass, highway beads, fillers, and others. The bottles and container segment held the largest share in the recycled glass market in 2021. Glass containers used for food and beverages are 100% recyclable as compared with other types of glass like windows, ovenware, pyrex, crystal, etc. as this glass are manufactured through a different process. Thus, the recycled glass are introduced into the glass container manufacturing process, as they don’t cause production problems and defective containers like other types fo glasses. Bottles and containers are employed in many industries for packaging purposes. An increase in industrialization has boosted the consumption of bottles and containers in the end use industries such as food & beverages and pharmaceutical. This has led to a rise in demand for recycled glass across the globe.
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Impact of COVID-19 Pandemic on Recycled Glass Market
The COVID-19 pandemic caused significant economic losses across the globe. Further, the pandemic led to the temporary discontinuation of operations across various industries. As a result, the demand for recycled glass declined in 2020.
Various economies have started reviving their operations. Further, the demand for recycled glass from different applications started increasing, backed by the recovery of the various industrial activities. The growing need for recycled glass and significant investments by prominent manufacturers to increase production capacity are driving the growth of the recycled glass market.
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