Global Recycled Glass Market To Grow At A Significant CAGR Of 7.6%

Introduction

Recycled Glass is created by turning glass scrap into items that can be used as raw materials or in other ways. Significant advantages of recycled Glass, like a 20% reduction in air pollution and a 50% reduction in related water pollution, have been crucial to the market's expansion in recent years. Additionally, it reduces the amount of landfill space taken up by bottle and jar waste, reducing emissions of harmful pollutants.

One of the critical areas of interest in recycling is recycled Glass. Since the 1960s, the market has existed. However, recent years have grown due to regulatory requirements and the growing demand for recycled raw materials.

Recycled Glass has been primarily supported by its effects on glass production, which include lower volumes and costs of raw materials, longer plant life, and better energy efficiency. Over the next seven to ten years, growth is anticipated due to unrealized potential in developing nations and ongoing improvements to the glass recycling process.

Market Dynamics

Rising demand for recycled Glass across various industries, including automotive, aerospace and defense, and food processing, is the primary factor driving the market growth.

Increased demand for recycled Glass due to its use in various industries, including the automotive, aerospace and defense, manufacturing, food processing, and others, is the main factor driving the recycled glass market's revenue growth. To create recycled Glass, waste glass must be cleaned, crushed, sorted, and mixed with other raw materials like soda ash and sand. Because it can be melted to create new items of various sizes and shapes, such as bottles, jars, abrasives, containers, and insulating materials, it is used in a variety of industries, such as the food and beverage (F&B), construction, and others. Glass is used in a variety of products, such as windows, bottles, storage bins, and drinking glasses, which is boosting market revenue growth.

The food and beverage industries and the pharmaceutical sector, which frequently uses glass containers to store medications, are two other industries that use glass containers. These businesses use bottles and containers made from recycled Glass. A further factor driving market revenue growth is the production of tiles, landscaping supplies, and paving materials from smaller glass materials for use in construction.

The rise in demand for recycled Glass in the construction industry for filler aggregate, pipe bedding material, drainage, and asphalt aggregate is another factor driving market revenue growth. Crushed recycled Glass is used in place of sand when making polymer concrete. A high-strength, water-resistant material made specifically from recycled Glass is ideal for industrial flooring and infrastructure drainage, driving market revenue growth in high-activity areas like gas stations, forklift operation areas, and airports.

Regional Insights

Recycling rates have increased dramatically over the past ten years in Europe, the region with the largest regional market, Due to the necessary infrastructure and regulatory framework. Government initiatives promoting recycled Glass and widespread public education about recycling techniques drive this region's market revenue growth. The European Union has already put the Circular Economy Package into practice to encourage efficient recycling and waste management practices. European countries like Germany and the UK are increasing landfill tax rates to discourage the disposal of glass waste there, fueling market revenue growth. The average recycling rate for glass packaging increased to a record rate of 78% in 2019, claims the Europe Glass Container Federation.

A key area for market expansion will be North America. The US produces 10 million tonnes of glass waste annually, but only one-third is recycled. For the collection and assortment processes, industry participants have been working to improve processes and introduce better policies. The adverse effects of storing food in plastic have increased consumer demand for bottles and containers, which is why. Containers for food and beverages are frequently made from recycled Glass. For instance, Strategic Materials, Inc., the biggest recycler of Glass in North America, declared on January 31, 2020, that it would build a new production facility in Houston, Texas, to produce crushed glass abrasives. This facility was constructed in response to the local market's rising demand for surface preparation services and a growing industry trend toward safe abrasives for both the environment and workers' health.

Throughout the forecast period, the Asia Pacific market is expected to see significant revenue growth. Due to its numerous advantages, including reusable filling, recycling, and infinite reuse, it is now more widely used in various sectors, including the food and beverage, automotive, construction, healthcare, aerospace, and defense industries. This is because countries like China and India have an increasing demand for recycled Glass. Because they can maintain sterility, are impermeable, and are chemically inert, glass bottles and containers are frequently used in the alcoholic and non-alcoholic beverage industries.

Key Highlights

• The global Recycled Glass market size was valued at USD 5.18 billion in 2022 and is projected to reach a value of USD 8.26 billion by 2031, registering a CAGR of 7.6% during the forecast period 2023-2031.
• Based on the source, the market is further segmented as Deposit Programs and Drop Off Centers.
• Based on type, the market is bifurcated into Cullet, Glass Powder.
• By application, the market is further divided into Flat Glass, Fiberglass.
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. Europe dominates the market.

Competitive Players

1. Strategic Material Inc.
2. URM Group UK
3. Vetropack Holding Ltd.
4. Dlubak Glass Company
5. Glass Recycled Surfaces
6. Momentum Recycling, LLC
7. Harsco Minerals International
8. Vitro Minerals Inc.
9. Coloured Aggregates Inc.
10. R.L. Glasrecycling NV
11. Black Beauty Abrasive
12. Consol Glass (Pty) Ltd.
13. Gallo Glass Company

 

Recent Developments

Recent Developments

• In September 2022, Today, Ripple Glass in Kansas City, Missouri, was acquired by Strategic Materials, Inc. (SMI). With the acquisition, SMI will move more quickly toward improving glass collection programs and raising glass recovery rates across North America.
• In November 2022, Modern machinery and increased sustainability will be featured in Vetropack's new Italian facility.
• In September 2022, The first returnable bottles made of thermally tempered lightweight Glass were called Echovai by Vetropack.

 

Segmentation

1. By Source
   1. Deposit Program
   2. Drop Off Centers
2. By Type
   1. Cullet
   2. Glass Powder
3. By Application
   1. Flat Glass
   2. Fiberglass