Recycled Glass Market to Reach $5,544.9 Million, By Growing at a CAGR of 5.7% from 2020 to 2025 with Top Players are Strategic Materials, Momentum Recycling, Reiling Glass Recycling GmbH & Co. KG.
The key factors that drive the growth of this market include growth in industrialization that has resulted in large landfills of waste, thereby boosting the demand for recycled products. In addition, supportive government initiatives and awareness campaign for cleanliness are also expected to fuel the growth of the global recycled glass industry. The state of Oregon passed a law in 1971, requiring buyers of carbonated beverages (such as beer and soda) to pay five cents per container, which is increased to ten cents in April 2017, as a deposit that would be refunded to anyone who returned the container for recycling.
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Same law is followed in nine other states including New York and California. Public policy and legislation, including the UK Waste Strategy and Packaging Waste Regulations support to increase recycling rates, which is currently just over 30% in Great Britain for glass. Across Continental Europe, several countries report glass recycling rates of 60-80%. The European Commission is considering proposals for a 75% target for all member states.
Industrial scale recycling is being introduced in China since the price and demand for raw materials has increased. In addition, China receives large amount of recycled materials from abroad. More than half of all the PET bottles used in Britain are recycled in China. However, complex manufacturing process and contamination by unwanted materials present in product waste stream are expected to hamper the growth of the global recycled glass market.
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The market players have adopted agreement, partnership, and expansion as their key strategies to gain competitive advantage in this market.
The Major key players Are:
• Strategic Materials
• Momentum Recycling
• Reiling Glass Recycling GmbH & Co. KG
• Glass Recycled Surfaces
• Coloured Aggregates Inc.
• Harsco Corporation
• Vetropack Holding Ltd.
• Ngwenya Glass
• Gallo Glass Company
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Cullet is extremely useful while recycling glass. Cullet allows glass manufacturers to reduce need for raw materials. Major ingredients used in glassmaking are sand (mainly silica, SiO2), limestone (CaCO3), and sodium carbonate (also known as soda ash, Na2CO3). One kilogram of cullet replaces 1.2 kg of raw materials and helps manufacturers save energy costs. In spite of cullet’s long list of benefits, glassmakers are limited by what recycled material is available to them at a manageable cost. Getting cullet in a clean, furnace-ready form requires a lot of processing and that processing is carried out inefficiently. This restricts the use of recycled glass in various applications.
The global recycled glass market is segmented based on product and application. Based on product, the market is segmented into cullet, crushed glass, and glass powder. On the basis of application, the recycled market is segmented into bottle & containers, flat glass, fiber glass, highway beads, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Recycled Glass Market:
• The Asia-Pacific market is predicted to grow with a CAGR of 5.6% by 2025.
• The Cullet segment is expected to hold a dominant share of the market in terms of revenue, over the projected period.
• The Bottle & Containers application segment held a major share in the global market and is projected to grow with a CAGR of 6.2% by 2025.
• The qualitative data in the report aims on the recycled glass market trends, dynamics, and developments in the recycled glass industry while the quantitative data provides information about the recycled glass market share and recycled glass market size in terms of revenue and volume.
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