Recycled Glass Market Estimated to Experience a Hike in Growth by 2019-2027
Research analysts at Transparency Market Research predict that the global recycled glass market will surpass the global evaluation of US$ 4.6 billion by the end of the forecast period in 2027. They also project that the global recycled glass market will record a stellar CAGR of 7% during the forecast period i.e. 2019 to 2027. Rising awareness regarding sustainability and environmental safety across industry verticals as well as various regions in the world are causing an increased uptake of the products in the global recycled glass market. Recycled glass has found multiple applications in various fields over the years, such as filtration, fiberglass insulation, containers, abrasives, and bottles, among countless others. As glass can be melted down and recycled multiple times without compromising its quality, production of glass products using the materials from the global recycled glass market is on the rise.
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Glass Cullet Segment to Dominate the Recycled Glass Market in Coming Years
Types of products offered by vendors and players in the global recycled glass market include glass fines and glass cullet. Glass cullet segment in the global recycled glass market held the largest share in the industry in terms of volume in 2018. It is also anticipated to expand at a steady CAGR of 5.5% over the forecast period. Increasing applications of glass cullet, especially in the manufacturing of new glass jars and bottles are fuelling the demand for glass cullet to enable bottle to bottle recycling in the global recycled glass market. Glass fines are usually utilized in development of asphalt, road aggregates, abrasive grit blasting, brickmaking, fiberglass insulation, construction aggregates, sports turf drainage, and water filtration applications.
Recycled glass materials from global recycled glass market are used to manufacture variety of products such as containers, countertops, wall insulation, and kitchen tiles. These materials assist glass product manufacturers to reduce consumption of raw materials, reduce harmful emissions, reduce energy consumption, and extend the life of glass plant equipment such as furnaces. These qualities make them a lucrative commodity in manufacturing of new glass products, thereby stimulating growth in the global recycled glass market. It also requires less amount of water than the virgin glass manufacturing. Segments in the global recycled glass market by application are bottles and containers, abrasives, concrete, fiberglass insulation, filtration, filler applications, and asphalt, among others.
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Europe Held the Largest Share in Recycled Glass Market in terms of Volume
Key regions covered in the market analysis on global recycled glass market include North America, Asia Pacific, Europe, and rest of the World. Europe region held the dominant share in the global recycled glass market in terms of volume in recent years and the region is anticipated to expand at CAGR of 6.7% over the forecast period. Rising number of regulations pertaining to glass recycling along with various regional technological reforms have stimulated high growth in the global recycled glass market in Europe. Furthermore, Asia Pacific region is witnessing lucrative growth opportunities in the global recycled glass market owing to growing packaging and automotive industries in the region. Other factors contributing to the growth of the Asia Pacific recycled glass market include rising demand for recycled glass from construction and building industry and rapid urbanization in the region.
Few of the key incumbent players assessed in the research report on global recycled glass market include ACE Glass Recycling, Gallo Glass Company, Pace Glass, Inc., 2M Resources, Inc., Bradish Glass, Inc., Strategic Materials, Inc., Balcones Resources, Ripple Glass, Momentum Recycling, LLC, CAP Glass, and Dlubak Glass Company. Major vendors and players in the global recycled glass market are engaged in expansion activities such as joint ventures as well as mergers and acquisition to increase their share in the global marketplace. For example, DeKalb County Sanitation Division entered into a partnership program by Strategic Materials in order to promote glass recycling in the town of Atlanta, in the state of Georgia, United States in July of 2017.
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