USD 4.45 Billion
Report ID: SQSG15G2001 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Recycled Glass Market was valued at USD 4.45 Billion in 2021, and it is expected to reach a value of USD 6.67 Billion by 2028, at a CAGR of 5.75% over the forecast period (2022-2028).
The rapid industrial development causing landfills of waste boosts the growth of the recycled glass market globally. Ecological progress, coupled with rising management initiatives and programs for awareness are also factors driving the growth of the recycled glass market. Furthermore, increasing glass waste is one of the problems faced globally and most of these are used to fill lands and burners thus causing global warming. Therefore, increasing administration initiatives to encourage the use of recycled glass for efficient waste management is one of the reasons for the growth of the recycled glass sector. Recycled glass is made by recycling waste and broken glass for further processing into new products. Because of its amazing properties, glass can recycle as may as time possible by crushing it, melting and blending it with sand, and processed into a brand new product. Reusing used or broken glass plays an important role in controlling waste worldwide and increasing demand for glass products that it is eco friendly and does not harm the environment in any way will drive the market growth over the forecast period.
Global Market Size
USD 4.45 Billion
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The Global Recycled Glass Market is segmented based on Product, Application, and region. Based on Product, the market is segmented into Cullet, Crushed Glass, Glass powder, and others. Based on Application, the market is segmented into Bottle & container, Flat glass, Fiberglas, Highway Beds, Abrasives, Fillers, and others. Based on region, the global Recycled Glass market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
In 2021, the cullet segment of the recycled glass market held the largest market share and is expected to hold the same throughout the analysis period. Based on products the market is segmented into Cullet, Crushed Glass, Glass powder, and others. The crush glass segment is expected to grow at the highest CAGR during the forecast period. The dominance of the cullet segment is due to the growing demand for glass products, these recycled products provide up to the same quality as the new raw materials would provide. So, balancing the color by removing impurities cullet glass is used as a cheaper alternative to new glass material for production. The growing cost of raw materials due to disruption in the supply chain is also a major reason for increasing demand for glasses globally and will help the recycled glass market to grow during the forecast period.
Analysis by Application
Recycle glass market is segmented into Bottle & container, Flat glass, Fiberglas, Highway Beds, Abrasives, Fillers, and others based on the application area. The bottle & container glass accounts for 60% of the total market share for the recycling glass industry for the year 2021 and the fiberglass segment is expected to register the fastest growth during the forecast period.
Superior insulation and durability of glass products make them all-weather products for storage of various items which consist of food and beverages. These items do not lose their taste or color while stored in a glass container and last longer because glass is the least reactive material. because of this, the demand for glass vassals is soring at a tremendous rate which in turn is driving the growth of the recycled glass market over the analysis period.
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In terms of revenue, Europe accounts for the largest market share in the recycled glass market in the year 2021. Europe has the highest recycling rate of 73% which is the highest globally. Increasing government support for recycling and the use of these products helps it to dominate the market and will stay the same through the analysis period.
The Asia Pacific is expected to grow at the fastest pace during the forecast period. Increasing awareness in consumers regarding the harmful effects of plastic in food storage is driving the glass container industry in the region which is pushing the growth of the recycled glass market.
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The Recycled Glass market is relatively fragmented, with a high level of competition. Few large players, like Coloured Aggregates Inc., Strategic Materials Inc, and Momentum Recycling, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
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According to our analysis, Europe has the highest recycling rate of 73% which is the highest globally. Increasing government support for recycling and the use of these products helps it to dominate the market and will stay the same through the analysis period. The bottle & container glass accounts for 60% of the total market share for the recycling glass industry for the year 2021 and the fiberglass segment is expected to register the fastest growth during the forecast period.
|Market size value in 2021||USD 4.45 Billion|
|Market size value in 2028||USD 6.67 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Recycled Glass Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Recycled Glass Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15G2001