Recycled Glass Market 2023-2030: Size, Share, and Growth Forecast Analysis
The global market for recycled glass is projected to witness steady growth in the coming years, driven by increasing concerns about the environment and the adoption of advanced technologies in the glass recycling process. According to a recent report, the market size for recycled glass was USD 3.8 billion in 2021, and it is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.5 percent during the forecast period.
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Recycling glass plays a vital role in waste management, reducing greenhouse gas emissions, and combatting climate change. The accumulation of glass waste in landfills contributes to global warming, making glass recycling a more environmentally friendly alternative. Governments and environmental agencies worldwide have initiated various programs and campaigns to promote glass recycling, further propelling the growth of the recycled glass market.
The report highlights that cullet, which is glass that has been broken or imploded and prepared for remelting, dominates the market due to its versatility in producing glass products such as bottles, jars, fiberglass, windows, and more. The fiberglass segment, in particular, has witnessed increased demand for recycled glass as it becomes an integral component in various industries like automotive, aerospace, and manufacturing.
The global recycled glass market faced challenges during the COVID-19 pandemic due to lockdowns, travel bans, and reduced demand across industries. However, with the easing of restrictions and increasing awareness about environmental issues, the market is expected to rebound and show positive growth in the coming years.
One of the driving factors for the market expansion is the implementation of advanced technologies and software modules by market participants. Tracking software like the Blockchain Waste Traceability Software (BWTS) has been utilized to enhance glass
recycling rates, increase awareness among consumers, and encourage more industries to follow sustainable practices.
Europe is anticipated to dominate the global recycled glass market due to rising consumer desire for sustainable living and the need for construction materials in the residential sector. The region is experiencing significant growth in the recycled glass aggregates market, leading to increased demand for recycled glass.
Several key players in the recycled glass market include Coloured Aggregates Inc, Glass Recycled Surfaces, Harsco Corporation, Reiling Glass Recycling GmbH & Co. KG, Gallo Glass company, Strategic Materials, Vetropack Holding Ltd, Verallia, Momentum Recycling, and Owens-Illinois. These companies are continuously exploring innovative ways to recycle glass and develop new applications for recycled glass in various industries.
The market's potential for growth in sectors like the automobile industry, where recycled glass aggregates are being used, holds promise for future expansion. The closed-cell porous structure of recycled glass aggregates offers several advantages, including reduced energy consumption during recycling processes and mitigating the risk of alkali-silica reaction.
As the world faces mounting environmental challenges, the global recycled glass market is poised for steady growth. Governments, industries, and consumers are increasingly recognizing the importance of glass recycling in achieving sustainability goals, driving demand for recycled glass products worldwide.
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