Rise in awareness of sustainable development and supportive government regulations are the factors that would propel the growth of the global recycled glass market
PORTLAND, Oregon, May 30, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Recycled Glass Market Forecast by Product (Cullet, Crushed Glass, and Glass Powder) and Application (Bottle & Container, Flat glass, Fiber Glass, Highway Beads, and Others): Opportunity Analysis and Industry Forecast, 2020–2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global recycled glass market generated $3.53 billion in 2017 and is expected to reach $5.54 billion by 2025, growing at a CAGR of 5.7% from 2020 to 2025.
Factors such as growing awareness of sustainable development among consumers and supportive government regulations drive the market growth. Nonetheless, complex recycling process and high cost of recycling glass restrain the growth of the market. Conversely, advancement in promoting the use of recycled glass create new opportunities for growth of the market.
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Cullet segment to be lucrative through 2025
Among products, the cullet segment was the largest in 2017, capturing more than three-fifths of the market share and would maintain its dominance through 2025. The segment would also grow at the fastest CAGR of 5.9% through 2025. This is due to increased use of cullet for recycling glass. The other products mentioned in the report are crushed glass and glass powder.
Bottle & containers segment to lead in terms of revenue through 2025
Among applications, the bottle & containers segment accounted for more than one-third of the market share in 2017 and would retain its dominance through 2025, due to increasing recycling of glass bottles and containers. The glass bottle & containers are the most commonly recycled materials in the US. However, the flat glass segment would witness the fastest CAGR of 7.0% during the forecast period. Manufacturing of flat glass using recycled glass offers various advantages such as less energy to melt glass compared to that needed to melt the raw materials. This leads to a reduction in carbon dioxide emissions and the amount of raw materials required.
Europe to grow the fastest through 2025
The market across the North America region grabbed nearly one-third of the total market share and is likely to dominate the market through 2025. This is due to the presence of major players in the region that are making a significant contribution to recycling glass. However, Europe is expected to be the fastest growing region with a CAGR of 6.3%, owing to the supportive government regulations that are involved in the promotion of glass recycling at institutional, public, and professional levels.
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Prominent industry players
Leading market players analyzed in the research include 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, and G.R.L, Glasrecyclin.
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SOURCE Allied Market Research