The growth of the recycled glass market is driven by increasing awareness of global warming and climate emergencies, prominent concerns about waste management in developing nations, mounting recycling rate worldwide, and skyrocketing demand for vaccine during COVID-19 pandemic, says this report.
SELBYVILLE, Del., Nov. 23, 2021 /PRNewswire/ -- According to the report by Global Market Insights Inc., the Recycled Glass Market was estimated at USD 1,126.3 million in 2020 and is projected to surpass a valuation of USD 1.5 billion by 2027, registering a CAGR of 6.7% from 2021 to 2027. The latest report provides an in-depth assessment of the competitive scenario, market size & estimations, wavering market trends, top winning strategies, drivers & opportunities, and major investment pockets.
Recycled glass finds extensive applications in varied industry verticals like automotive, food & beverage, healthcare, and construction, among others, owing to its wide-ranging benefits over virgin glass. Surging emphasis on glass waste management as well as glass recycling is expected to fuel market growth through the forecast period. Moreover, several advantages of recycled glass, including reduced energy consumption, low carbon dioxide emission, lower melting temperature, and less wear & tear on the furnace during manufacturing, are estimated to further support market growth in the coming years.
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Cullet refers to a processed waste glass that is ready for recycling. It is used for fabricating fiberglass, glass jars, glass bottles, and glass windows. It offers various benefits, such as reduced need for raw materials, low melting energy requirement, and enhanced life span of furnace by up to 30%. In 2020, the cullets product type segment held about 80% share in the recycled glass market and is projected to grow at a robust pace over 2021-2027.
Key reasons for recycled glass market growth:
- Rising awareness of product benefits in diverse applications.
- Prevalent usage in various end-use industries.
- Proliferation of Europe recycled glass market.
- Soaring adoption for making vaccine vials in pharmaceutical industry.
2027 forecasts show 'glass bottles & containers' segment retaining its dominance:
In terms of application, the glass bottles & containers segment is projected to attain the highest market share in terms of revenue by the end of 2027. Increasing demand for recycled glass bottles and containers among manufacturers is foreseen to facilitate segmental development in the forthcoming years. In addition, the growth of industries like construction, automotive, electronics, and aerospace, among others, would also increase the usage of recycled glass in manufacturing applications, which is set to bolster the recycled glass market value over the assessment timeline.
Asia Pacific to maintain top status in terms of revenue:
On the regional spectrum, the Asia Pacific recycled glass market is expected to reach a valuation of over USD 850 million by 2027, registering notable growth through the forecast timeframe. Growing concerns regarding waste management in China and India are likely to promote product uptake in the region. Furthermore, escalating number of key manufacturers, along with the presence of numerous packaging companies in APAC, is slated to positively influence regional market outlook in the future.
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Impact of COVID-19 pandemic on recycled glass market:
The COVID-19 outbreak impacted the global recycled glass market adversely due to government-imposed lockdowns that brought operations to a halt and the shortage of raw materials. The market also witnessed an unprecedented supply shortage owing to COVID-19-induced shutdown of manufacturing plants, which has impeded market growth in 2020 and 2021. However, the lack of supply of containers for making glass vials for vaccines has boosted the demand for recycled glass in the pharmaceutical industry. As a result, soaring product demand in the pharma sector, along with widespread vaccination drives undertaken by governments across the globe, has been favorable for industry expansion during the pandemic.
Leading market players:
Some key companies in the global recycled glass industry are Vetropack Holding, Strategic Materials, Inc., Berryman Glass Recycling, Momentum Recycling, LLC, Dlubak Glass Company, Harsco Minerals International, Vitro Minerals, Inc., Glass Recycled Surfaces, Coloured Aggregates, Glasrecycling NV, Trivitro Corporation, G.R.L, Gallo Glass Company, and Consol Glass (Pty) Ltd, among others.
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SOURCE Global Market Insights Inc.