Recycled Glass Market Segmentation By Product (Cullet, Crushed Glass And Glass Powder); By Application (Fiberglass Insulation, Bottles & Containers, Ceramic Sanitary Ware, Brick Manufacture, Water Filtration, Abrasives And Others); By Source (Dump Yards, Drop Off/Buy Back Centers And Curbside Pickups) ; By End User (Sanitation, Construction, Packaging And Others) – Global Demand Analysis & Opportunity Outlook 2028
Buy Now Report ID: 2591 | Published Date: Jan 30, 2023
Favorable government regulations and waste management practices
According to the World Bank, the urban population accounted for 55.27% of the total population globally in the year 2018. This led to a significant amount of waste disposal into the water bodies resulting in destruction of aquatic habitat. UNESCO, points out that, 30-35% of the global extent of critical marine habitats such as sea grass, mangroves and coral reefs are estimated to have been destroyed and if the current path of irresponsible human behavior continues, by the year 2100, more than 50% of the marine species might stand on the brink of extinction. To address this, governments from all across the world have passed some stringent laws and industry scale recycling practices have been put in place to control the waste and to increase awareness towards recycling. These are some of the considerable factors that are estimated to promote the growth of the market.
Alarming levels of glass wastes in the ocean, its effects on aquatic life and waste management practices are some of the significant factors boosting the market growth. Additionally, these recycled glasses serve as a cheap raw material for packaging and other industries. Driven by these prominent features along with favorable government regulations for proper disposal and recycling, the global recycled glass market is estimated to grow with a significant CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product, by application, by source, by end user and by region. The product segment is further segmented into cullet, crushed glass and glass powder. Out of these, the leading share is estimated to be held by cullet on account of ease of processing it into recycled glass. On the basis of applications of recycled glass, the market is further segmented into fiberglass insulation, bottles and containers, ceramic sanitary ware, brick manufacture, water filtration, abrasives and others, out of which, the bottles and containers segment is estimated to hold largest share as the bottles are highly preferred among the consumers owing to its low-cost and reusability. CLICK TO DOWNLOAD SAMPLE REPORT
Complex Sorting processes and Contamination
The potential factor that is estimated to negatively affect the growth of the market is the level of complexity associated with sorting recycled glass without contamination by undesirable materials present in the product waste stream that could lead to downgraded product or a potentially useless product.
Our in-depth analysis of the recycled glass market includes the following segments:
By Product
By Application
By source
By End User
By Region
On the basis of regional analysis, the recycled glass market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market recycled glass. Moreover, the technology associated with glass recycling and government policies in this region increase the product demand. The market in Europe region is predicted to grow at the highest rate during the forecast period as a result of growing awareness and initiatives towards recycling glass in the region. The rising awareness pertaining to utilization of ecofriendly materials in the region, especially in countries such as Germany, UK and France is further resulting in the increased demand for recycled glass.
The recycled glass market is further classified on the basis of region as follows:
On July 1, 2019, Momentum Recycling, Inc., a U.S. based recycled glass manufacturer launched a curbside glass recycling program with Utah city and its residents and in just 3 months was able to collect 20+ tons of glass. Such initiatives are environment-friendly and would allow opportunities for a higher number of applications for recycled glass.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
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