Recycled Glass Market Trends

Growth Drivers

• Increase in demand for renewable products - The world recycled glass market for recycled glass is expanding as a result of the fast industrial expansion that is creating trash dumps. Environmental advancements, increased management efforts, and awareness campaigns are further drivers propelling the recycled glass market expansion.
  
  According to IRENA's data, Asia accounted for about half of all new capacity installed in 2022, bringing the total amount of renewable capacity to 1.63 Terawatt (TW) by that year. China made the largest contribution, increasing the additional capacity of the continent by 141 GW.
• Rising use of glass to manufacture different products - Glass objects that are thrown away typically wind up in landfill garbage, which can take millions of years to break down. This is one of the main elements that favorably influences the demand for glass recycling globally, along with the growing usage of glass in the creation of various things. The glass forming machines are being sold rigorously due to the rising manufacturing of different products from glass.
  
  In addition, the glass sector is expanding steadily around the globe. Glass bottles and containers are expected to have a 96.4 billion US dollar worldwide market value in 2029, with over 916 billion units forecasted to be sold in that same year.
• Rising government initiatives to recycle glasses - one of the issues facing the world today is the growing amount of glass trash, the majority of which is burned in burners and fields, contributing to global warming. Thus, one of the factors contributing to the expansion of the recycled glass market is the rise in government programs to promote the use of recycled glass for effective waste management.
  
  Moreover, in North America of the more than 69 million tons of MSW that were recycled, around 67 percent consisted of paper and paperboard. About 13 percent was made up of metals, while the remaining 4 to 5 percent was made up of glass, plastic, and wood.

Challenges

• Raw material price fluctuation - The recycled glass market may be impacted by the cost and availability of raw materials. Changes in the price of raw materials, such as cullet or crushed recycled glass, can have an impact on the overall cost-effectiveness of producing recycled glass.
• Excessive cost of transportation - Since glass is heavy, moving it over long distances may be costly. High transportation expenses might make glass recycling less profitable, especially if there aren't many processing plants close to them.