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Recycled glass is the product obtained from recycling old and waste glass. This recycled glass is further used to manufacture new usable products. Glass can be recycled endlessly by process of crushing, melting and blending together along with sand and other starting materials. the furnace ready recycled glass is known as cullet. Attributed to the exceptional property of being completely recyclable without altering quality and purity manufacturers tend to recycle glass and reuse it.
Increasing demand from glass manufacturing companies attributed to the exceptional quality of the recycled glass shall foster the market growth. Almost 95% of the raw material used for glass production can be substituted by recycled glass which turns out to be economical. Additionally, increasing awareness about sustainable development in consumers is expected to drive the market demand.
However, glass recycling involves use of machines for crushing, melting and binding of the waste glass which need high initial investment. This is expected to limit the market growth.
Key Market Driver -
Cost cutting and other commercial and environmental benefits.
Key Market Restraint -
High investment in recycling process
Based on product, the global recycled glass market is segmented into cullet, glass powder, crushed glass, and others. Based on application, market is segmented into flat glass, glass containers, glass bottle, fiber glass, highway beads, abrasives, fillers, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global Recycled Glass market consists of global & regional players operating. Some of the key players in the market include Strategic Materials, Inc, Glass Recycled Surfaces, Berryman Glass Recycling , Vetropack Holding Ltd , G.R.L. Glasrecycling NV, Vitro Minerals, Inc , Dlubak Glass Company, Consol Glass (Pty) Ltd, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounted for the largest share in market in 2019 due to the government initiatives supporting recycling. According to the Europe Glass Container Federation, (FEVE) the average recycling rate for glass packaging is 73%. Asia pacific is estimated to hold significant share attributed to the rising awareness in consumers regarding sustainable growth. North America is estimated to hold considerable share due to the large manufacturing base in U.s for glass and fiberglass. Latin America & Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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