DUBLIN--(BUSINESS WIRE )--The "Recycled Glass Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Application" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow from US$ 3,435.81 million in 2022 to US$ 4,571.62 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028.
The glass packaging industry prefers recycled glass because it requires less energy to process and is more cost-effective than virgin glass. The waste generated in glass recycling is very low during the manufacturing process, and the same glass can be used repeatedly. The carbon footprint caused due to glass packaging can be dramatically reduced through the use of recycled glass.
For instance, every 10% of recycled glass or cullet used in production results in an ~5% reduction in carbon emissions and saves ~3% of energy. The innovation in the glass recycling industry to improve the efficiency of the recycling rate has created attractive opportunities for recycled glass in the coming years. In the construction industry, recycled glass is used in concrete glass asphalt substrate, tiles, masonry blocks, flooring, and other decorative purposes.
The major factors driving the recycled glass market growth are increased demand for eco-friendly packaging and per-capita income in developing economies. The COVID-19 pandemic has further decreased the demand for recycled glass due to the slowdown of major economies across the globe.
Furthermore, the growth in the food & beverages, pharmaceutical, construction, and paints & coatings industries in various countries is projected to offer lucrative opportunities for the recycled glass market during the forecast period. However, the fluctuations in the prices of glass cullet and other product type are expected to hamper the market growth during the forecast period.
Based on product type, the recycled glass market is segmented into glass cullet, glass fines, and glass powder. The glass cullet segment held the largest share in the recycled glass market in 2021. The glass cullet is mostly used in bottles and containers, for manufacturing flat glass, and also in highway beads. Glass cullet in the industry is also known as furnace-ready recycled glass and is highly preferred in packaging industries.
In 2020, Europe held the largest revenue share of the recycled glass market. The major factor driving the recycled glass market growth in Europe is the high demand for recycled glass from the food & beverages, pharmaceutical, construction, and paints & coatings industries. Strong pharmaceutical and food & beverages industries in countries such as Germany, France, the UK, and Italy creates strong demand for recycled glass used in the packaging of finished products.
The modernization and high purchasing power, especially in the developed economy, have led to an upsurge in the consumption of packaged products. The growing construction industry creates massive demand for recycled glass in Europe, further contributing to the recycled glass market growth.
Players operating in the market are constantly focusing on strategies such as investments in research and development activities and new product launches. These market players are highly focused on the development of high-quality and innovative product offerings to fulfill the customer's requirements.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900