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Recycled Glass Market Estimated To Reach USD 5.27 Billion By 2027

Post Time:Apr 16,2021Classify:Industry NewsView:937

Government schemes promoting effective waste management and sustainable development are propelling the market growth. Recycled Glass Market Size – USD 3.63 Billion in 2019, Market Growth - CAGR of 4.8%, Market Trends – High product demand for construction applications.

The Global  Recycled Glass Market  size is estimated to reach USD 5.27 from USD 3.63 billion in 2019, delivering a CAGR of 4.8% through 2027. The market growth is driven by the major implementation of effective waste management & sustainable development, along with favorable government initiatives promoting the usage of recycled glass. Several countries across the globe are working towards the waste glass deposit program for managing waste. For instance, in England, all drink containers made of plastic, metal, or glass are covered under the deposit-return scheme run by the regional government. The scheme was introduced to reduce the amount of litter polluting sea and land recurring a small cash sum to consumers who return their cans and bottles. Similar kinds of schemes are operational in 38 countries across the globe.

Growing amounts of glass waste is an alarming issue faced by several countries across the globe. Most of these wastes end up in incinerators and landfills, thereby contributing to environmental pollution, global warming, and climate change. In a bid to reduce the negative impact of glass waste on the environment, glass recycling can play a pivotal role in waste management Several developed countries are promoting the recycling of glass through the introduction of schemes, funds, and grants. The developing nations are also not very far in following the trend. Increasing awareness regarding effective waste management will boost recycled glass market growth.

The introduction of recycled glass during the production process enables glass manufacturers to cut down on furnace maintenance & repair and overall energy costs, which is also supplementing recycled glass markets share. Moreover, rapid industrialization, along with growing product demand from the automobile and construction sector, will further bolster industry expansion over the forecast period.

Further key findings from the report suggest

  • Based on product,the cullet segment accounted for the largest share in the global recycled glass market size 2019 and is set to witness substantial growth through 2027 on account of high operational efficiency provided by the product in glass applications.

  • Based on source, the Deposit program segment accounts for 41.3% of the recycled glass market share and is forecast to witness a notable CAGR of 7.5% through 2027.

  • On the basis of application, the fiberglass segment is estimated to account for the majority of the market revenue share through 2027. The robust growth can be attributed to its excellent insulation properties, low coefficient of linear expansion, and superior resistive characteristics. The increasing consumption of fiberglass by various end-user industries, including aerospace & defense, automotive, manufacturing, power generation, food processing, pulp & paper, metals & mining, and others, will boost segmental growth.

  • In the regional landscape, Europe accounts for 12.4% of the recycled glass market share and is a major regional ground for industry growth due to increasing awareness among masses in the region regarding recycling practices, which is further supported by government initiatives that promote the usage of recycled glasses. Several European countries have significantly increased landfill tax rates in order to stop the disposal of glass wastes in landfills, which will further boost regional industry growth through 2027.

  • The APAC region is estimated to showcase a CAGR of 7.1% over the forecast period.

  • North America is anticipated to exhibit a growth rate of 4.2% during the analysis period.

  • Key players in the market include Strategic Materials Inc, ACE Glass Recycling, Balcones Resources, Gallo Glass Company, Ripple Glass, Pace Glass Inc, Momentum Recycling LLC, CAP Glass, Bradish Glass Inc, and Dlubak Glass Company.

  • The players operating in the market have undertaken a number of strategies. For instance, In January 2020, Strategic Materials Inc., a provider of recycling products and services, announced the expansion of crushed glass abrasives production with the opening of a new facility in Houston in order to cater to the growing domestic demand. 

Source: https://menafn.com/Author: shangyi

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