Surging Awareness of Sustainable Development Boosts the Global Recycled Glass Market Growth
According to a new market research report published by Inkwood Research, the Global Recycled Glass Market is predicted to project a CAGR of 5.59% in terms of revenue, and 6.19% in terms of volume during the forecasting years of 2020-2028.
‘’Browse 60 Market Data Tables and 39 Figures spread over 147 Pages, along with an in-depth TOC on the Global Recycled Glass Market Forecast 2020-2028.’’
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Recycled glass is obtained upon the processing of waste glass. It is considered to be 100% recyclable, and the quality and purity are also retained. It constitutes of readily available domestic materials like limestone, sand, cullet, soda ash, etc. Recycled glass can substitute almost 95% of the raw materials. Many states have a mandatory beverage container deposit program to collect glass bottles.
Increasing Awareness of Sustainable Development Propels Market Growth
Sustainable development and environmental awareness have contributed significantly to the growth of the recycling market. Glass is a fully recyclable material that offers environmental benefits like aiding in climate change and the saving of precious natural resources. Glass is also utilized in several applications for its inert nature. It enables in saving energy like in the case of insulating glass for windows and facades, and weight-lightening reinforcement glass fiber, which has its applications in aviation, automotive, and other transport modes. In such applications, glass helps in weight reduction and fuel consumption. The increasing demand for recycled glass in such applications is propelling its overall market growth.
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Flat Glass records the Highest CAGR in Terms of Revenue in the Application Segment
Flat glass is molded by melting a mixture of raw materials that include, limestone, sand, and soda ash. Recycled flat glass is added to the mix and then re-melted for producing new glass. Flat glass has strict quality requirements in terms of optical defects. The advantage of manufacturing flat glass using recycled glass is it requires less energy for re-melting glass in comparison to the energy needed in melting the raw materials. This results in the saving up of natural resources, due to reduced carbon dioxide emissions and reduced use amount of raw materials.
Europe Records the Fastest Growth Rate in Terms of Revenue
The European market region dominated the market in 2019. It is further projected to dominate the market by the end of the forecast period, along with recording the highest CAGR, among other regions. The industry data on glass recycling dictates that the average glass recycling rate in Europe is at 74%. The favorable government regulations and the promotion of glass recycling at different levels further promote market growth of the region.
Gallo Glass Company, Coloured Aggregates Inc, Momentum Recycling, etc. are the companies that have their operations in the market. The market houses a moderate number of players with a moderate economic base.
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