Recycled Glass: Outlook for Good Business Conditions
If one believes the market researchers’ forecasts, the global market for recycled glass will grow in the next years.
According to a report, published by Allied Market Research (www.alliedmarketresearch.com), the global recycled glass market was valued at 3.5 billion US-Dollar in 2017 and is projected to reach nearly 5.545 billion US-Dollar by 2025, growing at a CAGR (compound annual growth rate) of 5.7 percent from 2020 to the end of this period. Swift industrialization had resulted in large landfills of waste, which have boosted the demand for recycled products, the company said. This is one of the major factors driving the growth of the recycled glass market. “Additionally, several government initiatives and awareness campaign for cleanliness are also expected to fuel the growth of the global recycled glass market.” On the contrary, complex manufacturing processes and contamination by unwanted materials present in product waste stream were expected to hamper the growth of the global recycled glass market.
The company Acumen Research and Consulting (www.acumenresearchandconsulting.com) has similarly optimistic expectations for the global recycled glass market. In its report, the firm predicts the market to grow at a CAGR of around 6.0 percent over the forecast period 2019 to 2026 and reach the market value of around 5.723 billion by 2026. By region, North America accounts for the largest market share. “The increasing demand from the packaging industry – because it is cheaper as compared to the virgin glass and also needs less energy for processing – is driving the growth in the regional market,” the company stated. “Apart from this, Europe is projected to be the fastest-growing region during the forecast period. Supportive government regulations in the Europe region are expected to create potential demand over the forecast period. In addition to these, the Europe government has applied strict restrictions on pollution, which is pushing manufacturers to opt for recycled glass, which is also a factor propelling the market value.”
Global Market Insights, Inc. (www.gminsights.com) estimates that the worldwide market will cross 4.5 billion US-Dollar by 2026. Increasing awareness associated with waste management and recycling would augment the industry growth during the forecast timespan. According to the estimation, curbside pickups will grow at a CAGR close to 7.5 percent. “Curbside pickups are time efficient and aid in maintaining locality cleanliness.” Recycled glass powder will cross 230 million US-Dollar by 2026; it is used as a fine aggregate in concrete to improve compressive strength. “Rising construction activities all over the world will propel this sector’s growth in the future,” the company predicts.
As projected, the flat glass segment is likely to cross 600 million US-Dollar, because increasing applications of flat glass to manufacture mirrors, architectural structures, window glasses, to name but a few, will bolster the sector’s growth. “Highway beads will grow with a CAGR over seven percent within the forecast period. Beads made with recycled glass are used in road and highway construction to improve the visibility of road markings and ensure safety of road users.”
In general, the company is convinced that North America will capture considerable volume share by 2026. “The regional governments are offering funding and grants to glass recycling businesses,” Global Market Insights, Inc. said. “In the United States, Glass Recycling Foundation (GRF) was established to offer and raise funds for domestic glass recycling activities. Furthermore, it will collaborate with Glass Recycling Coalition (GRC) and many recycled glass producers to bring investments together and improve the regional glass recycling rate. Such initiatives will spur the recycled glass market growth within the forecast period.”
(GR12020, Page 12, Photo: wikimedia)
