The global recycled glass market is projected to record growth at a CAGR of 4.76% in terms of revenue and 3.80% in terms of volume, during the forecasted period between 2022 and 2030. The growing awareness of sustainable development, the increasing advancements in glass recycling, and the favorable government regulations are the factors projected to propel the growth of the market.
It becomes important to recycle glass, since glass does not decompose. Glass recycling entails several processes. The glass thrown away is taken to a glass treatment plant, where the glass is sorted on the basis of colors and then washed to remove impurities. The glass is then crushed and melted for further molding into new products like jars and bottles, which can also be used for alternative purposes like decorative purposes or brick manufacture. Many countries are showing an inclination towards waste glass deposit initiatives for waste management. The demand for recycled products is propelled by large landfills of waste, which is a result of rapid industrialization. Several governments are introducing initiatives and awareness campaigns for cleanliness, which further propels the overall market growth. At the same time, the complexities involved in the manufacturing process, along with the contamination due to unwanted materials in the product waste stream, are estimated to impede the growth of the market. With a moderate economic base, advancements in recycling activities, and a moderate number of players, the market is positioned at a moderate level.
The global recycled glass market is segregated geographically into Asia Pacific, North America, Europe, and Rest of World. The European market region is evaluated to hold the largest market share and record the fastest growth, both in terms of revenue and volume, by the end of the forecasted period. The favorable government regulations and the comprehensive promotion of glass recycling at all levels are fueling the growth of the market.
Some of the leading companies functioning in the market include, Coloured Aggregates Inc, Harsco Corporation, Momentum Recycling, Gallo Glass Company, Glass Recycled Surfaces, etc.
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