Recycled Glass Market To Reach USD 5.27 Billion By 2027

The Global Recycled Glass Market is projected to reach USD 5.27 billion in 2027. Growing concerns for effective waste management and sustainable development, as well as government initiatives to promote usage of recycled glass, is driving the market’s growth.

The process of recycling glass involves reusing glass objects for making virgin glass. This is a cost-effective process of making virgin glass since it is energy efficient as well as easily recyclable. The recycling process does not result in any purity loss, and it also helps in the reduction of CO₂ emission. Recycled glass finds widespread applicability in the construction sector.

Recycled glass is collected from various sources like deposit, buy back or drop off centers, and curbside amongst which buyback/drop off centers is the most popular since it provides high-quality cullet. Cullet is the most widely used recycled glass product and possesses the property of melting at a lower temperature and a faster rate.

The industry is witnessing significant growth due to increasing awareness of effective waste management and sustainable development. Government initiatives and regulations regarding glass recycling are also driving the growth to a large extent. Rapid industrialization, along with high demand from the construction and automobile sector, is providing a major boost to the market value of the industry.

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The European countries are the major consumers of recycled glass products. High awareness among people regarding recycling practices along with government initiatives promoting the usage of recycled glassis driving the market in this region. The European Union had already launched Circular Economy Package in order to encourage efficient waste management and recycling practices. Several European countries are increasing landfill tax rates in order to stop disposal of glass wastes in landfills, thus providing the market under study a huge boost in this region.

The high complexity in the production process makes the manufacturing of recycled glass costly. The process thus demands use of technically advanced equipments and consequently huge investments are required. These factors are restraining the market’s growth to a certain extent.

The COVID-19 impact:
The COVID-19 pandemic is likely to have a huge negative impact on the industry’s growth. Major industry players are skeptical about the future of the market and are trying to redesign their strategies for sustaining in this difficult situation. The pandemic had largely affected its end-user industries like construction or automobile, and companies of these sectors have been forced to stop production as well as other operations. There is a shortage of manpower due to repeated lockdowns in several parts of the world. COVID-19 has affected the international trade, exports and imports, and consequently, the demand in the industry has also largely reduced. The major companies are trying to clear their stocks, and they are focusing on maintaining their cash balances. They are thinking of developing automated manufacturing processes assuming the fact that there would be shortage of skilled labour even after this crisis ends. The average disposable income may also decrease and in order to maintain the demand, large manufacturers are trying to come up with cost-efficient manufacturing solutions.