Recycled Glass Market Worth USD 5894.2 Mn. by 2029

Recycled Glass Market size was valued at USD 3612.7 Million in 2021 and is expected to grow by 6.31% from 2022 to 2029, reaching nearly USD 5894.2 Million.

Pune, Jan. 13, 2023 (GLOBE NEWSWIRE) -- According to a report by Maximize Market Research, the global market for recycled glass will grow at a 6.31% CAGR to reach USD 5894.2 Mn. by 2029. Thanks to the growing demand for recycled glass in Industries like automobiles, food processing, and others to boost the Recycled Glass Market growth.

Recycled Glass Market Scope and Research Methodology

The research methodology used to collect data for research report includes a mix of primary and secondary research. Both primary resources and secondary research along with analytical tools are employed to build the predictive and forecast models. The key data points taken from secondary research include data for market value, qualitative insights into various aspects of the market, key trends, and emerging areas of innovation, quantitative data for mathematical and statistical calculations, segmentations and percentage shares, and key industry trends of the top players of the recycled glass market.

The research study involves the usage of extensive secondary sources, such as certified publications, articles from recognized authors, white papers, annual reports of companies, directories, and major databases to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global recycled glass market.

Recycled Glass Market Overview

Recycled glass is a product made from old and discarded glass . This recycled glass is then used to create new useful products. Glass can be recycled indefinitely by crushing, melting, and blending it with sand and other starting materials. Cullet is the term for furnace-ready recycled glass . Manufacturers recycle and reuse glass because of its exceptional property of being completely recyclable without affecting quality or purity. Increased demand from glass manufacturing companies, owing to the exceptional quality of recycled glass, is expected to drive market growth. Almost 95% of the raw materials used in glass production can be replaced by recycled glass, which is cost-effective. Rising consumer awareness of the importance of sustainable development is expected to drive market demand. However, glass recycling requires the use of machines for crushing, melting , and binding waste glass, which requires a significant initial investment.

Recycled Glass Market Dynamics

The closed-cell porous structure of recycled glass aggregates holds any organic porosity from glass pollution, recycled glass aggregates fines do not require additional energy-consuming recycling processes, the drying shrinkage of concrete foams is significantly reduced with the addition of glass fines in recycled glass aggregates, the potential ASR (alkali-silica reaction) of traditional concrete glass fines can be org (alkali-silica reaction).

Market participants are focusing on growing their presence in regions where the recycled glass aggregates industry is rapidly growing. In addition, key players are focusing on forming alliances with local vendors, distributors, and recycled glass aggregate companies to promote their products. These factors are expected to act as catalysts for the growth of the recycled glass aggregates market during the forecast period.

Recycled Glass Market Regional Insights

The presence of all industrial and commercial sectors in North American and European countries, as well as the presence of globally prominent players, is a boon for the recycled glass aggregates market in these regions. Rapid industrialization and construction activities in the Asia Pacific and Latin America, particularly in China, Brazil, and India, are expected to drive the recycled glass aggregates market.

The rising desire of consumers to own a home is expected to drive the residential construction sector, which is expected to drive demand for recycled glass market over the forecast period. For example, it is estimated that over a million new households were created in 2015, but only 620,000 new housing units were completed, resulting in a 430,370-unit shortage. This disparity has pushed up home prices and rents, a trend that will likely continue in the absence of immediate policy changes. Furthermore, all construction buildings built in the past have a certain operational life after which the structure becomes dangerous because it can collapse after prolonged use.