Report : Europe Recycled Glass Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Glass Cullet, Glass Fines, and Glass Powder) and Application (Bottle and Container, Flat Glass, Fiber Glass, Highway Beads, Fillers, and Others)
At 5.0% CAGR, the Europe Recycled Glass Market is speculated to be worth US$ 2,124.20 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe recycled glass market was valued at US$ 1,589.64 million in 2021 and is expected to reach US$ 2,124.20 million by 2028, registering an annual growth rate of 5.0% from 2021 to 2028. Rising demand from bottles and containers sector rising acceptance of fiberglass insulation in many end-use industries are the critical drivers attributed to the market expansion.
Recycled glass is widely used in the food and beverage industry for the packaging of beverages and food products, which is boosting the demand from the bottles and containers industry. Technological advancement in the manufacturing of recycled glass bottles and containers is intended to improve customization and sustainability. Increasing demand for reusable sources as an alternative to plastics, which are environmentally friendly, is encouraging manufacturers to use recycled glass bottles and containers to pack their food products and juices.
The recycled glass bottles and containers are considered significantly safer as there is no risk of chemical mixing into the end product, with a minimum risk of contamination and no risk to the consumer’s health. Moreover, the taste of the food or beverage is preserved in glass bottles and containers. People are drawn to a healthier lifestyle as a result of the pandemic. Aside from healthy living, they are consciously making sustainable choices, particularly in their daily purchases, which is fueling demand for recycled glass in the bottles and containers sector.
Furthermore, the growing pharmaceutical industry has created lucrative opportunities for glass bottles and storage containers. Because of the ongoing pandemic, there will be an increase in demand for generic medicines such as basic capsules and syrups, which will create lucrative sales opportunities. Given this, the growing trend toward health care, wellness, and the pharmaceutical industry is expected to stimulate demand for recycled glass. Because of the recyclable and reusable properties of glass bottles, the future of recycled glass bottles and containers offers lucrative opportunities. Furthermore, manufacturers and marketers can use sustainable packaging alternatives to toxic non-biodegradable materials like plastics. All of these factors contribute to the increased demand for recycled glass in the bottle and container manufacturing industries.
On the contrary, huge investment in recycling process hurdles the growth of Europe recycled glass market.
Based on product type, the recycled glass market is segmented into glass cullet, glass fines, and glass powder. The glass powder segment held 43.5% market share in 2021, amassing US$ 692.20 million. It is projected to garner US$ 890.05 million by 2028 to expand at 4.3% CAGR during 2021–2028.
By Application, the Europe recycled glass market is fragmented into bottle and container, flat glass, fiber glass, highway beads, fillers, and others. With 52.2% share of the domain, the bottle and container segment dominated the market in 2021. It accrued US$ 829.51 million in 2021 and is estimated to generate US$ 1,15.92 million by 2028 to grow at a CAGR of 5.1% over the forecast period.
Our regional analysis states that the Rest of Europe captured 41.6% market share in 2021. It was assessed at US$ 660.51 million in 2021 and is likely to hit US$ 866.96 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the Europe recycled glass market are Ardagh Group S.A.; G.R.L. Glasrecycling; O-I Glass, Inc.; and Vetropack.