The glass recycling market will register a CAGR of over 5% by 2023
NEW YORK, June 18, 2019 /PRNewswire/ --
About this market
Glass recycling helps conserve natural resources and landfill space. It has been estimated that by replacing around 10% of natural raw materials by recycled glass cullet in the glass production process, the energy consumption is reduced by approximately 3%. The lower energy consumption is also expected to reduce carbon dioxide emission. Similarly, the glass recycling process has many other economic benefits such as using recycled glass in glass production helps extend the furnace life by making it less corrosive and lowers the melting temperature. Our analysts have predicted that the glass recycling market will register a CAGR of over 5% by 2023.
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Market Overview
Growing global packaged beverage consumption
The global packaged beverage consumption is expected to witness an average annual growth rate of around 2.8% during the forecast period. The growing global packed beverage consumption is expected to increase the demand for glass recycling as most of the beverages are packed in glass containers. Recycled glass improves the profit margin of the end-users. Many beverage manufacturers are adopting recycled packaging materials, including glass containers, for their product packaging.
Availability of several substitutes for glass
The market consists of many substitutes for glass products such as metal and plastic. The most critical factor that spurs the adoption of these substitutes is the fragility of glass. The improper handling of glass products can lead to breakage. Therefore, consumers prefer plastic product owing to its durability. Another critical challenge for the global glass recycling market is the premium prices of glass products. Glass products are more expensive than alternatives such as plastic. The high costs of glass products such as tableware prevent many people from buying them. Apart from the high upfront costs, glass products require more frequent replacement when compared with plastics. Thus, the availability of several substitutes of glass products is expected to affect the demand for glass products and, hence, the requirement for recycling.
For the detailed list of factors that will drive and challenge the growth of the glass recycling market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies, including Momentum Recycling LLC and Pace Glass Inc. makes the competitive environment quite intense. Factors such as the growth in the global glass tableware market and the growing global packaged beverage consumption will provide significant growth opportunities to the glass recycling manufacturers. Strategic Materials Inc., TerraCycle Inc., and Vitro Minerals Inc. are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05783998/?utm_source=PRN
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