Asia-pacific Recycled Glass Market Forecast 2022-2030
The Asia-Pacific recycled glass market is projected to register a CAGR of 4.64% in terms of revenue and 3.74% in terms of volume during the forecast period, 2022-2030. The fast-paced industrialization and the rising popularity of durable materials drive the Asia-Pacific market growth. Also, the growing incorporation of glass recycling in the end-use industries like construction, food & beverage, and alcohol, boosts market demands.
Thailand, Vietnam, China, Japan, Australia & New Zealand, Indonesia, India, South Korea, and Rest of Asia-Pacific are assessed for the Asia-Pacific recycled glass market growth evaluation. In Japan, recycling is characterized by the Japanese Container and Packaging Recycling Law. Glass, aluminum, PET bottles, paper, and plastic are collected and recycled in the country. In 1997, the country imposed the Promotion of Sorted Collection and Recycling of Containers and Packaging to minimize the waste of glass containers, paper cartons, and PET bottles. Small appliances like flat irons and radio cassettes, incombustible waste like non-burnable trash like long plastics, metals, glass, ceramic wares, and rice cookers, ae collected once a month for recycling and disposal.
In Indonesia, tourism is the leading employer and foreign currency generator. Accordingly, the government is making efforts to increase tourist numbers. This has influenced economic growth while adversely impacting the environment. As a result, the lack of proper waste management has become a serious concern. Additionally, the country is the second-biggest producer of solid waste globally. In 2016, South Korea generated 3.2 million tons of plastic waste, of which 1.3 million were disposed of in the ocean. Moreover, around 70% of the solid waste generated is sent to large unsanitary landfills. Such factors present growth opportunities for recycled glass in the country.
Some of the key firms operating in the market include Momentum Recycling, Harsco Corporation, O-I Glass Inc, Ngwenya Glass, etc.
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