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Sustainable Manufacturing Market worth $367.2 billion by 2029 - Exclusive Report by MarketsandMarkets™
Green hydrogen is a sustainable energy carrier because it is produced by electrolyzing water with renewable energy sources like solar or wind power, resulting in no greenhouse gas emissions. This makes green hydrogen a cleaner alternative to conventional production methods that use fossil fuels. The growth of green hydrogen is driven by the global shift towards decarbonization and carbon emissions reduction that aligns with climate targets. Technological electrolyzer advancements and lower renewable energy costs have made green hydrogen production more practical and affordable. Governments worldwide support green hydrogen with policies and incentives, especially in hard-to-decarbonize sectors like heavy industry and transportation. The combination of environmental, technological, and policy factors accelerates green hydrogen's growth as a sustainable energy carrier.
Recycled lithium-ion batteries are expected to grow in the sustainable manufacturing market due to environmental, economic, and regulatory factors. Recycling lithium-ion batteries helps mitigate the environmental impact of mining and extracting raw materials such as lithium, cobalt, and nickel, often sourced from ecologically sensitive areas. Recovering valuable metals from spent batteries reduces the demand for new raw materials, conserving natural resources and reducing carbon emissions associated with mining and processing. Economically, recycling can lower costs by providing manufacturers with a more affordable and stable supply of critical materials while reducing the expenses associated with properly disposing of hazardous waste. Moreover, government regulations and policies worldwide increasingly mandate battery recycling and end-of-life management, driving the adoption of recycling practices. These factors and advancements in recycling technologies are propelling the growth of recycled lithium-ion batteries in the sustainable manufacturing market.
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Asia Pacific sustainable manufacturing market is projected to grow at a CAGR of 10.7%. The major factors driving the growth of the sustainable manufacturing industry in Asia Pacific are advances in clean technology, renewable energy, and resource-efficient manufacturing processes enabling sustainable practices. Asian-Pacific countries, particularly Japan and South Korea , are leading in green technology research and development. Government support to drive industrialization will also boost the demand for sustainable manufacturing. Several governmental initiatives have been implemented across the region, each fostering industrial development. For example, China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0" are anticipated to contribute to industrial progress significantly. These initiatives are expected to unlock growth prospects for the sustainable manufacturing market by creating conducive environments for advancement.
The sustainable manufacturing companies includes significant Tier I and II players such as Veolia (France) , Umicore ( Belgium ), Braskem ( Brazil ), Cirba Solutions (US), and NatureWorks (US), among others, among others, are some of the key players in the sustainable manufacturing market.
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