Robust Growth Forecasted for Sustainable Manufacturing Market by 2029

The Sustainable Manufacturing Market Size was estimated at USD 215.4 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 11.3% to reach USD 367.2 billion by 2029.

Pune, 05/06/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

An increasing emphasis on environmental preservation and sustainable practices across industries is driving the growth of the worldwide Sustainable Manufacturing Market Share. The market, which was valued at USD 215.4 billion in 2024, is anticipated to grow at a noteworthy CAGR of 11.3% to reach USD 367.2 billion by 2029.

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The sustainable manufacturing environment offers a wide range of products and services that support this growth trajectory. These include recycled lithium-ion batteries, metals, plastics, carbon fibre, natural fibre composites, bioplastics, biopolymers, and water recycling and reuse solutions. Together, these products meet the growing need for environmentally friendly substitutes that reduce the impact of production processes on the environment while promoting resource efficiency and the concepts of the circular economy.

The market for sustainable manufacturing is expanding significantly across a range of industries, propelled by a confluence of factors that give priority to resource efficiency and environmental responsibility. The use of biobased products, the use of recycled materials, and the installation of energy-efficient procedures are important motivators. The market's growth is further aided by regulations requiring sustainable practices and the possibility of cost savings through resource optimisation. Furthermore, businesses are adopting sustainable alternatives due to increased consumer awareness and demand for eco-friendly products, which is spurring innovation and market expansion. Technological developments are essential for enabling sustainable practices since they make it easier to create eco-friendly materials and efficient manufacturing techniques.

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The green hydrogen segment is expected to grow fastest during the forecast period.

Because it is produced by electrolyzing water using renewable energy sources like solar or wind power, green hydrogen stands out as a sustainable energy carrier. Green hydrogen is a cleaner and more ecologically friendly alternative to traditional manufacturing methods that rely on fossil fuels because this approach produces zero greenhouse gas emissions. The rise of green hydrogen is primarily being driven by the growing global focus on decarbonisation and the reduction of carbon emissions in accordance with climate targets. Green hydrogen production is now much more feasible and affordable thanks to advances in electrolyzer technology and falling renewable energy costs. Globally, governments are promoting the switch to green hydrogen by means of different laws and incentives, especially in industries that are difficult to decarbonise like transportation and heavy industry. The convergence of technology advancements, government laws that promote green hydrogen, and environmental awareness is propelling green hydrogen's rise as a sustainable energy source. This places it at the forefront of the shift towards a more sustainable and environmentally friendly energy landscape.

The recycled lithium-ion battery segment is projected to grow significantly during the forecast period.

Recycled lithium-ion battery use is significantly increasing in the sustainable manufacturing sector due to the convergence of economic, regulatory, and environmental considerations. Recycling lithium-ion batteries is a viable way to lessen the harm that conventional mining and extraction methods cause to the environment. Recycling lowers the demand for new raw materials, preserving natural resources and lowering carbon emissions associated with mining operations by recovering important metals like nickel, cobalt, and lithium from used batteries. Economically speaking, recycling gives producers a reliable and affordable source of essential materials, which eventually lowers operating costs and waste management expenditures. The adoption of recycling procedures is further accelerated by the tightening global government legislation and policies that mandate battery recycling and end-of-life management. When combined with improvements in recycling methods, these elements drive the demand for recycled lithium-ion batteries in sustainable manufacturing, strengthening the industry's dedication to resource conservation and environmental responsibility.

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Asia Pacific is expected to grow at a significant rate throughout the forecast period.

The Asia Pacific sustainable manufacturing market is expected to grow at a strong compound annual growth rate (CAGR) of 10.7%. Several important variables that propel the adoption of sustainable practices across industries support this growth trajectory. Sustainable endeavours in the region are greatly aided by developments in clean technology, renewable energy sources, and resource-efficient manufacturing methods. Notably, nations like South Korea and Japan are leading the way in green technology R&D, introducing breakthroughs that support operational efficiency and environmental preservation. An important factor in hastening the shift to sustainable industrial methods is government backing. Governments in the Asia-Pacific area are taking steps to advance industrialization while giving environmental sustainability first priority. A few examples of coordinated efforts to promote industrial growth while upholding sustainable principles are 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." In addition to stimulating industrial growth, these government programmes foster settings that support the development of sustainable manufacturing techniques. These programmes are positioned to open up significant growth opportunities for the sustainable manufacturing market in the Asia Pacific region by encouraging the adoption of eco-friendly technologies, promoting resource conservation, and fostering collaboration among industry stakeholders. This will pave the way for an industrial landscape that is more resilient and sustainable.

Key Players

The Sustainable Manufacturing Market 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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