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Global Circular Economy Market: Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029) | Pheonix Research
The growing awareness of pressing environmental challenges such as climate change, resource depletion, and pollution has resulted in a significant shift in customer attitudes, company processes, and government laws. The market's growth is expected to be primarily driven by rising worries about environmental degradation and significant waste generation across many product categories, which are partly due to the world's rapidly growing population. As a result, companies who adopt the circular economy may adopt circular principles and improve their reputation, ultimately contributing to the growth of the circular economy industry.
The increasing demand for sustainable products, as well as the depletion of scarce resources like as fossil fuels, minerals, and rare metals, are expected to drive market expansion throughout the forecast period. The paucity of these essential elements has become apparent as a result of the depletion of limited resources. Individuals and businesses are increasingly likely to employ circular economy tactics to reduce their reliance on underutilized raw materials as they become aware of the scarcity of these resources. The circular economy promotes long-term resource management by focusing heavily on product and material reuse, recycling, and remanufacturing. This method decreases the need to extract new resources, which helps to reduce the demand on finite resources and its negative environmental effects.
The circular economy market is growing mostly due to increased awareness of environmental sustainability and resource constraint. Governments and regulatory organizations are enacting tough laws to decrease waste, promote recycling, and lower carbon footprints. This legal pressure drives sectors to adopt circular models that stress material reuse, refurbishment, and recycling.
For example, in December 2023 , the National Circular Economy Roadmap for Reducing Plastic Waste in
India was unveiled in
New Delhi . This roadmap was the outcome of three years of collaboration between Indian and Australian academic organizations. It explains the entire plastics value chain and makes recommendations to help smooth the transition to a circular economy, with the purpose of reducing plastic waste, alleviating environmental issues, and encouraging economic benefits.
Advancements in recycling technology, as well as favourable government policies and regulations, drive market growth. Many governments set waste reduction goals, such as zero-waste targets, with the goal of reducing landfill discharge while also promoting recycling and recovery. These goals create a sense of urgency and set waste reduction targets, encouraging the use of circular processes. Furthermore, enterprises who invest in circular economy projects such as recycling centres, renewable energy projects, or sustainable product design may be eligible for tax breaks, grants, or subsidies from their government. With these financial incentives, circular processes become more economically viable.
Market Trend 1: Manufacturing Industry Holds the Largest Market Share in the Circular Economy
Manufacturing firms face excess demand, and changes and innovations in the business environment. A firm has to adopt both economic as well as environmental performance due to global warming and the high levels of sustainable development targets. Transition from the linear to CE minimizes waste and optimizes the utilization of resources by recycling, reusing and repairing.
With the more than adequate resources available, MNCs may change from one economic model to the other because they have enough resources to invest in such strategic development projects. Since the integration of circular economy techniques may not only result in a good ecological reputation but also lead to social and economic gain for the company, numerous manufacturers have already actively taken up on the initiative. For instance, through the use of a survey, circular economy projects may cut down on CO2 emissions by half by 2030 and save as much as USD 700 million annually in material costs during production.
The highly contributory areas of the manufacturing industry to the circular economy are those of eco-design, recycling, and remanufacturing. Perhaps the most important technological achievements are remanufacturing and product longevity in the automobile, electronic, and heavy machineries industries. In such industries, the reuse or reconditioning of the components may be viewed as the extension of cycle life of a product without needing any extra material. Innovations in resource recovery, new recycling technologies, and industrial symbiosis also help manufacturing companies realize cost savings without affecting efficiency.
Market Trend 2: Asia-Pacific Region is the Fastest-Growing Market in the Global Circular Economy
The Asia-Pacific region is currently experiencing the fastest growth in the global circular economy. This is because, as major economies of the world like
China , Japan , and
India industrialize rapidly,
Asia-Pacific is gradually adopting the practices related to circular economies in various industries, mainly waste management, electronics, manufacturing, and the automotive industry. Official directives and the need to manage its huge population in the city and environmental issues have led China to make tremendous leaps in recycling, waste-to-energy technology, and sustainable production. For its part,
Japan is one of the pioneers on the circular economy front, with modern systems of recycling, focusing on resource efficiency, and product lifespan. Increasing awareness of the economic as well as environmental benefits of cyclic processes and increased government aid in the form of sterner environmental regulations are also helping the region.
As consumers continue to grow in their desire for sustainable goods and services, this will push companies to integrate concepts of the circular economy into their day-to-day work. Asia- Pacific will grow hugely and will be the fastest region to develop within the global circular economy sector mainly due to increased investment in technology, innovation, and infrastructure supporting circular systems.
The research provides a comparative assessment of the major firms and organizations operating in the , mainly based on their product offerings, business overviews, regional presence, enterprise strategies, segment market share, and SWOT analysis. Additionally, the study offers a detailed analysis of recent events and company developments, including product development, inventions, partnerships, joint ventures, mergers and acquisitions, strategic alliances, and more. This makes it possible to assess the level of market competition overall. Major key players in the circular economy market include TOMRA, Veolia Water Technologies, ACCIONA Service, Pact Group Holdings Ltd., Siemens, Unilever, BASF, Veolia, Philips, Circular Economy Leadership Canada, and Others.
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