LONDON, Nov. 18,
2024 /PRNewswire/ -- The
Global Circular Economy Market is Segmented by Type
(Circular Products and Services), By Enterprise Size (Large
Enterprise and Small & Medium Enterprise), By Industry
(Manufacturing Industry, Consumer Goods, Waste Management and
Recycling Construction and Building Materials, Automotive and
Transportation, Food and Agriculture and Others) and By Region
(North America, Europe, Asia-Pacific, South
America and Middle East
& Africa). The report offers
market size and forecasts for global circular economy are provided
in terms of value (USD) for all the above segments.
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Market Overview:
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.
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Market Trends:
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.
Competitive Landscape:
The research provides a comparative assessment of the major
firms and organizations operating in the global circular economy
market, 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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Major Players:
- TOMRA
- Veolia Water Technologies
- ACCIONA Service
- Pact Group Holdings Ltd.
- Siemens
- Unilever
Recent Developments:
- In November 2024, Veolia Water
Technologies has launched its mobile water services to the European
life science, cosmetics, and pharmaceutical sectors. In order to
provide dependable, continuous, and sustainable solutions for
manufacturing, cleaning, and complex liquid waste treatment for
compliance offsite management, this effort offers a wide range of
technology and services packaged as a rental service.
- In October 2024, TOMRA has
acquired 80% of the shares in c-trace GmbH, a German leader in
digital waste management solutions. c-trace, founded in 2005,
offers advanced solutions that combine software and hardware
modules to digitize and improve the process for waste management
operations. As municipalities and industries increasingly seek to
reduce inefficiencies and comply with stricter environmental
regulations, demand for these solutions is rising.
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