Circular Economy Market Size is predicted to witness a 21.88% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Market growth is propelled by an increasing consciousness of critical environmental concerns, such as pollution, resource depletion, and climate change.
- The utilization of old product spare parts can increase product availability and stimulate the circular economy market.
- The initial investment challenge poses a significant impediment to the expansion of the circular economy market.
- A significant market revenue share is generated in North America.
A circular economy entails markets that motivate the reuse of products rather than scrapping them and removing unique resources. In such an economy, all forms of waste, including scrap metal, clothes, and obsolete electronics, are returned to the economy or used more efficiently. The growing environmental concerns are driving the development of the circular economy market.
The rising awareness of pressing environmental issues, including climate change, resource depletion, and pollution, has produced a fundamental shift in customer attitudes, corporate systems, and government policies. The market's development is anticipated to be primarily fueled by the escalating concerns covering environmental degradation and the substantial waste generation across different product categories, largely attributed to the exponentially growing global population. Innovation also plays a pivotal role in the market as businesses develop creative technologies, materials, and business models to enable the transition to circularity. Hence, this adoption of the circular economy by the companies could adopt the circular principles and improve their reputation, eventually assisting in enhancing the circular economy market size.
However, high initial investment costs for infrastructure and technology can deter some businesses from transitioning to more sustainable practices. Consumer resistance to change, coupled with limited awareness, may hinder the demand for circular products and services. Complex and varying regulatory frameworks can create compliance challenges for companies adopting circular practices.
Competitive Landscape
Some Major Key Players In The Circular Economy Market:
- HONEYWELL
- SAP
- Re-Match
- Cirql
- Circular Solutions
- Solar Impulse Foundation
- UL LLC
- Circular Economy Solutions GmbH
- Veolia
- Waste Management, Inc.
- TerraCycle
- Loop Industries
- Cloverly
- Recyclebank
- Ecolife Recycling
- Eco-Cycle
- Remondis
- Renewi
- Worn Again Technologies
- Circular Devices Oy
- Patagonia
- Rype Office
- Sims Lifecycle Services
- Tarkett
- ECOR
- Madaster
- Econyl
- NEOM
- Others
Market Segmentation:
The circular economy market is segmented based on Business model and Industry. By Business Model, the market is segmented into Product-as-a-service (Leasing, Sharing, and Subscription Models), Product Life & Product Use Extension (Reusing/Reselling, Repairing, and Remanufacturing), and Resource Recovering/Upcycling). By Industry, the market is categorised into the Fashion & Textile Industry, Consumer Electronics Industry, Construction Industry, Automotive Industry, Logistics Industry, Agriculture, Furniture Industry, Oil and Gas Industry, and Others.
Based On The Business Model, The Product Life & Product Use Extension Segment Is A Major Contributor In The Circular Economy Market.
The product life & product use extension segment is projected to represent the market during the projected period. This reduces the environmental impact of product manufacturing, delivery, and disposal. It also cuts costs for businesses and customers, making it appealing. Long-lasting, repairable, and upgradeable products are gaining popularity. This tendency drives demand for durable, long-lasting products, encouraging corporations to utilize circular approaches to meet client needs.
Based On Industry, The Fashion & Textile Industry Segment Is A Major Contributor To The Circular Economy Market.
The fashion & textile industry segment is expected to be the largest segment during the forecast period due to its significant environmental footprint and high resource consumption. With a growing demand for sustainable and ethical fashion, the industry increasingly adopts circular practices such as recycling, cycling, and innovative material sourcing. The sector's scale, global reach, and consumer demand for eco-friendly products have propelled its prominence in the circular economy landscape.
The North American Circular Economy Market Holds A Significant Revenue Share In The Region.
The circular economy market in North America is rapidly gaining prominence, reflecting a strong commitment to sustainability and resource efficiency. It encompasses diverse sectors such as recycling, sustainable product design, and renewable energy, all experiencing significant growth. Leading companies like Waste Management, Tesla, and Interface are at the forefront of advancing circular economy initiatives across the region. Both federal and state-level government regulations, coupled with the growing awareness and need for sustainable products, fuel this market's expansion. In addition, the circular economy market in Asia Pacific is expanding, emphasizing sustainability. Key players include Samsung, Toyota, and China Recycling Development.
Recent Developments:
- In July 2023, Veolia promoted stronger workplace safety regulations and expedited the shift to a circular economy by utilizing augmented artificial intelligence (AI). Unlike other types of AI, augmented intelligence was created to assist human operators rather than replace them. It was a crucial component of Veolia's material recycling plants, where sorting algorithms and humans were merged. While human operators sorted heavy debris, light waste was separated using precision compressed air jets and scanned lasers.
- In Nov 2021, Honeywell declared the commercialization of an innovative process that facilitates the recycling of a broader spectrum of plastics. Additionally, this procedure generated feedstock for the production of recycled plastics that have an exceptionally reduced carbon footprint. The objective of the new technology was to facilitate a circular economy for plastics by reducing the need for fossil fuels in the production of new plastics and allowing for hundreds of cycles of recycling.
Circular Economy Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 21.88 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Business Model, Industry |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
HONEYWELL, SAP, Re-Match, Cirqle, Circular Solutions, Solar Impulse Foundation, UL LLC, Circular Economy Solutions GmbH, Veolia, Waste Management, Inc., TerraCycle, Loop Industries, Cloverly, Recyclebank, Ecolife Recycling, Eco-Cycle, Remondis, Renewi, Worn Again Technologies, Circular Devices Oy, Patagonia, Rype Office, Sims Lifecycle Services, Tarkett, ECOR, Madaster, Econyl, NEOM, and others |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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