Global Sustainable Manufacturing Market Price 2024, Forecast To 2033
12 Nov, 2024
The sustainable manufacturing market has seen strong growth in recent years. It is expected to increase from $170.05 billion in 2023 to $189.11 billion in 2024, reflecting a CAGR of 11.2%. Factors contributing to this growth include the shift towards decarbonization, stricter environmental regulations, rising awareness, cost savings, and improvements in brand reputation. The sustainable manufacturing market is projected to reach $292.35 billion by 2028, growing at a CAGR of 11.5%. Key growth factors include resource-efficient manufacturing, sustainable packaging, focus on the circular economy, and increased investment. Trends include technological advancements in electrolyzers, green technologies, recycling innovations, and waste reduction processes.
Major Driver In The Sustainable Manufacturing Market
The consumer demand for eco-friendly products is set to drive growth in the sustainable manufacturing market. This demand stems from increasing environmental awareness, a desire to minimize carbon footprints, and a preference for sustainable goods. Sustainable manufacturing practices reduce waste and conserve resources, aligning with consumer interests. In April 2024, a survey by the National Association of Convenience Stores revealed that 80% of consumers are concerned about the environmental impact of their purchases, up from 68% in 2023. Additionally, 65% of Americans are willing to pay more for gasoline if it includes carbon-offset options, indicating a strong market for eco-friendly products.
Request A Free Sample Of The Sustainable Manufacturing Market ReportSustainable Manufacturing Market Competitive Landscape
ArcelorMittal S.A., Siemens AG, Unilever PLC, Panasonic Holdings Corporation, Caterpillar Inc., Dow Inc., Veolia Environnement S.A., Schneider Electric SE, Honeywell International Inc., 3M Company, ABB Ltd., Umicore S.A., Braskem S.A., Indorama Ventures Public Company Limited, Novelis Inc., Vestas Wind Systems A/S, Berry Global Group Inc., Biffa plc, European Metal Recycling Ltd., Unifi Inc., Manufacturing Technology Centre Limited, NatureWorks LLC, Cirba Solutions LLC
Key Sustainable Manufacturing Market Trend
Companies in the sustainable manufacturing market are focusing on developing innovative products like green briquettes to promote energy efficiency and provide eco-friendly fuel alternatives, supporting cleaner industrial processes. Green briquettes are made from biomass materials like agricultural residues and organic waste and offer a sustainable alternative to fossil fuels with lower emissions. For example, in December 2022, Runaya Group, an India-based sustainability-focused company, introduced RubiQ and RucaL Green, 100% green briquettes made from compressed organic materials. These products support sustainable manufacturing by utilizing waste materials, promoting resource efficiency, and advancing a circular economy, catering to the growing demand for eco-friendly energy solutions in various industries.
Purchase The Global Sustainable Manufacturing Market Report Directly And Get A Swift DeliveryGlobal Sustainable Manufacturing Market Segmentation
The sustainable manufacturing market covered in this report is segmented –
1) By Offering: Recycled Lithium Ion Battery, Water Reuse And Recycling, Recycled Plastics, Green Hydrogen, Recycled Steel, Recycled Aluminum, Recycled Carbon Fiber, Bioplastics And Biopolymers, Natural Fiber Composites
2) By Enterprise Type: Large Enterprises, Small And Medium Enterprises (SMEs)
3) By Applications: Automotive, Energy, Electrical And Electronics, Packaging, Building And Construction, Marine, Aerospace, Power, Chemicals, Other Applications
By Geography:The regions covered in the sustainable manufacturing market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the sustainable manufacturing market in 2023.
The Sustainable Manufacturing Global Market Report 2024 furnishes information about the global sustainable manufacturing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.