CHICAGO, May 6, 2024
/PRNewswire/ -- The global sustainable manufacturing market is
expected to be valued at USD 215.4
billion in 2024 and is projected to reach USD 367.2 billion by 2029; it is expected to grow
at a CAGR of 11.3 % from 2024 to 2029 according to a new report by
MarketsandMarkets™. Several factors are propelling the
growth of the Sustainable manufacturing market across diverse
industries, including recycled materials, energy-efficient
processes, and biobased materials. Regulatory policies, cost
savings, and consumer demand for eco-friendly products drive the
market for these offerings. Technological advancements, industry
collaborations, and certifications enable efficient practices and
promote the best standards, accelerating growth in the market.
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Browse in-depth TOC on "Sustainable Manufacturing
Market"
172 – Tables
55 – Figures
225 – Pages
Sustainable Manufacturing Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 215.4 billion
|
Estimated Value by
2029
|
$ 367.2 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 11.3%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Offering,
Sustainability, Technology, End-Use and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Supply Chain
Complexities
|
Key Market
Opportunities
|
Increasing use of
sustainable and eco-friendly materials in advanced technologies
such as 3D printing
|
Key Market
Drivers
|
Heightened awareness of
environmental issues about biodiversity and ecological
imbalance
|
The green hydrogen segment is expected to grow fastest during
the forecast period.
Green hydrogen is a sustainable energy carrier because it is
produced by electrolyzing water with renewable energy sources like
solar or wind power, resulting in no greenhouse gas emissions. This
makes green hydrogen a cleaner alternative to conventional
production methods that use fossil fuels. The growth of green
hydrogen is driven by the global shift towards decarbonization and
carbon emissions reduction that aligns with climate targets.
Technological electrolyzer advancements and lower renewable energy
costs have made green hydrogen production more practical and
affordable. Governments worldwide support green hydrogen with
policies and incentives, especially in hard-to-decarbonize sectors
like heavy industry and transportation. The combination of
environmental, technological, and policy factors accelerates green
hydrogen's growth as a sustainable energy carrier.
The recycled lithium-ion battery segment is projected to grow
significantly during the forecast period.
Recycled lithium-ion batteries are expected to grow in the
sustainable manufacturing market due to environmental, economic,
and regulatory factors. Recycling lithium-ion batteries helps
mitigate the environmental impact of mining and extracting raw
materials such as lithium, cobalt, and nickel, often sourced from
ecologically sensitive areas. Recovering valuable metals from spent
batteries reduces the demand for new raw materials, conserving
natural resources and reducing carbon emissions associated with
mining and processing. Economically, recycling can lower costs by
providing manufacturers with a more affordable and stable supply of
critical materials while reducing the expenses associated with
properly disposing of hazardous waste. Moreover, government
regulations and policies worldwide increasingly mandate battery
recycling and end-of-life management, driving the adoption of
recycling practices. These factors and advancements in recycling
technologies are propelling the growth of recycled lithium-ion
batteries in the sustainable manufacturing market.
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Asia Pacific is expected to
grow at a significant rate throughout the forecast period.
Asia Pacific sustainable
manufacturing market is projected to grow at a CAGR of 10.7%. The
major factors driving the growth of the sustainable manufacturing
industry in Asia Pacific are
advances in clean technology, renewable energy, and
resource-efficient manufacturing processes enabling sustainable
practices. Asian-Pacific countries, particularly Japan and South
Korea, are leading in green technology research and
development. Government support to drive industrialization will
also boost the demand for sustainable manufacturing. Several
governmental initiatives have been implemented across the region,
each fostering industrial development. For example, 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"
are anticipated to contribute to industrial progress significantly.
These initiatives are expected to unlock growth prospects for the
sustainable manufacturing market by creating conducive environments
for advancement.
Key Players
The sustainable manufacturing companies 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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