Sustainable Manufacturing Market worth $367.2 billion by 2029 - Exclusive Report by MarketsandMarkets™
Recycled lithium-ion batteries are expected to grow in the sustainable manufacturing market due to environmental, economic, and regulatory factors.
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 |
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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 |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Supply Chain Complexities |
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Key Market Opportunities |
Increasing use of sustainable and eco-friendly materials in advanced technologies such as 3D printing |
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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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