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Sustainable Manufacturing Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Sustainable Manufacturing Market Size
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According to The Business Research Company's, The sustainable manufacturing market size has grown rapidly in recent years. It will grow from $170.05 billion in 2023 to $189.11 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to a shift towards decarbonization, increasing environmental regulations, increasing awareness, cost savings, and enhanced brand reputation.
The sustainable manufacturing market size is expected to see rapid growth in the next few years. It will grow to $292.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to resource-efficient manufacturing processes, industrialization, sustainable packaging, a growing focus on the circular economy, and increasing investment. Major trends in the forecast period include technological electrolyzer advancements, innovations in technologies, advancing green technologies, advancements in recycling technologies, and waste reduction processes.
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Market Drivers and Trends:
The consumer demand for eco-friendly products is expected to propel the growth of the sustainable manufacturing market going forward. Rising consumer demand for eco-friendly products is driven by growing environmental awareness, a desire to reduce personal carbon footprints, and an increasing preference for sustainable and ethically produced goods. Sustainable manufacturing supports consumer demand for eco-friendly products by ensuring that goods are produced using environmentally responsible practices, reducing waste, conserving resources, and minimizing environmental impact throughout production. For Instance, In April 2024, according to the National Association of Convenience Stores, a US-based trade association representing the convenience and fuel retailing industry, the 2024 survey results indicate that 80% of consumers are either very or somewhat concerned about the environmental impact of their purchases, an increase from 68% in 2023 and 66% in 2022. Additionally, 65% of Americans expressed a willingness to pay a premium for gasoline if stations provided carbon-offsetting options. Therefore, consumer demand for eco-friendly products will drive the growth of the sustainable manufacturing market.
Major companies operating in the sustainable manufacturing market are focused on developing innovative products, such as green briquettes, to promote energy efficiency and offer eco-friendly alternatives to traditional fuel sources, supporting a cleaner and more sustainable industrial process. Green briquettes are compressed blocks made from biomass materials, such as agricultural residues and organic waste, designed to serve as a sustainable fuel alternative with lower emissions than traditional fossil fuels. For instance, in December 2022, Runaya Group, an India-based company that focuses on sustainability and innovation, launched RubiQ and RucaL Green, products that consist of 100% green briquettes made from compressed organic materials, designed to provide a sustainable fuel alternative with reduced carbon emissions. These blankets support sustainable manufacturing practices by utilizing waste materials, promoting resource efficiency, and contributing to a circular economy. Their development aligns with the growing demand for eco-friendly energy solutions in various industries, enhancing overall environmental performance.
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Major Key Players of the Market:
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
Sustainable Manufacturing Market 2024 Key Insights:
• The sustainable manufacturing market size is expected to see rapid growth in the next few years. It will grow to $292.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Role Of Sustainable Manufacturing In Reducing Environmental Impact
• Innovative Green Briquettes Drive Energy Efficiency And Sustainability In Manufacturing
• North America was the largest region in the sustainable manufacturing market in 2023
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