Forecasting the Circular Economy Market: CAGR of 13.19% Expected in 2024

According to MarkNtel Advisors study the Global Circular Economy Market is valued at around USD 553 billion in 2023 and is estimated to grow at a CAGR of about 13.19% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Circular Economy market

Global Circular Economy Market Driver

Environmental Awareness Driving Adoption of Circular Economy Practices – The rising environmental concerns are driving the growth of the Circular Economy Market. The increasing awareness of pressing environmental issues, including climate change, resource depletion, and pollution, has prompted a fundamental shift in consumer attitudes, corporate strategies, and government policies.

As individuals become more cognizant of the detrimental effects of traditional linear economies, there is a growing demand for sustainable & eco-friendly solutions. Due to this, consumers are actively seeking products and services that align with their environmental values, driving businesses to adopt circular economy practices to meet this demand. Further, to cater to this demand various companies like Dell, Panasonic, Zara, and others are adopting new economy models. For instance:

• In 2023, Panasonic launched a new circular economy model to extend the lifespan of its products & reduce the impact of production & consumption.

Hence, this adoption of the circular economy by the companies could embrace the circular principles and enhance their reputation, eventually assisting in enhancing the Circular Economy Market size.

Global Circular Economy Market Challenge

High Initial Investments to Act as a Barrier for the Market Growth – The challenge of initial investment costs acts as a barrier to the growth of the Circular Economy Market. Shifting from traditional linear production & consumption models to circular practices necessitates substantial upfront investments in technology, infrastructure, and process alterations. Many businesses, particularly smaller ones or those operating in cost-sensitive industries, may be hesitant to embrace these changes due to concerns about short-term impacts on profitability.

Additionally, investing in new technologies for recycling, remanufacturing, or waste reduction, as well as reconfiguring supply chains and production processes, increases the financial burden, which impacts the overall adoption of a circular economy, thus hampering market expansion.

For more detailed information about the Circular Economy market report, click here – https://www.marknteladvisors.com/research-library/global-circular-economy-market.html

Scope of the Report and Circular Economy Market Segmentation:

By Waste Management

• Electronic Waste- Market Size & Forecast 2019-2030, USD Million
• Food Waste- Market Size & Forecast 2019-2030, USD Million
• Plastic Recycling- Market Size & Forecast 2019-2030, USD Million
• Clothing & Textile- Market Size & Forecast 2019-2030, USD Million
• Wood Recycling- Market Size & Forecast 2019-2030, USD Million
• Glass Recycling- Market Size & Forecast 2019-2030, USD Million

Food Waste held a prominent position in the Global Circular Economy Market, accounting for the largest share during historical years.

By Industry

• Textile - Market Size & Forecast 2019-2030, USD Million
• Construction - Market Size & Forecast 2019-2030, USD Million
• Automotive- Market Size & Forecast 2019-2030, USD Million
• Logistics- Market Size & Forecast 2019-2030, USD Million
• Furniture- Market Size & Forecast 2019-2030, USD Million
• Oil & Gas- Market Size & Forecast 2019-2030, USD Million
• Others- Market Size & Forecast 2019-2030, USD Million

Circular Economy Market Competitive Landscape

• Dell
• Sony
• Panasonic
• IBM
• Cisco
• Company Profiles (Food Waste)
• Regrained
• Uniliver
• Nestle
• The Savola Group
• IKEA Food
• Company Profiles (Clothing & Textile)
• Levi Strauss
• H&M Group
• Addidas
• Zara
• Madewell
• Others

Circular Economy Market Development:

• 2022: DENSO Corporation announced to launch Global Safety Package 3 with millimeter-wave radars sensors & vision sensors (cameras) to assist drivers.
• 2022: Continental AG, launched a new generation of automotive video cameras with advanced driver assisted functions.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Europe is expected to dominate the Circular Economy Market, accounting for the potential share during 2024-30.

Note: If you require specific information not covered in the current report, we can provide it through customized option

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