Press Release

Circular Economy Market to Thrive with Rising Environmental Concerns & Innovation Worldwide

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, cites MarkNtel Advisors in the recent research report. The growing concerns about environmental degradation and the significant amount of garbage across varied product categories, partly ascribed to the exponentially increasing worldwide population, are expected to drive growth. Furthermore, innovation is critical in moving the market ahead, as enterprises are actively developing innovative technologies, materials, and business models to facilitate the seamless transition to circular practices.

Additionally, among various industries, the construction sector is making substantial strides toward reducing carbon emissions and achieving zero emissions. Consequently, this sector is attracting new businesses & carbon-intensive organizations, drawing them into the circular economy fold and bolstering overall market growth. The mounting environmental concerns are pivotal drivers behind the Circular Economy Market expansion.

As awareness grows regarding critical environmental issues such as climate change, resource depletion, and pollution, there is a pronounced shift in consumer attitudes, corporate strategies, and government policies. This heightened awareness is leading to a surge in demand for sustainable & eco-friendly solutions, with consumers actively seeking products and services that align with their environmental values.

Moreover, many companies are transitioning to new economic models that embrace circular principles, which align them with sustainability goals and enhance their reputation in the market. Thus, this strategic shift is significantly contributing to accelerating the industry growth, further states the research report, “Global Circular Economy Market Analysis, 2024.”

Global Circular Economy Market Segmentation Analysis

Construction Sector to Hold Major Position in the Global Circular Economy Market

Based on the Industry, the market is further bifurcated into Textile, Construction, Automotive, Logistics, Furniture, and Oil & Gas. The Construction Sector has emerged as the dominant player in the Global Circular Economy Market, and this trend is expected to persist in the forecasted years as well. This dominance can be attributed primarily to the rising number of construction projects worldwide, driven by the substantial focus of governments in various countries on infrastructure development.

This emphasis on infrastructure projects has led to a significant demand for various construction materials in large quantities. Due to this, there is a growing imperative to embrace circular economy principles as a solution to extract valuable resources from waste materials and convert them into reusable substances.

Europe to Persist as a Prominent Region in the Global Industry

Europe is set to continue its leadership in the Circular Economy Market, maintaining the largest market share between 2024 and 2030. This is due to the stringent regulations enforced by various European governments aimed at addressing elevated levels of carbon emissions and environmental degradation. Governments are actively promoting sustainable solutions, such as the circular economy, as a means to mitigate these pressing challenges.

Consequently, Europe showcases a conducive environment characterized by favorable policies and regulations. Hence, this environment, in turn, creates substantial growth opportunities for leading market players to establish production facilities and distribution networks dedicated to circular economy practices, further aiding in enhancing the market size.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading Circular Economy Market players, including Dell, Sony, Panasonic, IBM, Cisco, Regrained, Unilever, Nestle, The Savola Group, IKEA Food, Levi Strauss, H&M Group, Adidas, Zara, Madewell, and others are looking forward to strengthening their Circular Economy Market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Circular Economy Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?