Circular Economy aims to minimalize the adverse impacts of consumerism for the next generations as it based on the principle of designing out waste and pollution by using products and materials for as long as possible and regenerating natural systems The Global Circular Economy market is anticipated to witness the high growth in the forecast years on account the rising consumption and production of the products from the industries such as textile, an automotive, paradigm shift of the industries toward circular economy in order to reduce waste and introduction of circular economy in cities as cities consume over 75% of natural resources, produce over 50% of global waste, and emit between 60-80% of greenhouse gases. Moreover, countries are also an inclination towards the adoption of circular economy in order to reduce greenhouse gas emissions and energy consumption as it will help them to achieve the Paris Climate Agreement and the UN Sustainable Development Goals.
According to MarkNtel Advisors’ research report “Global Circular Economy Market Analysis, 2020”, the Global Circular Economy market is anticipated to grow at a significant CAGR during 2021-26. Based on Industry, Textile segment acquired a significant market in 2020. The textile industry is among the most polluting industries in the world as the CO2 emissions from this industry is anticipated to surge by more than 60% to nearly 2.8 billion tons per year by 2030. Due to this, the textile industries are increasing opting for a circular economy as it provides specific benefits, for the environment, the economy, and society at large. Besides this, the growing concern sustainable ways of organizing textile production is placing a lucrative opportunity for the growth of the market.
“Global Circular Economy Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Circular Economy providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired the Majority Market Share
North America acquired the majority market share in the Global Circular Economy market in 2020. The US dominated the market on account of various governments, multinationals, and start-ups are working with the concept of circular economy and bring it to the market along with industries are increase their knowledge relating to CE. Moreover, US companies are increasingly implementing a circular economy framework in their business models. Hence, this is expected to bolster the growth of the Circular Economy Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Circular Economy Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Circular Economy market are Electronic Waste (Dell, Sony, Panasonic, IBM, Cisco), Food Waste (Regrained, Unilever, Nestle, The Savola Group, IKEA Food), Clothing & Textile (Levi Strauss, H&M Group, Adidas, Zara, Madewell) etc.
Key questions answered in the study: