2024-2029: The Era of Sustainable Manufacturing Market Growth to $367.2 Billion

The report "Sustainable Manufacturing Market Size by Offering (Recycled Lithium Ion Batteries, Recycled Metals, Recycled Plastics, Recycled Carbon Fiber, Natural Fiber Composites, Bioplastics & Biopolymers, Water Recycle & Reuse) and Region - Global Forecast to 2029" indicates that the global Sustainable Manufacturing Market is set for substantial growth. Valued at USD 215.4 billion in 2024, it is projected to reach USD 367.2 billion by 2029, growing at a CAGR of 11.3% during this period.

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This growth is driven by the increasing emphasis on eco-friendly manufacturing practices, the rising demand for recycled materials, and innovations in bioplastics and water recycling technologies. The market's expansion reflects a global shift towards sustainability and environmental responsibility across various industries.

Several factors are propelling the growth of the sustainable manufacturing market across diverse industries. The increasing use of recycled materials, energy-efficient processes, and biobased materials are key drivers. Regulatory policies mandating lower environmental impact, cost savings from efficient practices, and rising consumer demand for eco-friendly products further fuel this market's expansion. Additionally, technological advancements, industry collaborations, and certifications are enabling more efficient and standardized practices, promoting the best standards and accelerating growth in the sustainable manufacturing sector. 

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The green hydrogen segment is expected to grow fastest during the forecast period.

Green hydrogen is emerging as a sustainable energy carrier, produced by electrolyzing water using renewable energy sources like solar or wind power, thus eliminating greenhouse gas emissions. This process offers a cleaner alternative to conventional hydrogen production methods reliant on fossil fuels. The growth of green hydrogen is propelled by the global shift towards decarbonization and carbon emissions reduction, aligning with international climate targets. Advancements in electrolyzer technology and decreasing renewable energy costs have made green hydrogen production increasingly practical and affordable. Governments worldwide are bolstering green hydrogen development through supportive policies and incentives, particularly in sectors that are challenging to decarbonize, such as heavy industry and transportation. This synergy of environmental, technological, and policy factors is accelerating the adoption of green hydrogen 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 significantly 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, which are often sourced from ecologically sensitive areas. By recovering valuable metals from spent batteries, the demand for new raw materials is reduced, conserving natural resources and cutting carbon emissions associated with mining and processing. Economically, recycling provides manufacturers with a more affordable and stable supply of critical materials, lowering costs and reducing expenses related to the disposal of hazardous waste. Furthermore, government regulations and policies worldwide increasingly mandate battery recycling and end-of-life management, driving the adoption of recycling practices. These factors, coupled with 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.

The Asia Pacific sustainable manufacturing industry is projected to grow at a CAGR of 10.7%. Key factors driving this growth include advances in clean technology, renewable energy, and resource-efficient manufacturing processes that enable sustainable practices. Countries in the region, particularly Japan and South Korea, are at the forefront of green technology research and development. Government support for industrialization is also boosting demand for sustainable manufacturing. Numerous governmental initiatives across the region, such as 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 fostering industrial development. These initiatives are expected to create conducive environments for advancement, unlocking growth prospects for the sustainable manufacturing market by promoting industrial progress and innovation in sustainable practices.

Sustainable Manufacturing Companies:

  • Veolia (France)
  • Umicore (Belgium)
  • Braskem (Brazil)
  • Cirba Solutions (US)
  • NatureWorks (US)

News Covered:

https://www.prnewswire.com/news-releases/sustainable-manufacturing-market-worth-367-2-billion-by-2029---exclusive-report-by-marketsandmarkets-302136469.html

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