Blockchain in Manufacturing Global Market Report 2024

Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.

The main application of blockchain in the manufacturing market is logistics and supply chain management, counterfeit management, quality control, compliance, and others. The logistics and supply chain management in the blockchain are used by different industry sectors to improve supply chain management. It allows supply chain partners to share trusted data through permissioned blockchain solutions. It has components such as platform and services used in various sectors such as energy and power, industrial, automotive, pharmaceuticals, aerospace and defense, food and beverages, textile and clothing, and others.

The blockchain in the manufacturing market research report is one of a series of new reports that provides blockchain in the manufacturing market statistics, including blockchain in the manufacturing industry global market size, regional shares, competitors with a blockchain in the manufacturing market share, detailed blockchain in the manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in the manufacturing industry. This blockchain in the manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The blockchain in manufacturing market size has grown exponentially in recent years. It will grow from $145.88 billion in 2023 to $252.53 billion in 2024 at a compound annual growth rate (CAGR) of 73.1%. The growth in the historic period can be attributed to need for enhanced supply chain visibility, increased concerns about counterfeiting, growing complexity of manufacturing processes, adoption of smart contracts in manufacturing, demand for improved data security in manufacturing.

The blockchain in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $1999.84 billion in 2028 at a compound annual growth rate (CAGR) of 67.8%. The growth in the forecast period can be attributed to integration of blockchain in industry 4.0 initiatives, growing emphasis on traceability and transparency,increased adoption of decentralized manufacturing networks, rise in regulatory compliance requirements, expansion of blockchain applications beyond supply chain. Major trends in the forecast period include development of consortiums and industry alliances, use of blockchain for quality assurance and compliance, integration of internet of things (iot) with blockchain, adoption of tokenization in manufacturing transactions, focus on sustainability and ethical sourcing through blockchain.

Increased demand for the blockchain from end-use industries across the globe is driving the growth of the blockchain market. In the industrial sector, blockchain can enable an altogether new manufacturing business model by increasing visibility across all elements of the process, from suppliers, strategic sourcing, procurement, and supplier quality through shop floor operations, which include machine-level monitoring and servicing. For instance, according to Wood Makenzie's Blockchain in Energy research report published in 2021, 59% of blockchain energy initiatives are creating peer-to-peer energy platforms. A peer-to-peer energy market is a community of people who trade and buy extra energy from one another. Therefore, increased demand for the blockchain from various sectors is expected to propel the growth of blockchain in the manufacturing market going forward.

The cross-border trade is expected to propel the blockchain in the manufacturing market going forward. Cross-border trade refers to the buying and selling of goods, services, or commodities between two or more countries, typically involving the movement of products across national borders. Blockchain technology in manufacturing enhances transparency, security, and traceability, facilitating smoother cross-border trade operations and reducing fraud and disputes. For instance, according to the data from InterTradeIreland, a Northern Ireland-based organization focusing on Cross-Border Trade and Business Development, indicates that the value of cross-border trade in goods, involving movements from either Northern Ireland to Ireland (NST) or from Ireland to Northern Ireland (SNT), amounted to €10.2 billion ($12.39 billion) in 2022. This marked an increase from the previous year when the value stood at €7.8 billion ($9.48 billion) in 2021. Therefore, cross-border trade is driving the blockchain in the manufacturing market.

Technological advancements are shaping the blockchain in the manufacturing market. Technologies such as artificial intelligence and IoT helps in the automation of the manufacturing processes that saving time and cost in the process. For instance, in July 2021, Tech Mahindra, an India-based Information technology company launched a blockchain-based system to track vaccine supply. Vaccine manufacturers can utilize the system to monitor vendor payments, inventory, and smart contracts via Internet-of-Things (IoT) connection.

Major companies operating in the blockchain in the manufacturing market are launching advanced platforms to address environmental and social concerns. Advanced platforms in blockchain for manufacturing refer to sophisticated blockchain technology solutions tailored to the specific needs of the manufacturing industry, facilitating secure and transparent data management, supply chain optimization, and smart contract automation for improved efficiency and trust in manufacturing processes. For instance, in October 2021, Welspun India Limited, an India-based company that produces terrycloth and home furnishings, launched the Wel-Trak 2.0 Blockchain, an advanced blockchain and AI-based traceability platform, to enable stakeholders to track raw materials throughout the supply chain, enhance sustainability efforts, and align with UN Social Development Goals (SDGs). Developed by InfiniChains, this cloud-based technology aims to provide end-to-end visibility for ESG metrics while promoting responsible and transparent textile manufacturing.

In May 2022, Peak Rock Capital, a US-based private investment firm acquired Mojix Inc for an undisclosed amount. Through this acquisition, Peak Rock Capital aimed to support Mojix in enhancing its technology capabilities, increasing its geographic footprint, and strengthening its presence in core industry verticals. Mojix Inc is a US-based company providing item-level intelligence solutions for the manufacturing, supply chain, and retail sectors. Leveraging blockchain technology, Mojix's software is capable of automating tasks related to food safety compliance, expiration date tracking, and efficient inventory management.

Major companies operating in the in the blockchain in manufacturing market report are Advanced Micro Devices Inc., Amazon Web Services Inc., Blockchain Foundry Inc., CargoX Inc., Chronicled Inc., Xayn AG, Factom Inc., International Business Machines Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Riddle&Code GmbH, Wipro Limited, Everledger Ltd., Accenture PLC, BigchainDB GmbH, ChromaWay AB, LO3 Energy Inc., SAP SE, Siemens AG, Baidu Inc., Huawei Technologies Co. Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Ltd., Tata Consultancy Services Limited, Capgemini SE, Infosys Limited, Chainway Information Technology Co. Ltd., The Bitfury Group, Sphera Solutions Inc., Provenance Ltd.

Asia-Pacific was the largest region in the blockchain in manufacturing market in 2023. The regions covered in the blockchain in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the blockchain in manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The blockchain in the manufacturing market includes revenues earned by entities by offering blockchain technology in manufacturing services which includes providing digitally transformed processes of manufacturing with the help of numerous systems and applications. Blockchain technology helps the manufacturing industry by making the supply chain more secure and processes more transparent. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.