Sustainable Manufacturing Market Report 2024

This Sustainable Manufacturing market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The sustainable manufacturing market size has grown rapidly in recent years. It will grow from $170.05 billion in 2023 to $189.11 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth during the historic period can be attributed to a shift towards decarbonization, heightened environmental regulations, increasing awareness of sustainability issues, cost savings, and improved brand reputation.

The sustainable manufacturing market size is expected to see rapid growth in the next few years. It will grow to $292.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The projected growth during the forecast period can be attributed to resource-efficient manufacturing processes, ongoing industrialization, the rise of sustainable packaging, a heightened focus on the circular economy, and increased investment in sustainable practices. Key trends anticipated in this period include advancements in electrolyzer technology, innovations across various technologies, progress in green technologies, improvements in recycling technologies, and the implementation of waste reduction processes.

The increasing consumer demand for eco-friendly products is anticipated to drive the growth of the sustainable manufacturing market in the future. This rising demand is fueled by heightened environmental awareness, a desire to minimize personal carbon footprints, and an increasing preference for sustainable and ethically produced goods. Sustainable manufacturing plays a critical role in meeting consumer demand for eco-friendly products by ensuring that goods are produced through environmentally responsible practices, thereby reducing waste, conserving resources, and minimizing environmental impact during production. For example, in April 2024, a survey conducted by the National Association of Convenience Stores, a U.S.-based trade association, revealed that 80% of consumers are either very or somewhat concerned about the environmental impact of their purchases, up from 68% in 2023 and 66% in 2022. Furthermore, 65% of Americans expressed a willingness to pay a premium for gasoline if stations offered carbon-offsetting options. Consequently, consumer demand for eco-friendly products is expected to propel the growth of the sustainable manufacturing market.

Key players in the sustainable manufacturing market are concentrating on developing innovative products, such as green briquettes, to enhance energy efficiency and provide eco-friendly alternatives to traditional fuel sources, thereby supporting cleaner and more sustainable industrial processes. Green briquettes are compressed blocks made from biomass materials, including agricultural residues and organic waste, designed to serve as sustainable fuel alternatives with lower emissions compared to conventional fossil fuels. For instance, in December 2022, Runaya Group, an India-based company focused on sustainability and innovation, launched RubiQ and RucaL Green, products consisting of 100% green briquettes made from compressed organic materials. These products aim to provide a sustainable fuel alternative with reduced carbon emissions. By utilizing waste materials, they support sustainable manufacturing practices, promote resource efficiency, and contribute to a circular economy. Their development aligns with the growing demand for eco-friendly energy solutions across various industries, enhancing overall environmental performance.

In March 2022, Veolia North America (VNA), a U.S.-based provider of energy and resource management services, merged with SUEZ Group for an undisclosed amount. This merger aims to strengthen Veolia's position in the water and waste management sectors while expanding its global presence across the United States and Canada. SUEZ Group, based in France, offers sustainable manufacturing services, including water and waste management systems.

Major companies operating in the sustainable manufacturing market are ArcelorMittal S.A., Siemens AG, Unilever PLC, Panasonic Holdings Corporation, Caterpillar Inc., Dow Inc., Veolia Environnement S.A., Schneider Electric SE, Honeywell International Inc., 3M Company, ABB Ltd., Umicore S.A., Braskem S.A., Indorama Ventures Public Company Limited, Novelis Inc., Vestas Wind Systems A/S, Berry Global Group Inc., Biffa plc, European Metal Recycling Ltd., Unifi Inc., Manufacturing Technology Centre Limited, NatureWorks LLC, Cirba Solutions LLC.

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

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

Sustainable manufacturing refers to the production of goods through processes that minimize negative environmental impacts, conserve energy and natural resources, and prioritize the safety of employees, communities, and consumers. This approach emphasizes waste reduction and lower carbon footprints while enhancing operational efficiency and sustainability practices.

The primary offerings in sustainable manufacturing include recycled lithium-ion batteries, water reuse and recycling solutions, recycled plastics, green hydrogen, recycled steel, recycled aluminum, recycled carbon fiber, bioplastics and biopolymers, and natural fiber composites. Recycled lithium-ion batteries are processed to recover valuable materials such as lithium, cobalt, and nickel from used batteries, thereby reducing the reliance on new raw materials, which can have detrimental environmental effects during extraction. The enterprise landscape includes large enterprises as well as small and medium enterprises (SMEs), with applications spanning automotive, energy, electrical and electronics, packaging, building and construction, marine, aerospace, power, chemicals, and more.

The sustainable manufacturing market research report is one of a series of new reports that provides sustainable manufacturing market statistics, including sustainable manufacturing industry global market size, regional shares, competitors with an sustainable manufacturing market share, detailed sustainable manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the sustainable manufacturing industry. This sustainable 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 sustainable manufacturing market consists of sales of products such as eco-friendly textiles, sustainable furniture, green building materials, and sustainable footwear. 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.


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