New York, United States , Sept. 06, 2024 (GLOBE NEWSWIRE) -- The Global Circular Economy Market Size is Expected to Grow from USD 554.50 Billion in 2023 to USD 1898.50 Billion by 2033, at a CAGR of 13.10% during the forecast period 2023-2033.
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The circular economy is a production and consumption framework that includes sharing, leasing, reusing, repairing, refurbishing, and recycling existing resources and products for as long as possible. The circular economy addresses climate change and other global concerns including biodiversity loss, waste, and pollution by separating economic activity from the consumption of precious resources. The circular economy is used to protect the environment, reduce raw material dependence, create jobs, and save consumers money. The circular economy market is quickly rising, owing to several factors, including increased environmental concerns about resource depletion and waste management, which are driving demand for more sustainable methods. Economic advantages, such as cost reductions and new business prospects, continue to fuel industry expansion. However, the circular economy market has various restricting issues that can impede its expansion, including high initial costs for infrastructure and technology with the complexity of managing supply chains, and a lack of standardized methods, which pose substantial hurdles.
Browse key industry insights spread across 210 pages with 102 Market data tables and figures & charts from the report on the "Global Circular Economy Market Size, Share, and COVID-19 Impact Analysis, By Type (Circular Products, Services), By Enterprise Size (Large Enterprise, Small & Medium Enterprise), By Industry (Manufacturing Industry, Consumer Goods, Waste Management and Recycling, Construction and Building Materials, Automotive and Transportation, Food and Agriculture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The circular products segment is predicted to hold the largest market share through the forecast period.
Based on the type, the circular economy market is classified into circular products and services. Among these, the circular products segment is predicted to hold the largest market share through the forecast period. The circular products segment is driven by a concentration on producing items that are durable, repairable, and recyclable, which coincides with the circular economy's key concepts. Increasing consumer demand for environmentally friendly and sustainable products, combined with industry movements toward circular models and supportive regulatory measures, further increases this category.
The large enterprise segment is anticipated to hold the highest market share during the projected timeframe.
Based on the enterprise size, the circular economy market is divided into large enterprise, small & medium enterprise. Among these, the large enterprise segment is anticipated to hold the highest market share during the projected timeframe. The large enterprise segment domination is fueled by the significant financial resources of major companies, which enable them to invest in advanced recycling technology, sustainable product designs, and complete waste management systems.
The waste management and recycling segment is anticipated to hold the greatest share of the circular economy market during the projected timeframe.
Based on the industry, the circular economy market is categorized into the manufacturing industry, consumer goods, waste management and recycling, construction and building materials, automotive and transportation, food and agriculture, and others. Among these, the waste management and recycling segment is anticipated to hold the greatest share of the circular economy market during the projected timeframe. This dominance derives from its vital role in recycling waste materials and lowering landfill use, which is crucial for sustainability.
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Europe is estimated to hold the largest share of the circular economy market over the forecast period.
Europe is estimated to hold the largest share of the circular economy market over the forecast period. Europe has the highest proportion due to its strong regulatory framework, particularly the EU's circular economy action plan, which encourages recycling and resource efficiency.
Asia Pacific is predicted to have the highest CAGR growth in the circular economy market over the forecast period. Rapid economic expansion, increased industrial activity, and urbanization are driving Asia Pacific's growth. The region is benefiting from expanding governmental policies to promote sustainability, with increasing investments in recycling infrastructure and green technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the circular economy market include TOMRA, Veolia Water Technologies, ACCIONA Service, Pact Group Holdings Ltd., Siemens, Unilever, BASF, Veolia, Philips, Circular Economy Leadership Canada, and Others.
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Recent Developments
- In November 2022, the Commission proposed EU-wide packaging standards. It attempts to reduce packaging waste and improve packaging design, such as clear labeling to encourage reuse and recycling, as well as a shift to bio-based, biodegradable, and compostable plastics.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the circular economy market based on the below-mentioned segments:
Global Circular Economy Market, By Type
- Circular Products
- Services
Global Circular Economy Market, By Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Global Circular Economy Market, By Industry
- Manufacturing Industry
- Consumer Goods
- Waste Management and Recycling
- Construction and Building Materials
- Automotive and Transportation
- Food and Agriculture
- Others
Global Circular Economy Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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