Top 5 Circular Economy Market Trends: Key Statistics, Demand Analysis With Spherical Insights
RELEASE DATE: Aug 2024 Author: Spherical Insights Request Free Sample
Overview
A circular economy is a resource-production and utilization model that involves leasing, renting, reusing, repairing, refurbishing, and recycling existing resources and goods for as long as possible. 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. The circular economy industry is a dynamic and changing market centered on sustainable and ecological methods in the manufacturing, consumption, and disposal of services and products.
Strategic Advances in the Circular Economy: Insights from Major Industry Leaders
The market for circular economies is dominated by some major players, including Anheuser-Busch InBev, Winnow Solutions Ltd., DyeCoo, Close the Loop, Enerkem, Schneider Electric, Lehigh Technologies, Assurant, Inc., TriCiclos, Miniwiz Co., Ltd., and others. To preserve their leadership in the global circular economy market, these industry players are implementing a variety of tactics, including partnerships and product launches. For instance, in August 2023, Enerkem and Technip Energies collaborated to accelerate the deployment of waste-to-biofuels and circular chemicals technologies. This collaboration aims to accelerate the adoption of Enerkem's technology in Europe, North America, and the Middle East, with a focus on converting waste into low-carbon fuels and circular chemicals.
The Global Impact of Germany’s Climate Policy and Regional Circular Economy Developments in Asia-Pacific
According to Third Generation Environmentalism Ltd (E3G), as of December 2023, the German government's published climate Foreign Policy Strategy represented an important change, integrating climate objectives with key worldwide policy areas such as security, energy, foreign trade, fiscal policy, and economic cooperation. This strategic move demonstrates a commitment to addressing the climate crisis's urgent challenges through a comprehensive, cross-governmental approach. Furthermore, growing consumer awareness and demand for eco-friendly products in Germany and other European countries is driving demand for the circular economy. This is due to the implementation of strict regulations and policies governing waste management, recycling targets, and sustainable product design.
On the other hand, Asia-Pacific is experiencing a steady increase in the circular economy market as a result of the incorporation of business projects and strategies to promote resource efficiency, waste reduction, and sustainable practices in countries such as China, India, and Japan. The launch of The Megloo project by The Alliance to End Plastic Waste in Japan in November 2022 serves as an example of a concerted effort to promote plastic circularity.
The report provides a summary of the global top trends and future prospects for the global circular economy market based on historical data sets (current trends, industry statistics, and emerging trends shaping the circular economy industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global circular economy trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Circular Economy Market
1. From Awareness to Action: The Role of the Circular Economy in Addressing Climate Change and Resource Depletion
The growing awareness of environmental issues, such as climate change and resource depletion, is compelling businesses and consumers to adopt circular economy practices. This aims to reduce waste and use of resources by designing products that are durable, reusable, repairable, and recyclable. By addressing environmental concerns such as lowering carbon emissions, conserving natural resources, and protecting ecosystems, the circular economy provides a path to achieving sustainable development goals and mitigating the negative effects of economic activities.
2. IoT Technology Boosting the Circular Economy with Effective Waste Handling
Integrating IoT technology into the circular economy introduces smart waste management and product lifecycle tracking solutions. It improves waste collection efficiency and allows businesses to make informed maintenance and refurbishment decisions, thereby contributing to overall product and material sustainability and circularity. For example, in March 2023, Siemens introduced the Connect Box, a smart IoT solution for managing small to medium-sized buildings efficiently. It aims to address the challenges of urbanization and climate change while also promoting more sustainable waste management practices through efficient building operations.
Opportunities and Future Prospects in the Circular Economy Market
Governmental Rewards Possibilities for Embracing the Circular Economy.
The circular economy market has a lot of potential because of government incentives for encouraging the circular economy. These incentives grants, tax breaks, subsidies, and regulatory support are acting as potent catalysts for businesses looking to adopt circular principles as long as they are willing to align with sustainable practices. As a result, many businesses are more likely to use recycled technology and benefit from these tax breaks, which help to defray the cost of their initial investment and increase the viability of their plans to upgrade or expand. As a result, it increases future business profitability and promotes global market expansion.
List of Key Companies in the Circular Economy Market
- Honeywell International Inc.
- Cirqle
- Circular Solutions
- Circular Economy Solutions GmbH
- Waste Management, Inc
- Loop Industries
- Cloverly
- Renewi
- Circular Devices Oy
- Sims Lifecycle Services
- Others
Top 5 Key Players Profile in the Circular Economy Market
1. Honeywell International Inc.
Headquarters: Charlotte, North Carolina, US
Honeywell's mission as a global technology leader is to create forward-thinking solutions that transform the way the world works. Honeywell's inventors, chemists, and engineers are constantly pushing new technological frontiers. They are driving the energy transition through industry collaboration, proven technology leadership, a century of experience, and a never-ending pursuit of what's next. For instance, in November 2021, Honeywell announced the commercialization of a revolutionary process that broadens the types of plastics that can be recycled and produces feedstock for recycled plastics with a lower carbon footprint. The new technology has the potential to reduce the use of fossil fuels in the production of virgin plastics while allowing for hundreds of cycles of recycling, with the ultimate goal of enabling a circular economy for plastics.
2. Circular Solutions
Headquarters: Castle Aistersheim, Austria
Circular Solutions advises businesses, governments, and research institutes on how to speed up the transition to a sustainable society. They specialize in biobased products, recycling, and upcycling agricultural/food waste, plastics, and rubbers. Furthermore, they provide guidance on how to co-create circular value chains and public-private partnerships. For instance, the flagship report from 2023 demonstrated that circular solutions can remain within the earth's healthy limits. This year, the Circularity Gap Report 2024 provides actionable recommendations to help make this happen. It identifies key enablers for policy, finance, and labor to accelerate the transition to a circular economy.
3. Circular Economy Solutions GmbH
Headquarters: Goettingen, Germany
The mission of Circular Economy Solutions GmbH (C-ECO) is to provide services, develop, and sell service solutions for the circular economy and related industries. The circular economy concept is a response to the desire for sustainable growth in the face of increasing production and consumption pressures on the world's resources and environment. The shift to a circular economy emphasizes reusing, repairing, remanufacturing, and recycling existing materials and products. What was once considered 'waste' can now be used as a resource.
4. Cloverly.
Headquarters: Atlanta, Georgia, US
Cloverly recognizes the value of life and is committed to doing its part to ensure that all humans have the opportunity to thrive now and in the future. Making greener choices in the daily lives of humans can help to reduce the carbon footprint. Cloverly recognizes the importance of balance and strives to achieve harmony between humans and the environment. Cloverly is dedicated to achieving a balance between traditional and environmentally conscious actions, providing humans with a sustainable way to interact with the planet.
5. Waste Management, Inc
Headquarters: Houston, Texas, United States
WM is North America's premier provider of integrated environmental solutions. WM collaborates with their customers and communities to manage and reduce waste from collection to disposal, reclaiming valuable resources and generating clean, renewable energy. WM is on a mission to maximize resource value while minimizing - and even eliminating - environmental impact, allowing both our economy and the environment to thrive. WM tailors its services to meet the needs of each customer group while ensuring consistent, superior service at the local level. The company provides services to nearly 20 million municipal, commercial, industrial, and residential customers through a network of 367 collection operations, 355 transfer stations, 273 active landfill disposal sites, 16 waste-to-energy plants, 104 recycling plants, and 111 beneficial-use landfill gas projects.
Recent Developments
- In December 2023, The United States Environmental Protection Agency (EPA) worked with the United States Department of Agriculture (USDA) and the United States Food and Drug Administration (FDA) to reduce food loss and waste, focusing on environmental impacts such as methane pollution, which is a major contributor to climate change. This strategy aims to reduce food loss and waste, increase organic recycling, reduce climate pollution, save money for families and businesses, and promote a circular economy.
- In August 2023, Enerkem and Technip Energies worked together to advance waste-to-biofuels and circular chemicals technology deployment. This collaboration aims to accelerate the adoption of Enerkem's technology in Europe, North America, and the Middle East, with a focus on converting waste into low-carbon fuels and circular chemicals.
- In March 2023, Six leading companies, including Microsoft, Nestle, PepsiCo, SK Group, Starbucks, and Unilever, joined Brookfield to invest in expanding circular economy infrastructure and services. Commitment in Circular Services reaches nearly a billion dollars, building on investments from Brookfield, as well as the Closed Loop Circular Plastics Fund and the Partnership Fund for New York City.
- In November 2021, Honeywell announced the commercialization of a revolutionary technique that can provide feedstock for recycled plastics with a lower carbon footprint and broaden the range of polymers that can be recycled.
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