Global Circular Economy Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Circular Economy Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

The circular economy is a system where materials never become waste and nature is regenerated. In a circular economy, products and materials are kept in circulation through processes like maintenance, reuse, refurbishment, remanufacture, recycling, and composting. The circular economy tackles climate change and other global challenges, like biodiversity loss, waste, and pollution, by decoupling economic activity from the consumption of finite resources.

Market Overview:

The latest research study on the global Circular Economy market finds that the global Circular Economy market reached a value of USD 384167.0 million in 2023. It’s expected that the market will achieve USD 565272.79 million by 2029, exhibiting a CAGR of 6.65% during the forecast period.

Environment is generally defined as the circumstances or conditions in which people, animals, or plants live or function. Environmental problems are the harmful effects of human activities on the environment. These include pollution, overpopulation, waste disposal, climate change, global warming, greenhouse effect, etc. Environmental problems are warnings of impending disaster. If these problems are not controlled, there will soon be no life on Earth. A circular economy entails markets that motivate the reuse of products rather than scrapping them and removing unique resources. In such an economy, all forms of waste, including scrap metal, clothes, and obsolete electronics, are returned to the economy or used more efficiently. Reusing and recycling products will slow the use of natural resources, reduce damage to landscapes and habitats, and help limit the loss of biodiversity. Another benefit of the circular economy is the reduction of total annual greenhouse gas emissions. According to the European Environment Agency, industrial processes and product use account for 9.10% of EU greenhouse gas emissions, while waste management accounts for 3.32%. And a study by the Ellen MacArthur Foundation concluded that a circular economy path could cut carbon dioxide emissions in half by 2030. This shows that circular economy can effectively protect the environment and reduce environmental problems. Therefore, the growing environmental problems have attracted people's attention, and the circular economy has the effect of protecting the environment, which is promoting the development of the circular economy market.

According to Statista, the world's population has grown rapidly over the past 200 years. At the beginning of the 19th century, there were only about 1 billion people on Earth; by 2022, the total population will reach 8 billion. Since 1975, Earth’s population has nearly doubled. Furthermore, the population is expected to continue to increase in the coming decades, reaching over 10 billion by 2060, before leveling off in the second half of the 21st century. Currently, the world's population is growing, and so is the demand for raw materials. However, the supply of key raw materials is limited. In the case of the European Union, for example, limited supplies mean that some EU countries are dependent on other countries for raw materials. According to Eurostat, about half of the raw materials consumed in the EU are imported. Total trade in raw materials (imports plus exports) between the EU and the rest of the world has almost tripled since 2002, with exports growing faster than imports. Regardless, the EU still imports more than it exports. In 2021, this resulted in a trade deficit of €35.5 billion. Recycling raw materials mitigates supply-related risks such as price volatility, availability and import dependence. This applies in particular to key raw materials needed to produce technologies that are crucial to meeting climate goals, such as batteries and electric engines. Therefore, the circular economy can reduce companies' dependence on raw materials while mitigating supply-related risks, which promotes the market development of the circular economy.

Region Overview:

In 2022, the share of the Circular Economy market in Europe stood at 36.52%.

From 2023-2028, China is estimated to witness robust growth prospects

Company Overview:

Nike is one of the major players operating in the Circular Economy market, holding a share of 7.57% in 2023.

Nike,H&M, HP, IKEA and Adidas are the five key players in the global Circular Economy market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Circular Economy market in the past 5 years.

Segmentation Overview:

Among different product types, Water Waste segment is anticipated to contribute the largest market share in 2028.

As for product types, the 22.76% segment held the largest market share in 2022.

Application Overview:

By application, the Building & Construction segment occupied the biggest share from 2018 to 2022.

The market's largest segment by application is the Building & Construction segment, with a market share of 25.05% in 2022.

Key Companies in the global Circular Economy market covered in Chapter 3:

Adidas
DyeCo
Close The Loop Inc
Nike
Lehigh Technologies
Schneider Electric
Cambrian Innovation
H&M
Assurant (Hyla Mobile)
IKEA
HP
Patagonia
Interface Application
Unilever

In Chapter 4 and Chapter 14.2, on the basis of types, the Circular Economy market from 2019 to 2030 is primarily split into:

Electronic Waste
Textile Waste
Water Waste
Paper Waste
Plastic Waste
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Circular Economy market from 2019 to 2030 covers:

Textile & Fashion
Building & Construction
Electronics
Automotive
Oil & Gas
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)