The rising construction and demolition waste, increasing adoption of disruptive technologies in the circular economy such as big data, blockchain, and IoT to help companies in tracking resources and monitoring waste capacity along with burgeoning consumption of plastic in the end-user are the major factor driving the growth of Global Circular Economy market. Moreover, the surging carbon emission by the industries, growing innovation by the companies and organizations to address resource scarcity and climate risk along with snowballing investment toward the developments in single-use plastic packaging are the factor placing a positive impact towards the market growth over the forthcoming timeline.
According to MarkNtel Advisors’ research report “Global Circular Economy Market Analysis, 2020”, the Global Circular Economy market is anticipated to grow at a significant CAGR during 2021-26. Based on Waste Management, Plastic recycling is anticipated to grow at a higher rate over the forecast period. The surging use of plastic among various industries such as in automobile use to construct light vehicle, in food packaging to reduce food spoilage etc. The upsurge in the consumption of plastic is propelling the need of plastic recycling to decrease the plastic waste pollution as these are not naturally biodegradable. Besides this, robust surge in the use of personal care products, rapid increase in the bottled water hydration and rising urbanization are the factors expected to propel the growth circular economy in the forthcoming period.
Key questions answered in the study:
- What are the current and future trends of the Circular Economy industry?
- How the industry has been evolving in terms of end-user demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Circular Economy industry?
- What is the customer orientation, purchase behavior, and expectations from the Circular Economy firms across various regions?
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“Global Circular Economy Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Circular Economy providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Construction Segment Acquired the Considerable Market Share
Construction segment acquired the considerable market share in the Global Circular Economy market in 2020 as it is a key sector of the economy. The construction sector emits the higher proportion of greenhouse gases. The government is moving towards the adoption of circular economy in the construction projects to increase in resource productivity, high quality recycling, reduce waste and make smart use of raw materials. The Netherlands government aims to have a 50% circular economy by 2030 and full circularity by 2050. Therefore, surging adoption of circular economy in the construction sector is strongly contributing toward the growth of the market in the coming period as stated in MarkNtel Advisors’ research report “Global Circular Economy Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Circular Economy market are Electronic Waste (Dell, Sony, Panasonic, IBM, Cisco), Food Waste (Regrained, Unilever, Nestle, The Savola Group, IKEA Food), Clothing & Textile (Levi Strauss, H&M Group, Adidas, Zara, Madewell) etc.