Study: Sustainable Material Demand Fuels Market Growth
Innovation in materials science plays a crucial role in promoting sustainability and achieving the UN sustainable development goals (SDGs). The development of sustainable materials helps reduce environmental impacts, increase efficiency, and drive equitable economic growth. Frost & Sullivan's analysis, Growth Opportunities Drive the Future of Sustainable Materials, highlights the importance of investing in sustainable material development for a more sustainable future.
The increasing awareness about environmental and social issues has resulted in a shift in consumer behaviour, leading to a demand for sustainable and socially responsible products. As a result, companies are investing in the research and development of new materials that have a lower carbon footprint and are environmentally friendly. The use of analytics helps manufacturers identify opportunities for reducing their carbon footprint and make data-driven decisions that drive sustainable growth.
“As companies become increasingly sustainable, an expanded supply chain will develop,” said Akshay Menon, Senior Research Analyst at Frost & Sullivan. "Further, this expanded supply chain will rely on strategic partnerships to create value from waste and make industrial symbiosis possible."
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Menon added: “Companies must redefine business values to build an eco-friendly model that caters to customer and company needs. They must integrate improved, innovative techniques to ensure efficient usage of resources and less waste because best practices are achievable through strategic collaborations among players.”
To reap the advantages of the sustainable materials industry:
Manufacturing companies should deploy blockchain-enabled digital tracking, ensuring a robust working model by carrying out smaller tests before scaling up the tracking.
Manufacturing companies should collaborate with sustainability consultants to develop steps and reporting frameworks that will assist the company in setting priorities to achieve its environmental and social impact goals.
Sustainable organisations must work alongside educatory and customer awareness-based platforms to maximise transparency concerning the company’s sustainability practices.
Source: Frost & Sullivan