Circular Transformation of Industries: Unlocking Economic Value
Businesses across industries increasingly recognize the potential of circularity to create value through revenue growth, increased resilience, sustainability and cost reduction. The perception of the importance of circularity has grown significantly – only 40% considered it important or extremely important three years ago. Today, that number has risen to around 75%, and in three years, it is expected to reach around 95%, according to a survey of 420 top global executives across 10 manufacturing industries by the World Economic Forum, Bain & Company and the University of Cambridge.
Businesses across industries increasingly recognize the potential of circularity to create value through revenue growth, increased resilience, sustainability and cost reduction. The perception of the importance of circularity has grown significantly – only 40% considered it important or extremely important three years ago. Today, that number has risen to around 75%, and in three years, it is expected to reach around 95%, according to a survey of 420 top global executives across 10 manufacturing industries by the World Economic Forum, Bain & Company and the University of Cambridge.
However, transitioning from linear to circular models poses challenges such as committing resources and building the expertise and partnerships necessary for circular transformation. Overcoming these requires a shift in mindset and business strategy. This paper suggests enabling strategies that can help navigate complexities and unlock economic value. Developed in consultation with the World Economic Forum’s Circular Transformation of Industries community, these offer a roadmap for achieving a circular transformation of industries at scale.