Circular Economy Strategies for Resource Efficiency and Sustainable Development in Manufacturing Industries

Abstract

The shift to a CE in manufacturing industries has been deemed as a frontrunner among strategies to deal with resource efficiency and sustainable development concerns. The switch to a superior model of circular economy transits from the erstwhile linear models of ‘take-make-dispose’. Strategies in manufacturing in circular economy embrace principles of sustainable product design, redesign of finished products, and recycling in industrial systems to recover products making raw materials closed loop. IT tools such as digital twin, IoT, and AI enable further sophistication of the techniques the manufacturers can use to track resource flows and improve processes as well as product life cycles. Policy maker-led, industry and community-supported partnership effort in carrying CE message through the enabling policies, green supply chain management and consumer awareness. The prospect of CE goes far beyond environmental protection as it helps to build economic stability, create new working places, and gain competitive advantages in the global economy. Nevertheless, some key barriers remain; poor standardization, technological limitations and cultural issues. It is only possible to fix these problems via innovations for these issues, the multi-stakeholder cooperation, and the sound policies for creating a sustainable industrial revolution.