Importance of Circular Economy for Resource Optimization in Various Industry Sectors – A Review-based Opportunity Analysis

Abstract

Purpose: The circular economy concept is of significant importance across various industry sectors, including the primary, secondary, tertiary, and quaternary sectors. This concept has a profound impact across all industry sectors by promoting sustainable practices, resource efficiency, waste reduction, and innovation. By embracing circular principles, industries can contribute to the transition towards a more sustainable and resilient economy while creating economic value and minimizing environmental impact.

Methodology: The importance of the circular economy is discussed in various industry sectors by means of a systematic review to know the current status and SWOC and ABCD analysis to know the Opportunity of exploring this field.

Results: Based on analysis, comparison, evaluation, and interpretation of the circular economy in all four industry sectors, the importance of Circular Economy for Resource Optimization are suggested.

Outcome/Values/Novelty: The importance of the Circular Economy in primary, secondary, tertiary, and quaternary industries are evaluated by knowing the current status and the opportunity are analyzed using SWOC and ABCD analysis frameworks.

Keywords: Circular economy, Circular economy in industry sectors, Industry sectors, SWOC Analysis, ABCD Analysis, Review based opportunity analysis, Resource optimization