Ninety-one percent of industrial businesses said they are currently dealing with resource scarcity issues, based on a recent study.

According to a report published in January 2024 by the industrial automation technology provider ABB Motion, entitled “Circularity: No Time to Waste,” respondents said that raw materials were the scarcest resource, followed by energy and labor.

Over a third of participants (37%) said that resource scarcity has led to increased costs for their businesses while another 27% said that these limitations have led to supply chain disruptions.

The survey also found that 67% of participating businesses are expected to increase their circularity budgets over the next three years to counteract resource scarcity.

"The pressing need to transition to a circular economy has never been clearer,” said Tarak Mehta, the president of ABB Motion. Our current way of life is depleting resources at an unsustainable rate, contributing to emissions and climate change. Embracing circularity is not only essential for safeguarding our environment but also for enhancing business resilience.”

Over 3,300 senior-level industrial decision-makers in 12 countries took part in the ABB Motion survey, which was conducted October 2023.