Sustainability of Large-Scale Industries in the Global Market

Abstract

The lopsided industrial development in developed and developing countries has called for serious attention to Industrial Sustainability (IS). There is an increasing awareness about creating micro and macro environments that support and nurture a circular economy, the onus of which rests inclusively on manufacturers, stakeholders, policy-makers, regulators, and end-users. Industrial growth is essential to fueling a country’s economic growth and development. However, industrial development might also contribute significantly to the degradation of the global environment, societal exploitation, and manifested economic recklessness. This chapter discusses the role of large-scale industries in the conceptual, operational, and futuristic positioning of sustainability in the global market. The question “how to establish sustainable industrial practices” is addressed by a discussion on Green operations management as a key driver in establishing sustainable supply chain activities and laying down important principles for achieving industrial sustainability. The latter part of the chapter elucidates the importance of Industry 4.0 in altering the sourcing and manufacturing methods post covid. It elaborates on the systems and processes that will help large-scale industries sustain competition in the global market in the post-covid period, such as (I) Operational performance: While most large-scale industries focused on globalized supply chains pre covid, there is a magnified requirement to geo-relocate. A sense of nationalism has to be propagated by suppliers, manufacturers, and all stakeholders. (II) Standardization of environmental performance: There is an urgent need for an agile and flexible approach to tweak business models to focus on scrap recycling. Large-scale industries need to develop products by recycling raw material, utilizing rejects, and converting scrap into re-usable products. Companies need to invest more money and resources into engineering and research and development. The chapter describes strategies for waste management and encouraging reusable scrap by large-scale industries. The substantial financial and environmental benefits from sustainable industrial practices not only aid the alteration of the global market scenario where attention is on responsible manufacturing (while minimizing the negative impacts of energy and resource consumption), but also allow a complete eco-system to thrive where suppliers, manufacturers, employees, and consumers pave the foundation for a green economy for future generations.