Globally, as the human population expands and wage levels rise, more resources are being used by humans (Behrens et al., 2007; Dobbs et al., 2011). The global ecosystem is under alarming pressure from pollution and the natural resources scarcity to meet human needs. These elements simultaneously have a significant impact on the prices of energy and material goods as well as the volatility of their market prices (Benton and Hazell, 2013; Defra, 2012; Ecorys, 2012). According to the OECD (2019), by 2060, the usage of primary materials will have doubled, totaling 167 gigatons. By 2030, it is predicted that there will be 2.59 billion tons of waste generated annually, and by 2050, there will be 3.40 billion tons of waste produced globally (Ellen MacArthur Foundation, 2015). By balancing goals for economic development and environmental protection, the circular economy positions itself as the answer to all of these problems and also a variety of countermeasures have been suggested in order to seek more sustainable development (WCED, 1987). Given that the manufacturing sector is one of the most resource- and environment-intensive sectors of the economy (Halstenberg et al., 2017), this has an impact on not only consumer behavior but also on industrial players, including manufacturers.