The value of the remanufacturing sector across Europe is estimated to be worth around £22bn and employs 190,000 people.
The figures come in a study from the European Remanufacturing Network (ERN) which suggests that, with supportive policies and investment, the industry could grow to £66bn by 2030 with a workforce of 255,000.
The ERN says Germany accounts for almost a third of European remanufacturing turnover.
The study says: “Remanufacturing currently is an undervalued part of the industrial landscape and an under-recognised sustainable industry.
“Without co-ordinated support, European remanufacturing could lose competitiveness against major competitors like the US and China, which already have a common vision and strategy for [the sector].”
In December, the All-Party Parliamentary Sustainable Resource Group (APSRG) welcomed commitments to remanufacturing in the circular economy package announced by the European Commission.
APSRG published a report, Triple Win: The Economic, Social and Environmental Case for Remanufacturing in December 2014, which noted that 50,000 people were employed in the UK sector in 2010.