Remanufactured Products Are As Good As Or Better Than New
Remanufacturing dates back over 100 years, yet it remains an industry that many are not aware of. According to the ANSI/RIC001.1: Specifications for the Process of Remanufacturing, remanufacturing is a comprehensive and rigorous industrial process by which a previously sold, worn, or non-functional product or component is returned to a “like-new” or “better-than-new” condition and warranted in performance level and quality.
Products conforming to this standard are considered as good as or better than new products. Remanufactured products are tested to the original product specifications to ensure the product meets those specifications. Remanufactured products can be considered “better than new” because when a product is remanufactured, the remanufacturer is able to eliminate post-production defects in the original product. Products can also be upgraded with new and modern features that were not originally on the product.
Remanufacturing is a vital component in moving from a linear economy (take, make, dispose) to a circular economy where products are given multiple lives and stay out of the landfill. It’s important to note that products that are remanufactured save, on average, 85% on water, energy, and materials compared to a new product.
Remanufacturing is also an essential contributor to the economy and is beneficial to the supply chain, helping companies to illuminate or reduce downtime. The United States and Europe are the largest producers of remanufactured goods-producing over $100B and $32B, respectively.