The inquiry, chaired by former education and employment minister Baroness Blackstone and Professor Steve Evans, is being conducted by the Manufacturing Commission, the independent research arm of the All-Party parliamentary Manufacturing Group (APMG).
The inquiry follows the Government Office for Science's October 2013 Foresight report "The Future of Manufacturing: a new era of opportunity and challenge for the UK", which looked at the long-term picture for the UK manufacturing sector between now and 2050.
The inquiry will build on the report, and consider the challenges and opportunities presented by the transition to a sustainable industrial economy.
It will examine how the UK industrial economy can be improved in order to meet the needs of modern society in a way which does not encumber future generations, and what policies or approaches might be adopted in order to achieve such a transition.
In particular, the inquiry will consider the roles played by new technology diffusion, concerns around competitiveness, consumer behaviour, new business models, existing national competencies such as marketing and finance, and education and skills training.
The window for evidence submissions closes on Friday 12 June and the inquiry will issue its final report in October 2015 with recommendations for how government can further encourage the transition towards a sustainable industrial economy.