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Plastics circularity - Transition to new plastics economy

Plastics is a global issue as it is a versatile material, but they also make up a significant part of the plastic waste. Most of the time, we use them once and throw it away. By doing that, we cause plastic pollution and environmental damage as oil and gas from the earth is used to make plastic products.

To drive environmental change, a value proposition is required beyond what the current economic value systems support. The key is a transition from a fossil-based, linear model to a carbon-neutral, circular model through the advancement of technology, innovation, and infrastructure build.

The plastic industry is at a crossroad and to have a successful transition to a circular, carbon neutral model, the industry must address the following aspects:

  • The world will generate increasing amounts of plastics
  • Scaled technology and associated infrastructure do not currently exist
  • The potential impact on virgin resin demand is significant
  • Progress towards a circular economy will be policy driven
  • The competitive landscape will be redefined

The transition to a circular society will lead to economic values being redesigned, with plastics as no exception. Plastic waste will bring external costs in focus. To ensure a successful transition to circular plastics, reinvention of logistical support that can capture highly dispersed plastics is required which will represent a paradigm shift from today's inadequate curbside and commercial waste stream collection infrastructure.

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Video

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Get Chemical insights and join industry leaders in our webinar titled, Client Briefing: Changing Course: Plastics, Carbon and the transition to Circularity today!

Events

GPS Online: The Global Plastics Summit

21-23 October 2020 | Global At the 8th Global Plastics Summit Online hosted by IHS Markit and the Plastics Industry Association, attendees can expect to hear from today's major...

World Petrochemical Conference 2021

08-12 March 2021 | Global World Petrochemical Conference 2021

Impacts on Chemical Markets in a Post-COVID World

28 October 2020 | North America IHS Markit will be hosting a webinar focused on expectations for chemical markets post COVID-19. It will focus on the impact for industry...

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