Recycling industry news
Our top news picks from July:
- The Guardian: Shell quietly backs away from pledge to increase ‘advanced recycling’ of plastics
- McKinsey & Company: Where procurement is going next
- Yahoo Finance: Automotive Plastics Recycling Market Share Worth USD 96.05 Billion by 2034, at 7.5% CAGR: Prophecy Market Insights
Shell Quietly Backs Away From Pledge to Increase ‘Advanced Recycling’ of Plastics
After nearly five years investing in pyrolysis technology, the oil and gas company is backing away from advanced recycling, claiming a lack of demand, lack of feedstock, uncertainty in regulations, and doubt in the technology itself.
Our take:
Advanced recycling is increasingly being criticized, given its “less sustainable” nature. While some may be backing away from the technology, we are encouraged to see other petrochemical companies (e.g., Braskem) double down in particular on mechanical recycling. Circular has proven successful in sourcing mechanically recycled content for brands at budget; brands can find the sustainable materials they need if they have the entire market at their fingertips.
Where Procurement is Going Next
Companies are transitioning to procurement approaches that prioritize supplier diversification, risk management, and sustainability. But they struggle to get the right data. McKinsey’s latest benchmark survey shows that the highest-performing procurement teams are those that master data-driven decision-making using digital tools and analytical capabilities.
Our take:
Our friends at McKinsey see the same trend we do: the future of sourcing is digital. For recycled plastic and sustainable materials, Circular.co’s AI-powered sourcing platform can give companies and their procurement teams the edge needed to hit goals. Read more on how Circular helped a major CPG company source PCR below benchmark cost.
Automotive Plastics Recycling Market Share Worth USD 96.05 Billion by 2034, at 7.5% CAGR: Prophecy Market Insights
According to a study by Prophecy Market Insights, the global plastic recycling market from end-of-life vehicles (ELVs) and automotive waste is expected to nearly double from $49.61B in 2024 to $96.05B over the next 10 years.
Our take:
Circular is working with OEMs in the space and we see the same growth trends. With impending ELV legislation in Europe and elsewhere driving this growth, Circular’s AI platform can help OEMs overcome many of the challenges that they face in sourcing the right recycled plastics. Read more in our recent case study.
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Circular news
What has Circular.co been up to in July?
New case studies:
- Circular recently published a case study describing how our AI tools helped a food and beverage company find the right PCR material while cutting costs by 5%. Check out the full case study.
- We recently found auto OEMs cost savings opportunities by reevaluating their large, complicated virgin plastic portfolios. By analyzing technical spec data for over 40 types of plastics, we were able to synthesize findings into recommended scenarios to hit minimum recycled content targets to meet EU end-of-life vehicle (ELV) requirements. You can read the detailed case study here.
- The US Plastics Pact (USPP) launched Roadmap 2.0 in July to address plastic waste at its source and enable a just transition to a circular economy. Learn more on their website. We’re proud to support, driving awareness to the cause, and are using our data to help USPP and their activators develop standards for PCR. Watch this space for more on that soon.
About Circular
Launched in 2022, Circular.co makes sustainable sourcing easier with data. We built the world's largest post-consumer recycled (PCR) materials database for brands to navigate markets and make data-driven decisions. Responsible producers can easily use detailed technical spec data to find the right materials at transparent prices from vetted suppliers, all in one online platform. Book a demo here or visit circular.co.