Closed Loop Partners Spotlight Innovative Plastic Waste Reduction Technologies
The recent report published by Closed Loop Partners provides detailed analysis of transformational techniques in plastics processing which could result in significant reduction of plastic waste. The report titled “Accelerating Circular Supply Chains for Plastics” narrates innovative technologies with potential to transform rising plastic waste volumes into useful products.
According to the report, current recycling infrastructure recovers only less than 10% of post-consumer plastics. This essentially means that remaining 90% of the plastic waste ends up in a landfill or is incinerated. To address this challenge, transformational techniques that keep plastics in play are needed. As of now, there are at least 60 technology providers who are engaged in development of innovative solutions to deal with plastic waste. These technologies need to be widely adopted and scaled to new heights.
The report states that efficient recovery of plastic waste could help to meet the needs of approximately $120 billion addressable market for plastics and petrochemicals in the U.S. and Canada. In order to reach this potential, urgent investment is needed to promote and scale the technologies. In addition, it highlighted the need for education to spread awareness and understanding of these technologies to a wider audience. Most importantly, brands and industry need to collaborate with technology providers.
It must be noted that around 42 million metric tons of plastic waste were generated in North America in 2018.