Frost & Sullivan’s recent analysis finds that leading brand owners and original equipment manufacturers in the industry are adopting strategies to integrate sustainability and circularity into their business activities following mounting pressure from consumers and government bodies.
While nearly 370 million tonnes of plastics were consumed in 2019, overall plastics waste collection volumes were estimated to be around 45 to 50 percent of the total consumption. Additionally, only under a third of the plastic waste collected was recycled whereas two-thirds of the volume was either sent towards landfilling or incineration/energy recovery, resulting in a significant proportion of plastics remaining in the environment.
