The Arabian Gulf has cemented its position as the leading plastic producer and exporter in the world. Although it is a flourishing industry, 95% of packaging material value or USD 80-120 billion annually is lost to the economy after its first life. Adopting a Circular Economy is the only holistic solution which will not only enhance the value of resources but also minimize any value leakage.
Circular Economy by itself, strives to lower operating costs but also champion innovation and development of new products that further add value to the system. Creating an effective after-use plastics economy is the first step towards closing the loop. Not only is it critical to capture more material value at every stage which will in turn enhance resource productivity, it will also prove to be a direct economic enticement to avoid leakage into the environment.
Regional plastic producers are sensing this urgency to identify and embrace this opportunity by driving alternative feedstock strategies thus increasing the circularity of plastics. Brand owners are pledging their support by using a lot more recycled content to ensure sustainable packaging. Plastics waste management is radically evolving in the GCC. Opportunities in this region are evident, considering the joint participation between the governments and private sector companies. Cross value chain collaboration supported with innovation is the optimum solution to build a circular economy which benefits the environment.