Page 49 - Plastics News August 2024
P. 49
FEATURE NEWS
Plastic recycling ‘the only way’ of introducing cir-
cularity to oil and gas industry
bling the circular plastic economy.
It states that “incorporating product circularity
A new report cites plastics as “the most in the context of the oil and gas industry is ex-
relevant to the circular economy” among tremely difficult” but cites plastics as “the most
products commonly found in the oil and relevant to the circular economy” among the in-
gas industry. dustry’s conventional products.
The circular economy model refers to a zero-
stablishing a circular economy would have waste system, in which materials are repeatedly
a transformative impact on the oil and gas used and reused to reduce pollution. There has
Eindustry – but the only way of doing so to been increasing pressure from consumers and
any extent would be through ramping up plastic governments for companies to reduce waste,
recycling, according to a new report. but plastic production has boomed, growing at a
CAGR of 4.1% between 2000 and 2019.
GlobalData’s new Circular Economy in Oil and
Gas report analyses the growth of plastic waste The report argues that “eventually, it will reach a
and the crucial role of oil and gas industry in ena- point where companies that do not convert their
August 2024 PLASTICS NEWS 51
