CHEMICAL (RE)ACTION Growth opportunities in a circular economy
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CHEMICAL (RE)ACTION Growth opportunities in a circular economy
Contents Introduction 3 1. Upstream pressure, downstream disruption 4 2. A golden opportunity 13 3. Shifting to new circular business models20 4. Pivoting toward a circular chemical industry24 5. Get set to embrace circularity27
Introduction
While sustainability has long been on the chemical
industry agenda, the value paradigm is shifting fast.
In response to rising environmental concerns and regulatory change, the
value of the circular economy worldwide is set to hit US$4.5 trillion by 2030.1
By capturing a share of this rapidly expanding Globally, resource constraints and rising concerns As they seek ways to bring more environmentally
market for reusable, renewable and recyclable about sustainability are changing how consumers friendly products with cleaner ingredients
products, chemical companies can turn these think about chemicals. They’re calling out brands to life, they’re looking to the chemical
changes to their advantage and drive growth and retailers on social media and petitioning for industry for answers.
while helping to shape a greener, cleaner, more more responsible corporate stewardship of our
sustainable future. planet. They’re also flexing their purchasing power. By creating greater transparency for
According to new Accenture research of 6,000 consumers, greener innovation for
The chemical industry touches us all in countless consumers in 11 countries, just over half of those
manufacturers and accountability to
subtle and unseen ways. From life-saving stakeholders, chemical companies are
surveyed said they would pay more for sustainable
healthcare devices and personal care goods to uniquely positioned to lead the shift to the
products, and almost three-quarters (72 percent)
food, transport and clothing, around 100,000
circular economy and hasten its adoption.
are more likely to buy eco-friendly products than Opportunities for growth abound, but
chemicals are used in the world today, impacting they did five years ago.4 with changing perceptions driving new
every aspect of our daily lives.2 They account for a
buying behaviors, companies must act
global industry worth an estimated US$4.7 trillion.3 In response, downstream industries (for example,
fast—or risk getting left behind.
But the industry is at a tipping point, with disruptive automotive, clothing, electronics, food and
pressures set to drive new business models and toys) are rethinking the design of their products,
value chains, while creating opportunities for those packaging and use of chemicals to embed
ready to embrace them. circularity throughout the entire product lifecycle.
Growth opportunities in a circular economy 3
One
Upstream
From consumers to retailers to brands,
and finally to chemical manufacturers,
pressure,
steady pressure, propelled by increasing
environmental attention, is being applied
to the industry.
downstream While the chemical industry has been somewhat shielded in
the past from direct consumer pressure, changing consumer
disruption
preferences are making an impact—at the same time as
downstream industries are facing disruption.
ONE | Upstream pressure, downstream disruption
Figure 1
Product value chain
Raw materials/ Chemical
Suppliers Brands Retailers Consumers
feedstock inputs manufacturers
Source: Accenture Strategy
Across product sectors, we see this affecting typical value chains Similarly, retailers are often stuck with packaging that can’t
like the one illustrated in Figure 1. be recycled due to laminates or coatings used to protect
food and beverages. These are typical of the highly complex
Just as raw material inputs affect the sustainability and reuse challenges driving demand for more innovative, readily
potential of a product, the chemicals used in production affect recyclable materials and solutions. So let’s start by taking a
the circularity potential of finished goods. Wood furniture, for closer look at what’s changing in the relationship between
example, often ends up in a landfill because it contains resins consumers, brands and the chemical industry.
and lacquers that limit reuse potential.
Growth opportunities in a circular economy 5
ONE | Upstream pressure, downstream disruption
Changing consumer preferences
According to Accenture research, consumer attitudes and buying preferences
related to sustainability are shifting. These trends are seen across all
downstream industries.
81%
of consumers plan to buy more
eco-friendly products over the next
five years.5
62%
want companies to take a public and
passionate stance on social, cultural,
environmental and political issues.6
77%
perceive plastics to be the least
environmentally friendly packaging
material.7
Growth opportunities in a circular economy 6
ONE | Upstream pressure, downstream disruption
As illustrated in Figure 2, consumers report that they’ve stopped buying one or more products
due to environmental concerns, with food and beverage packaging (23 percent) and personal care
products (16 percent) topping the list. With purchasing decisions at stake, brands and retailers are
responding and working to address these concerns to retain brand loyalty.
Figure 2
What are consumers no longer buying?
Food & Beverage Packaging 23%
Personal Care Products 16%
Children’s Toys 11%
Clothing 8%
Electronics 8%
Construction Materials 8%
Automotive 7%
Furnishings 5%
Source: Accenture Chemicals Global Consumer Sustainability Survey, 2019
Challenges with waste, carbon dioxide (CO2) emissions and single-use plastics have emboldened
consumers and advocacy groups to call for corporate action. This has come sharply into focus
with the high-profile debate around plastic waste, which has catalyzed a shift in public sentiment.
Although many chemical companies make significant contributions to sustainability initiatives, the
industry is among the least trusted when it comes to environmental protection.
Growth opportunities in a circular economy 7
ONE | Upstream pressure, downstream disruption
Figure 3
Consumer mistrust in company communications Not very + Not at
all confident
Chemical Manufacturers 7% 22% 45% 27% 72%
Retailers 8% 38% 45% 9% 54% Not at all confident
Consumer Goods Companies 9% 38% 41% 12% 53% Not very confident
Government Regulators 14% 44% 31% 11% 42% Somewhat confident
News/Media 14% 47% 31% 9% 40% Extremely confident
Nonprofit/Non-governmental
Organizations
23% 53% 20% 4% 24%
Source: Accenture Chemicals Global Consumer Sustainability Survey, 2019
The research revealed that 72 percent of consumers are either “not As seen in Figure 3, this is the highest ranking of mistrust among
very confident” or “not at all confident” in the information they hear the sectors surveyed. Additionally and more worrying, one in four
from chemical manufacturers on the environmental impact of their consumers (26 percent) believe the chemical industry is the least
products and/or services.8 concerned about its impact on the environment.9
Growth opportunities in a circular economy 8
ONE | Upstream pressure, downstream disruption
Consequently, when the plastics industry is scrutinized and chemical
manufacturers remind the public of the advantages and positive impacts
that plastic has across multiple sectors, this lack of trust may lead
consumers to put more weight on what they hear from other sources.
Hundreds of companies, for Commitments like these are a challenge Although this presents a very real risk
example, have signed the Ellen for chemical manufacturers. Plastic to the US$700 billion global plastics
MacArthur Foundation’s Global production represents a significant part of industry,15 there is a growing multibillion-
Commitment on the New Plastics their business and 40 percent of plastic is dollar market for recycled materials.
Economy, demanding that 100 used for single-use packaging.12 So clearly there are compelling
percent of plastic packaging Currently, only nine percent of plastic opportunities for those who can offer
be reusable, recyclable or waste is recycled globally.13 But demand more sustainable options. In readiness
compostable by 2025.10 for polymers associated with single-use for this, several chemical and plastic
What’s not easily visible to consumers is plastics will likely decrease as brands and manufacturers are proactively addressing
that the signatories represent more than retailers seek more durable alternatives plastic waste, reuse and recycling
20 percent of all plastic packaging used that can be reused without molecular through organizations like the Alliance
globally, including many of the world’s modification. In fact, global demand to End Plastic Waste, a nonprofit group
leading packaged goods companies, growth for virgin petrochemicals could committed to investing in innovation and
retailers and plastic packaging producers.11 drop by half in an extreme case from developing solutions (at scale) to mitigate
about four percent per year in 2019 to the negative environmental impact
two percent per year in 2040.14 of single-use plastic.16
Growth opportunities in a circular economy 9
ONE | Upstream pressure, downstream disruption
Impact on the chemical industry
With consumers making their voices heard, let’s think more about the
implications for the chemical industry, again, using plastics as our example.
For consumers, the
growing perception that
83%
of consumers think it’s
single-use plastic is bad important for companies to
for the environment is design products that can
be reused, recycled and
simple to comprehend never go to a landfill.17
and easy to act on— And while quality (89 percent) and price (84 percent)
buy less plastic, remain top considerations when making purchases,
reuse existing plastic
we can see in Figure 4 (page 11) that just over 50
percent of consumers would be willing to pay more
materials and recycle. for a product designed for reuse or recycling rather
than to be thrown away. This trend is even more
pronounced among younger consumers (40 and
under) and consumers in Asia.18
Growth opportunities in a circular economy 10ONE | Upstream pressure, downstream disruption
Figure 4
Consumer willingness to pay more for sustainable products
What’s especially notable is
how these results suggest a
shift in the long-held notion that
Full Survey By Age By Region consumers won’t pay more for
sustainable products. The research
Gen Z & Millennials Gen X & Boomers
Average
(Age 18–40) (Age 41–70)
Asia Europe North America
seems to reveal a change in
consumer preferences, offering
Willing to pay a premium 54% 67% 39% 65% 49% 47% chemical manufacturers new
insights on how to capitalize
Not willing to pay a premium... on changing demand. Using these
results as a jumping-off point,
…but would choose
chemical manufacturers can start to
such a product over others, 28% 20% 37% 23% 31% 31% assess where best to innovate and
all else being equal
adopt circular economy principles.
They can target areas where
…and this would not
impact buying decision 18% 13% 24% 12% 20% 22% consumer willingness to pay more
can offset incremental innovation
and manufacturing costs while
providing downstream solutions
Source: Accenture Chemicals Global Consumer Sustainability Survey, 2019 that benefit brands and retailers.
Growth opportunities in a circular economy 11ONE | Upstream pressure, downstream disruption
Retailers and brands are reacting
With many advocacy groups focusing on single-use products and Consider too 3M, which has announced a requirement for sustainability
packaging, pressure on brands and retailers is accelerating the shift to to be built into all its products, stating that every new product must have
circularity. Take Greenpeace’s global campaign targeting Coca-Cola’s a sustainability value commitment,23 many of which are circular economy
estimated 100 billion plastic bottles, coining the slogan: “Don’t let Coke related. As Gayle Schueller, 3M’s vice president and chief sustainability
choke our oceans.”19 officer, said: “New types of products are needed. Stakeholder pressures
aren’t going away and it’s smart to reinvent our portfolio. When we innovate
While Coca-Cola had a goal to collect and recycle the with sustainability in mind, very often we save money and reduce waste.
equivalent of 75 percent of the bottles or cans it sold, it 3M has prevented more than 2.5M short tons of pollutants and has saved
increased the commitment to 100 percent by 2030 as part over US$2.2 billion from first year savings alone from these projects.”24
of its “World Without Waste” initiative launched in 2018.20
Retailers like IKEA and Walmart are also responding. As this trend Rather than fear the shift to a circular economy, now’s the time for the
increases, chemical manufacturers can expect a shift in demand from chemical industry to anticipate new trends, develop clear business
products that inhibit reuse toward sustainable alternatives. IKEA has strategies and offer their customers innovative solutions. By helping
a plan to become “people and planet positive” by 2030, designing all manufacturers, suppliers and retailers embrace circularity, chemical
products with new circular principles that include the exclusive use of companies can become powerful partners, helping brands respond fast as
renewable and recycled materials.21 Walmart is committed to enhancing consumer preferences change and ultimately earn greater trust.
the sustainability of its operations and global value chain, including an
ambitious goal of creating zero waste.22
Growth opportunities in a circular economy 12Two
A golden
Recessions aside, the global chemical
industry has seen relatively steady
opportunity
growth for decades. But hidden
pressures are mounting, and chemical
manufacturers must be prepared.
The converging impact of changing
consumer preferences, pending global
regulations, aging infrastructure and lack
of trust are putting the chemical industry
at risk of significant disruption.TWO | A golden opportunity
While sustainability is not a new topic for And at a time when consumers are steering
chemical companies, they have traditionally the environmental debate, proactively driving
tended to view it from a health and safety risk the circular economy can help chemical
perspective, focusing on eliminating toxicity, manufacturers reaffirm their environmental
for example. But as consumer interests shift, commitment, reset perceptions and build
brands and retailers are on a change journey trust. They could thus have a bigger say in
to realize the value of circular operations, conversations about product innovation
products and services. and strengthen their position in the
emerging industrial landscape.
And herein lies the opportunity
for chemical companies to help While there are obstacles, there are
their customers fulfill sustainability big rewards for those that can provide
and corporate commitments— viable solutions to complex downstream
like eliminating waste and sustainability challenges. Looking at just
achieving carbon neutrality— the European chemical market, Accenture
to drive direct business value,
research suggests that circular solutions
enhance brand reputation and
could unlock 26 percent potential net
increase consumer loyalty.
growth through capitalization of new
needs, reduced energy usage and
evolving downstream demand.25
Growth opportunities in a circular economy 14TWO | A golden opportunity
SO, HOW CAN CHEMICAL
COMPANIES TAP INTO THIS
GROWTH POTENTIAL AT SCALE?
Growth opportunities in a circular economy 15TWO | A golden opportunity
The circular economy:
a closer look
In a circular economy, today’s linear “take-make-
waste” model—where materials are made into
products, the products used and materials then
discarded—is replaced with an approach that
eliminates the concept of waste and unlocks new
value by continuously keeping products, components
and materials at their highest utility and value.
Materials and molecules are constantly cycled back through
the value chain for reuse, resulting in less energy and resource
consumption, creating new opportunities to realize cost savings
and reinvest for growth.
Growth opportunities in a circular economy 16TWO | A golden opportunity
Adopting internal circularity
Chemical manufacturers can unlock trapped value through cost
savings by embedding circularity within internal operations.
By capturing the value of recirculating molecules from Embracing green chemistry
used products at their end-of-life, they can utilize more
renewable feedstock. And with feedstock accounting By 2020, the global green chemistry market is expected
for approximately 60 percent of a chemical company’s to hit US$100 billion,27 giving chemical manufacturers
total costs,26 less price-sensitive alternatives can drive another way to capitalize on internal circularity.
cost savings and improve price stability. This also creates Designed to reduce development or use of hazardous
incentives to design products for reuse, making a positive substances, green chemistry principles include
contribution to the circular economy in both downstream (but are not limited to) preventing waste, increasing
and upstream applications. As a result, the use of energy efficiency, using renewable feedstocks,
circular inputs can help chemical companies strengthen avoiding derivatives, designing safer chemicals and
relationships with brands and retailers, build consumer minimizing accident potential.28 While adoption may
trust and offset disruptive potential. require initial investment costs, these will be offset
as sustainable product design increases demand.
What’s more, investing in green chemistry now will
protect market share as new players seek to enter
and disrupt the market.
Growth opportunities in a circular economy 17TWO | A golden opportunity
Enabling circularity downstream
With the transition from conventional production to approaches where
circularity becomes the norm, the product value chain will evolve into a
continuous process where materials are collected and reused.
As downstream companies seek a key differentiator, allowing Some companies are And where no eco-friendly
to reformulate recipes, rethink chemical manufacturers to partnering with start-ups that alternative exists, chemical
material inputs and reinforce capitalize on new trends and have developed innovative manufacturers can strategically
their sustainability commitments, revenue streams. Unilever, for technologies to tackle partner with downstream
they’ll need expert guidance. example, recently signed a environmental challenges. companies to share the risk and
And chemical manufacturers are three-year contract with Veolia to Loop Industries, a 2015 start-up, reward of co-innovation. Target,
ideally placed to drive new growth collaborate on innovative circular developed a technology that for instance, has committed
by helping these brands and economy solutions for plastic depolymerizes all polyethylene US$5 million to green chemistry
retailers develop more durable, packaging waste.29 Emulating this terephthalate (PET) plastics innovation by 2022.31 As
eco-friendly products. approach, chemical companies and fibers, regardless of dyes, partnered innovation initiatives
can provide the vital consulting additives and impurities, into multiply, chemical companies
Leveraging the power and technical capabilities to virgin quality PET plastic.30 could benefit greatly and help
of partnerships guide brands and retailers Partnering with several major secure future demand.
through product redesign for consumer packaged goods
Proactively partnering with brands
the circular economy. companies, Loop Industries is
and retailers to help them enable
already capturing part of the
circularity downstream will be
growing circular economy market.
Growth opportunities in a circular economy 18TWO | A golden opportunity
Case Study
Circularity in action: Eastman
Eastman is capitalizing on increasing consumer interest for
sustainable fashion with its Naia™ yarn innovation.32 Made
from sustainable wood pulp, Naia is a cellulosic yarn used to
create luxury fabric.
It is produced in a closed-loop process where solvents “Our new carbon renewal technology
are continuously reused throughout development, enables use of a variety of waste streams as
and all water is filtered and returned to nature. feedstocks for approximately 50 percent
of the entire profile of our Naia cellulosic
In early 2019 Eastman announced two new yarn,” says Natalia Allen, Eastman’s
innovations that unlock value from both internal sustainability leader of textiles.33
circularity and enabling circularity downstream:
carbon renewal technology and advanced circular In addition, Eastman’s advanced circular recycling
recycling. These innovations break down end-of-life technology uses the process of methanolysis to break
products to their molecular level and use them as down polyester-based products into their polymer
feedstock for new product development. building blocks and reintroduce them into production
of new polyester-based polymers, delivering
a truly circular solution.
Growth opportunities in a circular economy 19Three
Shifting to
As the chemical industry landscape
continues to evolve, new business
new circular
models are emerging, creating
abundant opportunities to capture
value and drive growth at every stage
business
of the circular economy.
By improving their internal operations
models
and responding to downstream industry
demands—while leveraging new
technologies and partnerships—
chemical companies can adopt
these approaches to turn
disruptive change to
their advantage.THREE | Shifting to new circular business models
Figure 5
Five business models for growth in the circular economy
1. Circular supply chain
Manufacturing
Logistics
4. Product life extension
Sourcing
2. Product as a service Marketing
Circular Value and sales
Chain
5. Sharing platforms
Product
use
3. Recovery and recycling Reverse
logistics
End-of-life
disposal
Source: Accenture Strategy
Growth opportunities in a circular economy 21THREE | Shifting to new circular business models
New business models, new opportunities
1. Circular supply chain 2. Product as a service 3. Recovery and
With this model, companies focus on Here, companies offer product
recycling
eliminating toxic, single-use or other access but retain ownership. Physical Salvaging useful resources and/or energy
non-renewable inputs across their assets like cars and clothing are often from disposed products or byproducts
supply chain. Their internal processes thought of with this model. However,
creates a huge opportunity, particularly
switch to renewable energy and replace chemical leasing is a great example of
to treat and repurpose plastic material.
how the chemical industry can shift
single lifecycle inputs with sustainable In India, Dow has collaborated with the
to service-based sales that focus on
bio-based or fully recyclable input government and local asphalt plants to
selling function and quality rather than
material during manufacturing. BASF, volume. By monetizing the value of these transform 100 metric tons of collected
for example, has developed a biomass product outcomes, the industry can plastic waste into 40 kilometers of
balance approach to reduce the use of help downstream companies embrace roads.37 Not only did this divert plastic
non-renewable resources.34 By using circularity while reducing internal costs. from landfills, it gave the plastic a second
sustainable biomass feedstock like food For example, SAFECHEM, a chemical life that will likely last decades.
waste, for example, it maintains product leasing provider initially founded by Dow,
consistency while reducing fossil fuel helps customers decrease the usage
use, avoiding feedstock price volatility of metal cleaning solvents by up to 93
and limiting greenhouse gas emissions.35 percent and reduce energy use by up
to 50 percent through its closed-loop,
circular system.36
Growth opportunities in a circular economy 22THREE | Shifting to new circular business models
New business models, new opportunities (cont’d)
4. Product life extension 5. Sharing platforms
By developing more durable product offerings, Product utilization can be optimized by leveraging
chemical companies can extend the life of products shared use, access and ownership via online
downstream without the need for modification, such marketplaces where companies can trade inventory.
as durable PET bottles. They can also partner with While sharing platforms are often considered for
brands and retailers to create products with a longer finished consumer goods, they can also be applied
lifecycle than current alternatives. Chemours and to the chemical industry. For example, chemical
Colmar worked together to create the next generation companies could develop an artificial intelligence
of skiwear.38 Using Chemours’ Teflon EcoElite™—a (AI)-enabled digital platform offering downstream
repellent finish made from 60 percent renewably manufacturers tailored services, say to optimize reuse
sourced, plant-based materials that is three times more solutions for excess chemical product, determine the
durable than other non-fluorinated repellents—Colmar best chemicals for specific reuse applications and
was able to meet the demands of its eco-conscious engage with experts on circular product design. This
customer base with high-quality, longer-lasting could be invaluable in helping brands and retailers to
products, which ultimately became one of its most reformulate and innovate fast in response to changing
successful collections.39 consumer demands.
Growth opportunities in a circular economy 23Four
Pivoting
With so much potential, how and where
should a chemical company start? First
toward a
and foremost, they need a clear strategy
that balances protection of core business
revenues with the need to innovate for
circular
future demand.
With this approach they can successfully pivot to a more
chemical
circular future, by seeing sustainability as a growth enabler
that’s creating opportunities for customers, brands, retailers
industry
and companies to collaborate in new ways to unlock value
from the circular economy.
Growth opportunities in a circular economy 24FOUR | Pivoting toward a circular chemical industry
43%
Customers and consumers
Consumers are in a powerful position to drive
continued change, with 43 percent of survey
respondents saying they’ve already participated
in a product takeback program and 95 percent
saying they’d be willing to take containers back
of consumers say
for refill.40 This is good news for companies like they’ve already
TerraCycle’s Loop, a global circular shopping participated in a
platform designed to eliminate the idea of waste
by transforming the products and packaging
product takeback
of everyday items from single-use to durable, program.
95%
multi-use, feature-packed designs.41
By demanding clean, sustainable products
and demonstrating their willingness to pay and
participate in the circular economy, consumers
will be key influencers in driving a response across
say they’d be willing
the value chain from brands and retailers to
manufacturers and regulators.
to take containers
back for refill.
Growth opportunities in a circular economy 25FOUR | Pivoting toward a circular chemical industry
Brands and retailers Chemical companies
Brands and retailers have the power and Chemical companies are uniquely poised to
scale to significantly reduce their negative enable circularity, quicken its adoption and
environmental impact. drive positive environmental change—while
strengthening their own competitiveness,
By increasing their commitment to reducing costs and accelerating growth. But
sustainability, they can build consumer they must respond fast to new regulations,
trust, reduce material costs and drive take proactive steps to anticipate sustainability
growth in their core business. trends and ensure their portfolios offer the
diversity to withstand disruption.
And through circular product design they can
leverage their purchasing power to drive more
As technical experts, they can partner
responsible business practices upstream.
with downstream companies to advise on
cleaner ingredients and provide clarity on
green and circular chemical alternatives.
Doing all this, they can strengthen their core
business, develop innovative offerings that
enable circularity and continuously pivot to
capitalize on new opportunities.
Growth opportunities in a circular economy 26Five
Get set to
Despite complex challenges,
environmental pressures and the pace
embrace
of change, there’s a bright future ahead
for chemical manufacturers.
circularity
They can turn disruption to their
advantage and embrace the
new—new technologies, new
business models, new products and
services, new partnerships and new
customers.
Growth opportunities in a circular economy 27FIVE | Get set to embrace circularity
While the type and quantity
of chemicals required by And the time to start is now.
brands and retailers is
changing, chemicals will
always be vital to production
of goods and services.
As we’ve seen, a changing consumer mindset and even
a willingness to pay more for products designed for
sustainability are opening up exciting new opportunities
for chemical companies. They need to be ready and
willing to shift their strategic focus to innovations that tap
into the potential of the circular economy.
Growth opportunities in a circular economy 28About the research
ages 18–70
Accenture conducted a global quantitative Respondents were ages 18 to 70 and
online survey of 6,000 consumers. The covered a broad range of employment,
purpose of the survey was to identify education and income levels. They also had
consumer purchasing and consumption primary or shared responsibility for making
habits regarding different types of purchase decisions in their household for
packaging and products, as well as everyday products and services.
consumer views related to recycling and
reuse of materials. The survey was conducted in April 2019 in
the following 11 countries: Canada, China,
France, Germany, India, Indonesia, Italy,
Japan, Mexico, the United Kingdom and the
United States.
Growth opportunities in a circular economy 29References
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Finds New Book by Accenture,” September 28, 2015, Accenture, https:// Agencia EFE, https://www.efe.com/efe/english/world/un-warns-globally-
newsroom.accenture.com/news/the-circular-economy-could-unlock-4-5- only-9-percent-of-plastic-waste-is-recycled/50000262-3638548.
trillion-of-economic-growth-finds-new-book-by-accenture.htm.
14. Accenture Research analysis, 2019.
2. “Chemicals in Products - A priority emerging policy issue,” October 2, 2015,
The SAICM Secretariat, https://www.youtube.com/watch?v=sZAohG_Ty8o. 15. Toloken, Steve. “UN meeting considers plastic treaty, taxes,” December 17,
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3. Oxford Economics, June 6, 2019, global chemical industry forecast. 16. Alliance to End Plastic Waste, https://endplasticwaste.org/.
4. Accenture Chemicals Global Consumer Sustainability Survey, 2019. 17. Accenture Chemicals Global Consumer Sustainability Survey, 2019.
5. Ibid. 18. Ibid.
6. “To Affinity and Beyond: From Me to We, The Rise of the Purpose-led Brand,” 19. Greenpeace, https://www.greenpeace.org.uk/what-we-do/oceans/coke/.
Accenture, 2018, https://www.accenture.com/us-en/insights/strategy/
brand-purpose. 20. Moye, Jay. “A World Without Waste: Coca-Cola Announces Ambitious
Sustainable Packaging Goal,” January 19, 2018, The Coca-Cola Company,
7. Accenture Chemicals Global Consumer Sustainability Survey, 2019. https://www.coca-colacompany.com/stories/world-without-waste.
8. Ibid. 21. “IKEA takes sustainable living to a new level, with new commitments to
become people and planet positive by 2030,” June 7, 2018, IKEA, https://
9. Ibid. newsroom.inter.ikea.com/news/ikea-takes-sustainable-living-to-a-new-
level--with-new-commitments-to-become-people-and-planet-posit/
10. “New Plastics Economy Global Commitment June 2019 Report,” June 2019, s/024c3f49-1cda-4bc8-bc47-438d300d77ff.
Ellen MacArthur Foundation, https://www.ellenmacarthurfoundation.org/
assets/downloads/GC-Report-June19.pdf. 22. “Walmart Announces New Plastic Packaging Waste Reduction
Commitments,” February 26, 2019, Walmart, https://corporate.walmart.
11. Ibid. com/newsroom/2019/02/26/walmart-announces-new-plastic-packaging-
waste-reduction-commitments.
12. Parker, Laura. “Fast facts about plastic pollution,” December 20, 2018,
National Geographic, https://news.nationalgeographic.com/2018/05/ 23. “3M to Embed Sustainability into Every New Product,” December 5, 2018,
plastics-facts-infographics-ocean-pollution/. 3M, https://news.3m.com/3M-embeds-sustainability-into-every-new-
product.
Growth opportunities in a circular economy 30References
24. Quote included with permission of Gayle Schueller, vice president and 33. Quote included with the permission of Natalia Allen, sustainability leader of
chief sustainability officer at 3M. textiles at Eastman Chemical Company.
25. “Taking the European chemical industry into the circular economy,” 34. “BASF’s biomass balance approach,” BASF, https://www.basf.com/global/
Accenture, 2017, https://www.accenture.com/us-en/insight-circular- en/who-we-are/sustainability/value-chain/renewable-raw-materials/
economy-european-chemical-industry. biomass-balance.html.
26. “Top 6 Tips for Managing Chemical Feedstock Price Volatility,” October 35. Ibid.
9, 2016, Spot Chemi Blog, https://blog.spotchemi.com/top-6-tips-for-
managing-chemical-feedstock-price-volatility/. 36. SAFECHEM, http://www.safechem.com/en/metal-cleaning/complease.
html.
27. Bernick, Libby. “The $100 billion business case for safer chemistry,” May 6,
2016, GreenBiz, https://www.greenbiz.com/article/100-billion-business- 37. “Sustainability Case Study: Turning Plastic Waste into Roads,” Dow, https://
case-safer-chemistry. corporate.dow.com/en-us/science-and-sustainability/2025-goals/case-
study-rethinking-waste.
28. “Basics of green chemistry,” United States Environmental Protection Agency,
https://www.epa.gov/greenchemistry/basics-green-chemistry. 38. “Creating the next generation of skiwear,” Chemours, https://www.
chemours.com/case-study/teflon-ecoelite-colmar-partnership.html.
29. “Unilever and Veolia Sign Collaboration Agreement on Sustainable
Packaging,” October 24, 2018, Unilever, https://www.unilever.com/news/ 39. Ibid.
press-releases/2018/unilever-and-veolia-sign-collaboration-agreement-on-
sustainable-packaging.html. 40. Accenture Chemicals Global Consumer Sustainability Survey, 2019.
30. Loop Industries, https://www.loopindustries.com/en/tech. 41. Loop, https://loopstore.com/.
31. Target, https://corporate.target.com/corporate-responsibility/planet/
chemicals.
32. “Eastman Naia™ cellulosic yarn: New, exciting horizons for an enduring
Eastman technology,” May 14, 2017, Eastman Chemical Company, https://
www.eastman.com/Company/News_Center/2017/Pages/Eastman-Naia-
cellulose-ester-new-exciting-horizons.aspx.
Growth opportunities in a circular economy 31Meet our authors
Key
contributors
Jessica Long Mikayla Hart Sofia Guerriero Pavel Ponomarev
Managing Director, North America Manager, North America Consultant, North America Strategy Senior Principal
Sustainability & Trust Lead Sustainability & Trust Sustainability & Trust Accenture Strategy
Accenture Strategy Accenture Strategy Accenture Strategy pavel.ponomarev@accenture.com
jessica.l.long@accenture.com mikayla.hart@accenture.com sofia.guerriero@accenture.com
Michael Ulbrich
Jessica Long is an Accenture Strategy Mikayla Hart is a manager in Accenture Sofia Guerriero is a consultant in Accenture
managing director. With over 18 years of Strategy’s sustainability and trust practice, Strategy’s sustainability and trust practice. Managing Director, Europe Chemicals
experience at Accenture, she currently leading cross-industry projects in North She works primarily with consumer Circular Economy Lead
leads the North America sustainability America. She focuses on a wide range of goods companies, helping to assess Accenture Strategy
and trust practice, which is focused sustainability-related strategic services their sustainability maturity, recommend
michael.ulbrich@accenture.com
on helping companies increase their including circular economy to rethink leading responsible business practices
competitiveness through responsible and product design and minimize waste; and develop future growth strategies. She
sustainability strategy development to holds a bachelor’s degree in global studies We extend our sincere thanks to all the
sustainable business models. Her team
embed responsibility into corporate DNA; and Italian from the University of Illinois company representatives that participated
specializes in circular economy, low-
sustainability valuation to align positive at Urbana-Champaign and is currently in interviews to help us develop this
carbon energy transition, socioeconomic
environmental and social impact with pursuing an MBA at the University of paper. We would also like to thank our
impact, sustainable supply chains, ethics
business value; and analytics to drive Chicago’s Booth School of Business. Accenture colleagues who contributed
and culture, and digital responsibility.
sustainable insights. Mikayla received an to the paper with case studies, reviews
Jessica regularly speaks and publishes
MBA from the University of Rochester’s and guidance including Alexander
on topics related to sustainable growth,
Simon Business School and a BBA from Holst, Ynse de Boer, Martin Gehlen, Paul
tech-enabled transformation and cross-
the University of Hawaii. Bjacek, Lisa Aaronson, Laura Rheinbay
sector partnerships. She is co-author of an
and Emma Persoon.
upcoming book on the circular economy.
Growth opportunities in a circular economy 32Connect with us About Accenture
Accenture is a leading global professional services company, providing
@AccentureChems | @AccentureStrat a broad range of services and solutions in strategy, consulting, digital,
Accenture Chemicals | Accenture Strategy technology and operations. Combining unmatched experience and
specialized skills across more than 40 industries and all business
Learn more functions—underpinned by the world’s largest delivery network—
Accenture works at the intersection of business and technology to help
clients improve their performance and create sustainable value for their
Visit Accenture Chemicals at www.accenture.com/chemicals. stakeholders. With 482,000 people serving clients in more than 120
Visit Accenture Strategy at www.accenture.com/strategy. countries, Accenture drives innovation to improve the way the world works
and lives. Visit us at www.accenture.com.
accenture.com/chemicalreaction
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