SABIC named global company of the year for its contribution towards a circular economy for plastics
Consulting and research firm Frost & Sullivan has named SABIC a Global Company of the Year as part of its 2021 Best Practices Recognition Program. SABIC was awarded the title based on Frost & Sullivan’s recent analysis of the global market for sustainability and the circular economy of used plastics recycling and resource recovery.
Each year, Frost & Sullivan presents a Company of the Year award to the organization demonstrating excellence in growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in customer value and market penetration. Frost & Sullivan presented SABIC with this year’s award for its efforts in driving forward the development of a circular economy for used plastics and its commitment to innovation and technology, fortified by pioneering partnerships.
"SABIC's TRUCIRCLE™ portfolio and services have found significant adoption among businesses looking for commercially and environmentally viable solutions," noted Riana Barnard, Best Practices Research Analyst. "With its deep commitment to innovation and technology, bolstered by pioneering partnerships and leadership excellence, SABIC is all set to continue leading the global market for more sustainable material solutions.”
Abdullah Al-Otaibi, General Manager of Engineering Thermoplastics & Market Solutions for Petrochemicals at SABIC, said: “SABIC is committed to finding innovative solutions, including our TRUCIRCLE portfolio and services, which will help to transform our industry from a linear into a circular economy. To do this, we are collaborating with a wide range of partners globally across the value chain to realise our vision of a closed loop for used plastics and moving towards a sustainable, circular future.”
In 2019, SABIC launched its TRUCIRCLE portfolio and services to help provide customers with more sustainable solutions and at the same time help close the loop and prevent valuable used plastic from becoming waste. As part of this program, which includes design for recyclability, certified renewable products from bio‐based feedstock and mechanically recycled products, SABIC launched its pioneering certified circular products from advanced recycling of mixed and used plastic. The initial introduction to the market has resulted in unprecedented demand from businesses looking for commercially and environmentally viable solutions.
Committed to driving the uptake of recycled plastic, SABIC was the first in the industry to commit to investments in advanced recycling, and a world-first commercial plant is currently under construction at its Geleen site in the Netherlands. The company collaborates with players across the entire value chain to reshape our society, industry, frameworks, and governing structures and drive systemic change to create the right conditions for a circular economy.
Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.