SABIC's solutions, extensive infrastructure, and wide application scope have ensured its continued growth in the market
LONDON, July 1, 2021 /PRNewswire/ -- Based on its recent analysis of the global market for sustainability and the circular economy of used plastics and resource recovery, Frost & Sullivan recognizes SABIC with the 2021 Global Company of the Year Award. SABIC's TRUCIRCLE™ portfolio and services provide customers with highly sustainable solutions and, at the same time, supports efforts to close the loop and prevent valuable used plastic from becoming waste. SABIC weaves the economic, environmental, and social dimensions of sustainability into its technology, operations, and collaborations across the value chain. In addition, the company has established a network of cutting-edge innovation hubs, where expert teams develop new patents and certifications to provide smarter product design and functionality.
"SABIC leads the way through alliances with upstream and downstream collaborators to ensure closed-loop recycling of plastic," said Fredrick Royan, Vice President. "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.."
SABIC serves customers in diverse end markets through its extensive infrastructure, including manufacturing plants, distribution facilities, research and technology centers, and sales offices worldwide. Top-tier brand owners, such as Tupperware Brands and Unilever, have launched consumer products leveraging SABIC's TRUCIRCLE portfolio to enhance the sustainability credentials of their products and increase their brand equity by working towards corporate social responsibility goals.
SABIC launched the TRUCIRCLE portfolio in 2019 and it was a considerable milestone on the journey towards closing the loop and creating a circular economy for plastics and intends to provide manufacturers with access to more sustainable materials. The TRUCIRCLE portfolio spans design for recyclability, closed-loop services, mechanically recycled products, certified circular products from feedstock recycling of used plastic and certified renewables products from bio-based feedstock.
Two of the TRUCIRCLE portfolio solutions focus on alternative feedstock for plastic production, reducing dependency on fossil feedstock and helping to preserve plants natural resources. SABIC's certified circular polymers are produced through advanced recycling, which converts low-quality, mixed, and used plastic, otherwise destined for incineration or landfill, into pyrolysis oil. The pyrolysis oil is used by SABIC in their production process as an alternative to traditional fossil materials to create new circular polymers. The second is bio-naphtha (derived from Tall oil), a byproduct of wood and paper production processes and does not compete or interact with the human food chain.
"SABIC's TRUCIRCLE portfolio and services have found significant adoption among businesses looking for commercially and environmentally viable solutions," noted Riana Barnard, Best Practice Research Analyst. "With its deep commitment to innovation and technology, bolstered by pioneering partnerships and leadership excellence, SABIC is all set to continue dominating the global market for more sustainable material solutions."
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates 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 terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as 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.
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SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.
SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. Production in 2020 was 60.8 million metric tons.
The company has more than 32,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 9,946 global patent filings, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.
SOURCE Frost & Sullivan