Speciality chemicals company Dow has signed an agreement with Siam Cement Group (SCG) to create complete recycling solutions.
According to the agreement, both companies will aim to create a circular plastic economy in Thailand.
The solutions are expected to prevent plastic from polluting the environment.
According to Dow, the deal is in line with the Government of Thailand’s commitment to increase the plastic waste recycling rate by 2027.
Dow and SCG are the founding members of a not-for-profit organisation Alliance to End Plastic Waste.
The organisation has partnered with the finance community, government and civil society, including environmental and economic development non-profit organisations (NGOs), on a mission to create a world without plastic waste.
Dow CEO Jim Fitterling said: “Our industry and society as a whole must do a better job of capturing and reusing plastic by scaling investments in collection, waste management, recycling technologies and new end-markets.
“Dow continues to join forces with partners across the globe to more effectively reuse and recycle plastic waste. Working together with companies like SCG we can create a world where no plastic ends up in the environment.”
Both companies will use mechanical and feedstock recycling, as well as renewable feedstock to develop the new recycling solution.
The companies also expect that the new solution will serve as an addition to low or no-value plastic waste such as multi-layer plastic packaging and contaminated plastic waste.
Dow Asia Pacific president Jonathan Penrice said: “Circular economy is an economic opportunity as much as a solution to a pressing environmental issue.
“We will build on Dow’s unique materials science and application knowledge and our 50-year experience in Thailand to develop solutions that maximise the value of plastics in the country.”
In 2018, Dow Packaging and Specialty Plastics (P&SP) introduced a new formulation of polyethene (PE) resins to create a fully recyclable PE packaging solution in India.