(180b) Three Steps to Reinvent the Plastics Supply Chain

The global pandemic has strained access to electronics, pharmaceutical supplies, consumer goods, food and beverages, building materials, airplanes, and automobiles. They all have one key material common in their supply chains: PLASTIC, a manufactured material commonly derived from certain petrochemicals, such as polyethylene and polypropylene. First, key components have languished in port backups and delays. Next, factory production slowed to a crawl due to a lack of workers. Then, just as it seemed the world was getting back to normal, a once-in-a-lifetime weather event crippled the U.S. Gulf Coast, halting plastic production. The traffic jam of ships in the Suez Canal soon followed. This convergence of events left U.S. manufacturers and consumers wondering if and when they could ever catch up. The big question that arose was how companies could manage their supply chain risks to ensure future events will not bring them to a halt again? The answer lies in finding opportunities to create capacity in supply chain recycling and circularity. With this increasingly connected world, more and more things we count on in our daily lives are intertwined and interdependent on supply chains. Companies should immediately consider their actions and strategic directions on their plastics supply chain and improve their business continuity by managing their business risks to get ahead of the disruption.