The circular economy aims to minimize waste and maximize resource use by creating a closed-loop system. Unlike the traditional linear economy’s “take-make-dispose” model, the circular economy focuses on recycling and reusing materials. Large chemical companies have pledged to use significant amounts of recycled plastic in their products, reducing reliance on fossil-derived feedstocks. They are developing two main recycling processes: Mechanical Recycling (melting and reprocessing plastic) and Advanced/Chemical Recycling (converting waste plastic into reusable chemicals). Mechanical recycling alone is insufficient, so there’s a push for better advanced recycling methods. Trans Ionics is developing a new advanced recycling technology called TransPyr and is working to scale up and commercialize it.