Siam Piwat joins hands with the Plastics Institute of Thailand, Chulalongkorn University, PPP Plastics, and Dow, announcing the success of its consumer behavior study and development of business model for plastic waste management on the basis of circular economy in an inner-city area
Siam Piwat Co., Ltd., together with the Plastics Institute of Thailand, Chulalongkorn University, PPP Plastics, Dow Thailand Group, and its partner networks, announced the success of Siam Pieces – a business model development project for plastic waste management in an inner-city area, which was aimed at paving ways for sustainable plastic waste management based on the circular economy concept. The project highlights the development of business model to be applied in the business chain using a consumer behavior study by sampling people in the Pathumwan area. The goal is to shape a concrete model where all kinds of plastic waste are efficiently recycled and create a sorting center model that has the potential to collect plastic waste of any kind and segregate other recyclable materials, which is to serve as a driver that propels the cycle of truly sustainable plastic waste management.
Ms. Naratipe Ruttapradid, Chief Operating Officer, Siam Piwat Co., Ltd., said: All this time, Siam Piwat has adhered to the principles of doing business with social responsibility, taking into account people, society, and the environmental conservation. It is a critical mechanism defined in the organization's main operational plans, with the strategy “Co-creation and Creating Shared Values for All Parties”. The company has policies and planning guidelines in place to ensure that the project implementation covers all dimensions, especially the environment aspect. Moreover, Siam Piwat has cooperated with various partners, from both public and private sectors, to jointly roll out projects that promote the circular economy concept, reduce environmental impacts, and mitigate global warming to achieve the goals of sustainable development in the future.”
Siam Piwat has joined forces with the Plastics Institute of Thailand, Chulalongkorn University, PPP Plastics, and Dow Thailand Group, with its optimal goal to build on the concept of developing a business model concerning plastic waste management in urban society. The results of this research also link to business plans that are applicable to other areas for proper management of plastic waste in the future.
“OneSiam was chosen as a target area to study garbage disposal behaviors of customers and the general public, at which several activities had been carried out since the middle of 2021. It started from collecting data using questionnaires in order to analyze perspectives of stakeholders and use them to complement the design of business model. There were behavioral economics experiments with receptacles being arranged to specifically contain plastic waste at various points within Siam Paragon to study garbage disposal patterns of customers and the general public; educational exhibitions and discussion activities; a business model design competition, which broadened opportunities for students to express their creativity and introduce their innovation to solve plastic waste problems. The results obtained have materialized a business model by which plastic waste of all kinds is fed back into the production and recycling process by different means and reprocessed in the circular economic system. On behalf of Siam Piwat, we would like to express our appreciation towards all parties involved in this successful research project. We sincerely hope that the benefits obtained from this project will lead to the next step of becoming a new version of business model for sustainable plastic waste management, covering upstream to downstream, of the entire value chain.”
Mr. Veera Kwanloetchit, President, Plastics Institute of Thailand, said: The institute organized the event to echo the success of the consumer behavior study which was aimed at developing a business model for plastic waste management on the basis of circular economy in an inner-city area. The project is to create a model for sustainable plastic waste management in line with the circular economy concept, which will pave ways for the development of business model in the business chain through consumer behavior research conducted within the Pathumwan area. In this regard, the project was funded by PMUC (Administrative and Funding Management Unit to Enhance National Competitiveness) under the Office of the National Higher Education, Science Research and Innovation Policy Council, or NXPO, and was started in 2021, with its completion recorded this year.
In addition, the Plastics Institute of Thailand also developed a user-friendly application to trade plastic waste and different types of recyclable waste to encourage waste segregation and create waste value. On the platform, users can add sales posts to offer for sales their plastic waste or recycled materials to attract buyers that are interested to trade with them.
The results of the consumer behavior study which focuses on factors and motivations for waste segregation, in combination with the developed waste management business model and the application, will bring back large amounts of plastic waste to the system and create the sustainable waste management process.
Prof. Pisut Painmanakul, PhD., Secretary to the Minister of Energy, said: The main objective of this project is to develop a business model for efficient plastic recycling and to create a prototype that has the potential to store all types of plastic. The location where the study was conducted throughout the value chain of plastic management was OneSiam. Conclusions were drawn and prepared in a form of Plastic Waste Management Guide for Department Stores, which is available to shopping centers and venues of the similar nature for further adjustment and implementation based on the contexts of the area. In addition, it is to cascade the ideas to people in society to ensure that they are aware of the current plastic waste crisis and understand the positive impacts of proper plastic handling. Importantly, the guide will be a key that helps unlock the truly sustainable plastic waste management cycle based on the principles of circular economy.
