Circular Supply Chain Management for High-Tech Materials

In the quick-paced modern world, demand for high-tech materials is rising tremendously. Yet, there is a demand for a more sustainable strategy because the production and consumption of these materials have substantial detrimental effects on the ecosystem. A potential option that makes the shift to a circular economy possible is circular supply chain management. Major adjustments in traceability, collaborations and automation must be made to present supply chain procedures to adopt a close-loop supply chain management system for commodities. By prolonging the useful life of materials via repairs, refurbishment, reprocessing, and reuse, the emphasis is on completing material loops. Manufacturers, suppliers, recyclers, and customers must work together to adopt circular supply chain management in the high-tech materials industry. Moreover, cutting-edge technologies like IoT, blockchain, and big data analytics must be utilized to their fullest potential. This chapter provides an analysis of the merits, challenges, and requirements of the task of the circular supply chain management system for high-tech materials.