Feasibility of the circular economy model for Sri Lankan industries: A conceptual approach

Abstract

Industries worldwide are fast adopting the circular economy production method due to the associated cost benefits and environmental friendly nature. Manufacturing with the circular economy method has proven to be effective and industries based on the traditional linear economic model are under pressure. The objective of this study is to assess the readiness of Sri Lankan industries to adopt the circular economy method. With the circular economy method, industries are expected to be more competitive and environmental friendly. Few cases of the Sri Lankan manufacturing sector are taken to identify the challenges and possibilities to move to circular economy method in production. This methodology involved selecting varied industry cases, collecting data through observations, stakeholder interviews, and document reviews, followed by a thematic analysis to discern patterns related to the circular economy model. The study focusses on the theory of the circular economy method followed by an empirical verification of the samples of the industry. Therefore, the study follows a conceptual approach to investigate the feasibility of the circular method in Sri Lanka. At the end, the study highlights its major findings.