Circular economy is at the forefront of current global discussions. A key aspect of circular economy is the concept of value-retention within economic production-consumption systems. Value-retention processes, such as remanufacturing, refurbishment, repair, and arranging direct reuse enable, to varying degrees, the retention of value and, in some cases, the creation of new value for both the producer and customer, at a reduced environmental impact.
This report highlights processes that contribute to the circular economy shift by retaining the value of the products within the system through the extension of their useful life. It quantifies the current-state and potential impacts associated with the inclusion of different value-retention processes by applying them to a series of products within three industrial sectors. It quantifies benefits in relation to the original manufactured product, such as the material requirement, energy used, waste, costs, and generation of jobs. The report also highlights the different barriers faced in the implementation of the processes, including regulatory, market, technology, and infrastructure barriers, and how they can be overcome by a collaborative approach and by changing the mind-set of policy makers, industries, and consumers.