The growing scarcity of natural resources, along with the harmful environmental impact of emissions and discarded materials in landfills and water bodies, is the pressing global challenge. This challenge has warranted the need to adopt circular economy principles over the prevailing linear economy models in every stage of any industry’s supply chain. A circular economy offers an alternative strategy to recover resources and return them to production as a part of a sustainable future. The following six Rs of a circular economy are the best known and most applicable circular strategies or processes that include practical components of the circular economy: • Repair and reuse: A combined repair and reuse circular strategy can generate net material gains and a reduced inventory stock and can generate more value for customers from end-of-life products. • Reengineer: A reengineered circular strategy can effectively transform raw materials from either waste or unnecessary inventory into viable products that can be sold in the market at a competitive cost. • Recycling: Recycling is a well-used sustainable circular strategy that allows firms to enter and compete in new markets. • Refurbishment: A strong circular strategy can reduce net material cost, position firms in a leading role in its industry, and open new growth opportunities in other sectors. • Remanufacturing: Remanufacturing can be separated into demanufacturing and remanufacturing, which can be conducted independently because firms can specialize in both. New plastic economy: According to the United Nations, 300 million tons of plastic waste is generated annually, with 8 million tons ending up in the world’s oceans. The COVID-19 pandemic has contributed to a sharp increase in the generation of single-use and disposable plastic waste as people stay home more and order takeout food. Lowering production levels and increasing reuse and recycling are some of the first steps in tackling global issues related to plastic pollution, especially bottles, bags, and microbeads. The circular economy will continue to grow in volume across global industries, disrupting input prices, allowing firms to compete in new markets, and creating new markets for end-of-life products. The following are key technology trends: • Production of nanotubes using carbon captured from the atmosphere. • Refurbishing end-of-life electric vehicle batteries for energy storage applications. • Advanced materials that enable the selective separation of carbon dioxide, resulting in reduced carbon capture costs. The focus has shifted toward adopting technologies that enable the recovery and reuse of resources from end-of-life products that pose supply chain risks because of limited availability, with an alternative strategy to recover resources and return them to production as part of a sustainable future. Incorporating principles of sustainable development with responsible production, consumption, reuse, and recovery of all products and materials can help companies achieve waste minimization and prevention, with no waste sent to landfills or oceans.