Environmental and Economic Benefits of Closed-Loop Supply Chains: A Case Study of Recycling and Re-manufacturing of Materials and Components

¹ Department of Mechanical Engineering, New Horizon College of Engineering, Bangalore
² Institute of Aeronautical Engineering, Hyderabad, India
³ Lloyd Institute of Engineering & Technology, Knowledge Park II, Greater Noida, Uttar Pradesh 201306
⁴ Lloyd Institute of Management and Technology, Plot No.-11, Knowledge Park-II, Greater Noida, Uttar Pradesh, India - 201306
⁵ Medical Laboratory Technology Department, College of Medical Technology, The Islamic University, Najaf, Iraq.
⁶ Lovely Professional University, Jalandhar-Delhi G.T. Road (NH-1), Phagwara, Punjab ( INDIA ) – 144411

^* Corresponding Author: ruksanabegam1997@gmail.com

Abstract

In an epoch marked by escalating apprehensions regarding the depletion of resources and the destruction of the environment, the notion of closed-loop supply chains (CLSCs) has garnered recognition as a viable and sustainable resolution. The present study examines the interdependent connection between environmental conservation and economic advancement by analysing the recycling and re-manufacturing procedures inside closed-loop supply chains. This paper utilises an extensive case study to investigate the crucial significance of closed-loop supply chains in the processes of recycling and re-manufacturing materials and components. Through a comprehensive examination of the complex relationship between environmental benefits and economic advantages, this study reveals the diverse and nuanced effects that arise from the implementation of closed-loop systems in contemporary supply chain management. The study utilises a mixed-methods methodology, incorporating both quantitative and qualitative studies. The study used quantitative data to measure the extent to which recycling and re-manufacturing processes contribute to the decrease of raw material usage, energy consumption, and greenhouse gas emissions. The study highlights the capacity of closed-loop supply chains to promote circular economy concepts, reduce waste output, and mitigate the environmental impact of companies. This study provides valuable insights that may be utilised by practitioners, politicians, and corporations to make well-informed decisions that prioritise both environmental protection and economic growth in their supply chain strategy.