Eastman Chemical Company EMN announced a collaboration with the United States Automotive Materials Partnership LLC (USAMP), a subsidiary of the United States Council for Automotive Research LLC (USCAR), and automotive recycler, Padnos, for a concept feasibility study to demonstrate a closed-loop project to recycle automotive-industry-mixed plastic waste in the automotive supply chain.At the end of the lifecycle of automobiles, metals, tires and glass account for 80% to 90% of the materials that can be recycled through traditional processes. The remaining 10% to 20%, that is known as automotive shedder residue (ASR) consisting of mixed plastic and other non-recycled materials, end up in landfills or are recovered through technologies converting waste to energy. Through the collaboration, Padnos will use ASR as a viable feedstock for Eastman's molecular recycling process, thereby making way for circular solutions.The study will also assess the ability of Eastman’s carbon renewal technology (CRT) to break down the plastic-rich fraction of ASR into molecular building blocks. The successful implementation of CRT will enable it to wean off the dependency on fossil-based feedstock and create polymers without compromising the performance in new automotive applications.Eastman noted that the study is a stepping stone toward focusing on the importance of collaborating in order to aim at a circular process in end-of-life solutions. Joint efforts from the member companies of USCAR like Ford, General Motors and Stellantis are speeding up the designing approach. It believes that the project can act as a catalyst to usher in circularity within the automotive sector, addressing significant waste disposal and climate concerns.USAMP is of the view that such programs are important to address the challenges of re-using ASR into automotive parts in a cost-effective way to ensure industry circularity. It sees the potential for energy savings and reducing greenhouse gas emissions while eliminating a significant fraction of the 5 to 7 million tons of ASR generated annually in the United States from landfills.Shares of Eastman have grown 41.2% over a year, outperforming the industry’s rise of 26%. The estimated earnings growth rate for the company for the current year is pegged at 41.1%.Image Source: Zacks Investment ResearchIn its last-quarter earnings call, the company said that it expects continued momentum in the second quarter, as it is gaining from innovation, strong market recovery and lower operating costs from its operations transformation program. It expects adjusted earnings per share between $8.25 and $8.75 for 2021. It also anticipates free cash flow to reach $1.1 billion in the year.Eastman Chemical Company Price and Consensus Eastman Chemical Company price-consensus-chart | Eastman Chemical Company QuoteZacks Rank & Stocks to ConsiderCurrently, Eastman carries a Zacks Rank #3 (Hold).Better-ranked stocks in the basic materials space include Orion Engineered Carbons S.A OEC, Dow Inc. DOW and LyondellBasell Industries N.V. LYB, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Orion has a projected earnings growth rate of 79.8% for the current year. The company’s shares have surged 61.1% over a year.Dow has a projected earnings growth rate of 348.2% for the current year. The company’s shares have rallied 36.2% over a year.LyondellBasell has a projected earnings growth rate of 210.5% for the current year. The company’s shares have grown 39.6% over a year. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dow Inc. (DOW): Free Stock Analysis Report Eastman Chemical Company (EMN): Free Stock Analysis Report LyondellBasell Industries N.V. (LYB): Free Stock Analysis Report Orion Engineered Carbons S.A (OEC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research