September 12, 2024 – In recent years, as global efforts to address plastic pollution have intensified, waste plastic chemical recycling technology has garnered significant attention. According to Lux Research, a leading technology innovation research and consulting firm, 2024-2025 is poised to be a critical period for chemical recycling, specifically pyrolysis, with global pyrolysis capacity expected to reach 1 million tons per year. This capacity is anticipated to triple in the next three years, driven primarily by growth in the European Union and Asia-Pacific regions.
The Chinese market, in particular, has demonstrated remarkable potential in this domain. Chemical recycling technology can convert waste plastics into plastic monomers and other chemical components, which can then be utilized to produce new plastic products. This technology offers significant benefits for processing low-value waste plastics, such as soft packaging and film bags. Currently, China relies heavily on landfill and incineration to dispose of such waste plastics, making chemical recycling a more environmentally friendly and sustainable alternative.
This year has seen a strong momentum in the development of domestic chemical recycling projects. Major companies like Sinopec and PetroChina have ventured into this field, developing innovative processes and technologies to promote the high-value utilization of waste plastics. Additionally, notable progress has been made by enterprises such as Aerospace Pyrolysis, Comau, Jingbo Petrochemical, Guolian Jiahe, and Yuantian Biology, contributing to a vibrant and diverse landscape in this sector.
According to the Color Masterbatch Industry Network, these chemical recycling projects not only contribute to addressing plastic pollution issues but also inject new vitality into the development of the circular economy. With continuous technological advancements and policy support, explosive growth is expected in domestic chemical recycling projects in the future.
It’s worth noting that the Chemical Recycling Forum will be a key sub-forum at the upcoming ChinaReplas 30th China Plastics Recycling and Recycling Conference & 7th China International Plastics Recycling Exhibition, scheduled for October 22-25, 2024. Leading experts and corporate representatives from around the world will gather to discuss the latest developments and future trends in chemical recycling technology.