Monday, May 20, 2024 In a world increasingly turning away from fossil fuels and grappling with the mounting challenge of plastic waste, a fresh approach to plastic disposal has captured significant interest. Advanced recycling methods like chemical recycling and plastic dissolution aim to enhance the circularity of the plastics industry. IDTechEx’s latest report, “Chemical Recycling and Dissolution of Plastics 2024-2034: Technologies, Players, Markets, Forecasts,” sheds light on crucial advancements in the chemical recycling sector, forecasting robust market growth at a CAGR of 35.
1%. While mechanical recycling remains dominant, its efficacy is hampered by the diminished mechanical properties of the recycled plastic, leading to downcycling. This limitation underscores the need for alternative methods such as chemical recycling and dissolution.
Chemical recycling involves transforming plastic waste into monomers or new raw materials through various chemical reactions like cracking, gasification, or depolymerization, excluding processes like incineration. These technologies enable the recycling of previously unrecyclable plastics, such as multilayer packaging, by converting them into vital feedstocks for the plastics production chain. This burgeoning interest in chemical recycling has spurred increased investment and expansion plans for new and existing plants.
Major companies in petrochemicals, chemicals, and consumer goods sectors, like Dow, ExxonMobil, BASF, and Shell,.
