IHS Markit market data predicts that chemical recycling is expected to meet projected demand for plastic recycling

Introduction

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.
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Traditional mechanical recycling is expected to skyrocket between now and 2050, but the technology still falls short of expected demand for recycled plastics
.

According to market data service IHS Market, “Chemical recycling is expected to close the gap even further
.
Mechanical recycling is expected to increase from the current 20 million tons per year to 112-200 million tons by 2050, while the global plastics demand is $1.
5 trillion.
spending to meet growing consumer demand for plastic.
IHS says having a new circular plastic service could enable more than $300 billion
of that $1.
5 trillion to be repurposed for mechanical and chemical recycling over the next 30 years , which can help companies transition from a linear to a circular economy
.
”

Plastics account for about 12% of the world's total municipal solid waste
.
IHS said the waste stream is expected to increase from 2.
1 billion tons in 2020 to 3.
5-3.
7 billion tons in 2050, when global plastic waste will increase to more than 425 million tons, an increase of 170-190 million tons in 30 years
.

As more companies set recycling targets and pledge to comply with regulations, the plastics industry will need to adjust its investment structure accordingly, said Palmer, vice president of IHS
.

IHS estimates that mechanical plastics processing could reach 14%-22% of global demand by 2050, depending on advances in sorting, recycling design processes and selective solvent dissolution, precipitation processes
.
SSDP uses a solvent to dissolve selected plastics from a mixed stream before reprecipitating the material
.

"The core competitiveness of the chemical industry, which is to transform raw materials into useful materials through chemical transformation, and to close the circular gap, will require greater global coordination and better strategic solutions, including new business models, new alliances and logistics capacity
.
Redirecting traditional investments to new recycling efforts will be a key part of this effort,
” said Robin Waters, executive director of IHS Plastics Planning and Analysis
.

Chemical recycling, which breaks plastics down to the molecular level, currently has a capacity of about 1.
2 million tonnes, IHS estimates
.
But technological improvements could increase that number to 44-190 million tonnes by 2050, according to different models studied by the company
.

Chemical recycling, a proven technology such as the use of high temperature pyrolysis in the absence of oxygen
.
While the process is not currently in commercial production, the company said: "IHS Markit expects incremental improvements in reactor design, catalysis and product processing to enable large-scale chemical recovery
.
" The production capacity of chemical recycling plants can be significantly expanded
.