How Plastics Waste Recycling Could Transform the Chemical Industry

According to a recent article, the global plastics-waste volumes are projected to increase from 260 million tons per year in 2016 to 460 million tons per year by 2030, posing a severe environmental challenge. In response to growing public concern about plastic pollution, the chemical industry is recognizing the need for change and embracing a broader definition of product stewardship that includes addressing plastic waste. 

This shift not only aligns with societal demands and the industry's social license to operate but also represents a significant business opportunity. The article presents a scenario where 50 percent of plastics worldwide could be reused or recycled by 2030, offering a fourfold increase compared to current rates and the potential for substantial value creation. By following this path, the petrochemicals and plastics sector could experience profit-pool growth of up to $60 billion, comprising a significant portion of its potential profit-pool growth. The article also highlights the importance of support from regulators, major plastics users, and consumers to achieve this outcome. 

Petrochemicals and plastics companies face both threats and opportunities in this changing landscape, and the article provides strategic guidance for evaluating choices and making informed decisions.