Currently, Honeywell has cooperated with many energy companies and plastic recycling companies to establish recycling plants, using UpCycle process technology to convert waste plastics into recycled polymer raw materials.
Chemical recycling is the process of regenerating new plastics of the same quality as petroleum-based plastics through a series of chemical transformations of waste plastics. It is also called "advanced recycling" and "molecular recycling", which complements physical recycling. Of the nearly 370 million tons of plastics produced worldwide each year, less than 10% can be recycled. In recent years, driven by the policies of many countries in the world and the strong investment of international mainstream petrochemical, brand and packaging giants, chemical recycling of waste plastics has become a hot topic of global concern.
1. On November 3, 2021, Honeywell announced the successful commercialization of a disruptive plastic recycling process. Honeywell's UpCycle process technology uses industry-leading molecular conversion, pyrolysis and pollutant management technologies to convert waste plastics into recycled polymer raw materials, which are then used to make new plastics. The UpCycle process technology has greatly expanded the types of recyclable plastics, including waste plastics that were originally non-recyclable, colored, flexible, multi-layer packaging or polystyrene. When combined with other chemical and mechanical recycling processes and improvements in collection and sorting processes, the UpCycle process technology is expected to increase the proportion of recyclable plastic waste worldwide to 90%.
2. In November 2021, Honeywell and Sacyr announced a joint venture in Andalucia, Spain, to build and operate a plant that can process 30,000 metric tons of mixed waste plastics per year, which is expected to start production in 2023. The plant will use Honeywell's chemical recycling UpCycle process technology to convert waste into recycled polymer raw materials, namely RPF. At present, Honeywell has signed strategic agreements with Total Energy and French chemical company TotalEnergies. Honeywell will provide RPF to Total Energy and TotalEnergies, and Total will purchase the raw material and convert it into high-quality polymers suitable for high-specification applications such as food-grade packaging.
3. On February 17, 2022, Honeywell announced that it would form a joint venture with Avangard Innovative, the largest plastic recycling company in the United States, to build an advanced recycling plant in Texas, USA. The new plant will use UpCycle process technology. The plant is expected to be put into operation in 2023 and can convert 30,000 metric tons of mixed waste plastics into Honeywell recycled polymer raw materials each year.
According to the forecast of McKinsey, a global management consulting firm, for 2030, China will become the largest potential profit pool (for chemical recycling). The chemical recycling market has great potential and may be one of the few blue oceans in the field of sanitation and solid waste in the next 5-10 years. The world's largest market is in China.
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