Plastics Recycling Market Expected to Reach $60 billion by 2030
The world is in need of a recycling revolution, or, it must find sustainable ways of recycling plastics and other products, in order to complete the energy transition. One ton of recycled plastic saves 5,774 Kwh of energy, 16.3 barrels of oil, 98 million BTU's of energy, and 30 cubic yards of landfill space.
And, by 2030, plastics reuse and recycling is expected to generate growth of as much as $60 billion for the petrochemicals and plastics sector, according to a McKinsey report.
Even though materials scientists, manufacturers, and waste handlers have been focused on ways to efficiently reclaim renewable energy materials from recycled waste, so far the progress has been not so impressive.
Few companies have launched recycling operations that make investing in recycling facilities worthwhile for investors. The world is in need of companies that can prove that recycling the world’s piles of waste into clean energy can prove to be a scalable and profitable industry.
Network of Conversion Facilities Close to Waste Locations
Clean Vision Corporation (OTC:CLNV), a clean technology company, offers just that. Through its buy-and-build strategy, the company’s Clean-Seas subsidiary has assembled a network of plastic conversion facilities that together can recycle plastic at a scale that far surpasses that of any competitors. The company has set out a goal to have these conversion facilities as close to the waste locations as possible, reducing cost, logistics and carbon footprint.
It operates a pilot program in India and a commercial facility in Morocco, where it has recently acquired Ecosynergie that owns and operates two pyrolysis conversion units targeting the collection of mixed waste plastics sourced locally and from the European Union and converts the waste into environmentally sustainable fuels.
In the US, Clean-Seas is working with the Rob and Melani Walton Sustainability Solutions Service and Arizona State University (ASU) to establish a $50 million plastic-to-clean hydrogen facility. It redirects plastic waste from landfills and incinerators and converts it into recycled-content plastic and Clean-Seas proprietary clean hydrogen product.
Staying Ahead of Competition: Gaining Scale and Keeping Oceans Clean
CEO Dan Bates says: “Through our Plastic Conversion Network (PCN) and waste plastic conversion technology, we expect to be doubling or tripling the number of conversion facilities we have. Every country has a waste plastic problem. We are looking to become the dominant player in this global market.”
Clean-Seas is scaling up its volumes as the company’s facility in Morocco will be capable of recycling 130 tons of plastics a day in summer ’22 and is slated to recycle up to 500 tons in the next two years.
With its pyrolysis technology, the company heats plastic in an oxygen-free environment, causing the materials to breakdown, creating new liquid or gas fuels in the process. Waste plastics are then converted into an intermediate liquid product which, in turn, can be refined into a hydrocarbon biofuel, oxygenated fuel additives and petrochemical replacements.
Pyrolysis is a crucial element of the circular economy, and companies that are able to harness this process at scale are at the forefront of the green revolution.
The ultimate purpose of Clean-Seas, as the name of the subsidiary company indicates, is to make sure no more plastic waste gets into the world’s oceans by solving the issue of waste recycling on land.
Governments and Multinationals: Urgent Need For Help With Waste Recycling
This proposition is appealing to a wide variety of clients, from governments to municipalities and plastic product manufacturers. All of them have to pay ‘tipping fees’ to get rid of their waste plastic, which either ends up in landfills or is being incinerated. In the US alone, six times more plastic waste is burned than recycled at the moment.
Also, multinational oil and gas companies are willing to buy at a premium the low-sulfur bio fuels the company produces, which can be refined into environmentally safe fuels helping those companies meet renewable fuels standards.
Clean-Seas’ plastic waste conversion strategy offers investors a solid business case as the number of parties that are willing to find solutions for their plastic waste problem and negative reputational issues associated with that, is growing exponentially.
Added to that, Clean Vision has a new opportunity that emerged after China stopped importing plastics in 2018, a decision that left many government and plastics manufacturers with a major waste recycling problem.
China in the past used to be one of the main recipients of global waste plastics. But its National Sword Policy changed all that as the country opted to stop receiving waste plastics when it began to run out of landfill space. In 2018, China banned all the importation of ecyclable waste, which made the need for players such as Clean Vision all the more vital.
Strategy of The Future: Focusing on Clean Hydrogen
In the future, the company plans to migrate from producing pyrolysis oil to clean hydrogen aiming to become a key player in the hydrogen economy. It wants to take advantage of the pyrolysis reaction so as to utilize a gas that is a byproduct of this reaction, which can be converted into hydrogen, a completely pristine, carbon-free fuel.
Clean-Seas is in the process of harnessing hydrogen production from waste plastic as well as optimizing it’s fuel cell technology with the goal of implementing sustainable hydrogen fuel on a wide scale for consumer and commercial use.
Additionally, Clean Vision’s subsidiary, EcoCell, is currently completing the prototype for its clean hybrid hydrogen-based fuel cell electric power system.
Plastic recycling revolution is here to stay. Those companies that are able to gain scale, like Clean Vision, will be able to reap the benefits of this growing market, which is supported by governments and companies desire to solve the waste recycling problem and in-turn environmental concerns.
This stock offers a great opportunity for investors to get in early and ride on the waves of changes that plastics manufacturing and recycling market will see in the years to come.
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