Chemical recycling – Pyrowave introduces nanopurification technology for plastics 15-11-2023
Chemical recycling
The Chinese brick is crumbling
As of the first 10 months of 2023, the foundations of China’s real estate sector are visibly cracking, with a 6.8% year-on-year decline in property sales, adding to the preceding 7.5% downturn observed from January to September. This data, emanating from the National Statistics Office, serves as a glaring indicator of the deep-seated crisis gripping the Chinese real estate market. Concurrently, investments in the construction sector have hit the brakes, experiencing a notable 9.3% decrease following the 9.1% contraction in the preceding January-September period. Chemical recycling
A closer look at specific metrics reveals a concerning trend. New construction initiations, measured in square footage, have plummeted by 23.2% on an annual basis, mirroring the 23.4% slump witnessed in the first nine months of the year. Additionally, the funds amassed by real estate developers have seen a precipitous 11% decline, building upon the 13.5% contraction recorded in the initial nine months of the year.
These alarming figures find resonance within the broader context of investments in fixed assets, which, contrary to expectations, have only grown by a modest 2.9% in the first 10 months of the year. Chemical recycling
The total, amounting to 41,940 billion yuan (equivalent to nearly 5,830 billion dollars), falls short of anticipated growth, which was pegged at 3.1%. This downturn in real estate activity is emblematic of the economic turbulence faced by China, exacerbated by the crises befalling major players in the industry such as Evergrande and Country Garden. These industry giants, grappling with insurmountable debt and teetering on the brink of collapse, are contributing significantly to the erosion of the dragon’s economic prowess. The reverberations of this downturn extend beyond the realm of real estate, casting a shadow on China’s overall economic landscape.
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Pyrowave introduces nanopurification technology for plastics
A short-loop chemical recycling process to remove toxic additives and contaminants in plastics
According to Pyrowave, its nanopurification technology operates at the molecular level to remove contaminants from polymers with perfect control on purified resins, offering a plastic waste pre-treatment to purify the resins that can be used in advanced recycling methods, or directly into final applications. The technology debottlenecks the access to plastic feedstock, by standardising the material upstream to be compliant with most advanced recycling process, including its own microwave depolymerization process.
Pyrowave has successfully demonstrated the technology by decontaminating polymers and supplying high-quality recycled plastics to industries requiring strict compliance, including food-contact applications.
Cosmo First results expect worst to be behind
Cosmo First declared its financial results for the quarter ended June 2023 on 10 August. The results for the quarter would have been better by Rs 20-crore but for the non-repetitive inventory loss arising from the sharp drop in prices of raw materials towards the quarter end. Chemical recycling
During the quarter, the BOPP demand has started picking up and the demand-supply balance should get restored in the coming quarter(s). In the case of BOPET, where the supply is far in excess of demand, it will take many more quarters for the supply-demand gap to bridge. Margins are therefore likely to remain under pressure with little downside risk.
The export markets showed signs of improvement with better specialty sales. Cosmo with over two third of its revenue coming from BOPP speciality films could withstand the margin pressure better than the industry. Chemical recycling
“We continue to build our specialty films portfolio by adding speciality polyester films, including shrink labels and sun shield films which would further strengthen our overall margins and also the ability to withstand margin pressures if any in the future,” the company said.
The company’s Petcare vertical Zigly continues to grow rapidly and clocked monthly revenue (GMV) with a run rate revenue of Rs 3-crore on the back of expanding retail footprints, innovative sales promotion, and increasing online presence. The acquisition of Petsy, an online venture in the Petcare space, is complete and would further accelerate the growth of the Petcare vertical. Chemical recycling
The speciality chemical subsidiary is set to launch newer adhesives in H2, FY24.
Pankaj Poddar, Group CEO, Cosmo First, said “The company is working on multiple growth drivers including speciality BOPET films, sun shield film, rigid packaging, specialty chemicals, petcare, etc.
The joint ventures intend to issue a final investment decision in 2023, with construction beginning that year
Production is production to commence in late 2025 or early 2026. Between the two facilities, over 125 new jobs would be created if the project moves forward.
“With the establishment of this JV, LG Chem will not only procure production capacities for highly pure lactic acid needed for commercial-scale PLA production, but will also be able to apply biomaterials in the development of various high-value-added products. Based on eco-friendly materials, which is an axis for new growth engines, we will respond to the rapidly changing market and customers, while becoming a market leader, ” said Hak Cheol Shin, CEO of LG Chem, in a statement. Chemical recycling
In China, even finance is communist: Xi is the central banker (but the crisis does not pass)
In China, the once-unchallenged trajectory of economic prosperity is now met with unprecedented challenges, sending shockwaves through all levels of society
Unlike the West, which has grown accustomed to periodic crises, China has been relatively immune for several decades. However, the current state of Beijing’s economy is causing widespread concern, marked by a significant slowdown in economic growth, a looming real estate bubble, and the staggering youth unemployment exacerbated by Xi Jinping’s stringent measures on the hi-tech sector. Chemical recycling
The severity of the situation is not lost on the Communist Party, whose social legitimacy historically hinged on meeting the needs of the people. For decades, a tacit agreement existed: citizens traded some freedoms for steadily improving living conditions. Now, this implicit contract is unraveling, and the Party, under mounting pressure from its populace, is grappling with how to regain control.
The recent Central Financial Work Conference, held every five years to outline financial objectives, provided a glimpse into Xi’s vision. In his central speech, Xi unveiled a new economic model emphasizing the “rejuvenation” of the country through “socialism with Chinese characteristics for the new era.” A central tenet of this vision involves the Communist Party reclaiming a pivotal role in the entire economy.
Market forces, once allowed a degree of freedom, are now to be tightly controlled, if not outright impeded. Chemical recycling
This shift had already manifested in various measures, such as the drastic downsizing of Alibaba’s Jack Ma, the crackdown on internet giants, dismantling of online higher education sectors, and restrictions imposed on private businesses, which constitute 80% of the nation’s employment. The presence of party cells in companies, even foreign ones, reflects the growing intrusion of political influence. Foreign consultancy firms have faced ostracism and repression, while security and anti-espionage laws grant unprecedented powers to Chinese authorities.
In a departure from the previous focus on economic development, the central theme now is security – both geopolitical and domestic.
The goal is to create an economy and technology that are less reliant on international relations and foreign exchanges. Chemical recycling
Against this backdrop, the latest move is a profound transformation of the financial sector. The establishment of a Central Financial Commission, announced during the Conference, consolidates significant powers directly under the Communist Party’s purview.
This Commission will oversee the central bank, the regulatory commission for financial activities, and stock exchange authorities, essentially placing the entire Chinese financial sector, valued at over 60 trillion dollars, under the direct control of the Chinese Communist Party. As the economic landscape undergoes this tectonic shift, the world watches with anticipation, wondering whether these measures will steer China towards stability or introduce a new chapter of uncertainties. Chemical recycling
Hyundai, the electric revolution of the world’s largest car factory
Hyundai, at the forefront of the global automotive industry, is gearing up for an electric revolution that promises to reshape the landscape of the world’s largest car factory
The visionary words of Ju-yung Chung, Hyundai’s founder, echoing the conviction that “Korean cars will conquer the world,” laid the foundation for a remarkable journey.
Now, Hyundai Motor Group, currently holding the esteemed third place among car manufacturers globally, is poised to dominate the electric vehicle (EV) market by expanding the production capacity of its colossal Ulsan plant.
The Ulsan plant, already a colossus in the automotive realm, assembled a staggering 1.4 million cars in 2022 alone, dwarfing even Volkswagen’s facility in Wolfsburg, Germany, which can manage a maximum of 800,000 cars annually. Chemical recycling
In an ambitious move, Hyundai plans to carve out a dedicated production line within this automotive behemoth, earmarking a substantial 548 thousand square meters for the construction of a cutting-edge electric car plant.
The symbolic laying of the first stone on November 13 marked the initiation of this transformative endeavor, attended by key figures such as Euisun Chung, executive president of Hyundai Motor Group, Jaehoon Chang, president and CEO of Hyundai Motor Company, along with local officials.
The emphasis of this new facility extends beyond mere production capacity augmentation. Hyundai is actively seeking to integrate revolutionary production technologies to redefine the manufacturing process for electric vehicles.
While details remain undisclosed, there are tantalizing speculations about the adoption of the Hyundai Hyper Casting method. Chemical recycling
When queried about this groundbreaking technique, the response was elusive yet suggestive, hinting at an innovative manufacturing platform developed by the Hyundai Motor Group Singapore Innovation Center (HMGICS). This platform incorporates intelligent control systems driven by artificial intelligence, prioritizing employee safety, convenience, and operational efficiency.
Additionally, it employs eco-friendly, low-carbon construction methods, aligning with sustainability goals such as carbon neutrality and RE100 certification.
The investment allocated for the Ulsan expansion amounts to a formidable $1.53 billion, a strategic move in line with Hyundai’s broader vision. Chemical recycling
The Korean conglomerate aims to bolster domestic production of electric cars from the current 330 thousand units to a staggering 1.51 million by 2030. This surge in production will contribute to a global output of 3 million cars, emanating from 10 factories strategically positioned worldwide.
In this ambitious pursuit, Hyundai plans to unleash approximately thirty electric models under both the Hyundai and Kia brands.
This multifaceted approach positions Hyundai to contend for a spot among the top three electric car manufacturers globally, an echelon currently dominated by Tesla and BYD.
The challenge for electric domination is not only a strategic business move for Hyundai; it is a revival of ambition echoing the spirit of 1963, when Hyundai embarked on its journey. As the electric revolution unfolds, the Korean giant aims to rewrite history and reclaim its position at the forefront of automotive innovation. Chemical recycling
Chemical recycling