Plastic waste – Polyester filament losses widen, raising concerns about further production cuts 31-05-2024 - Arhive
Plastic waste
Crude Oil Prices Trend
Crude Oil Prices Trend by Polyestertime
More plastic means more waste – but also attractive business prospects in recycling
Used in all walks of life, plastic is inexpensive and possesses superior functional properties that make it difficult to substitute. A growing global population and ever wider use of plastics will drive demand for plastic even higher in the years ahead. The downside, however, is that the existing mountains of plastic waste will grow with this demand – from 372 Megatons in 2023 to 510 Megatons by mid-century. To tackle the issue of rising demand and corresponding plastic waste, chemical recycling will need to play a pivotal role.
1. Drivers of plastic waste recycling and outlook
One of the few effective levers to mitigate this serious sustainability issue is to recycle plastic. Recycling diminishes the burden on the environment, but also gradually reduces the need for new virgin materials. Yet although recycling has been around for a long time, it is still the case that only about 12 % of global plastic waste actually gets recycled.
To combat the alarming pace of global warming and accommodate growing consumer awareness, governments are tightening up their regulation, even as players in some key industries (such as FCMG) voluntarily self-regulate. As a result of these measures, the global recycling share is expected to almost double to 20 % by 2030 and rise as high as 45 % by 2050. Plastic waste
Since more plastic will be in circulation going forward, plastic waste fed into the recycling chain is projected to increase from 44 MT in 2023 to 85 MT in 2030 and 230 MT in 2050 – a compound annual growth rate of almost 6% between 2023 and 2050. Volume growth will be faster in APAC and North America than in Europe, though developing economies will also see dynamic growth, with African countries leading the way. Plastic waste
Bioplastics Production Capacity in China
The new report by nova-Institute presents a timely market analysis of China’s bio-based and biodegradable plastics industries and markets in 2024. On 71 pages, 14 tables, and illustrated by 13 graphics, the report provides an in-depth overview of the key products that dominate the Chinese market. It examines key market trends, policy dynamics, technological advances, key market players and growth opportunities. Plastic waste
The aim is to provide chemical companies with actionable insights to navigate the Chinese market effectively and make informed decisions about market expansion or potential partnerships in China. In particular, the report highlights all relevant critical policies in the bio-based and biodegradable plastics markets since 2021 and in the future. It also provides first-hand market insights from Chinese entrepreneurs through in-depth face-to-face interviews with eight Chinese companies. Plastic waste
China: The world’s biggest plastics producer
In 2022, global plastics production reached 400.3 million tonnes, with a market value of 712 billion US$, an increase of about 1.6% since 2021. Asia is the world’s largest region for plastics production with a share of around 55%, of which China accounts for 32% with 128 million tonnes plastics in 2022.
REDWAVE Launches Innovative REDWAVE TEX for the Future of Textile Recycling
As the EU implements new regulations for the separate collection of textile waste, the Austrian company REDWAVE proudly introduces a revolutionary advancement in textile recycling at IFAT 2024 in Munich: REDWAVE TEX. This state-of-the-art sorting machine is designed to meet the increasing demands of textile recycling, paving the way for a more sustainable future. Plastic waste
With the EU mandating separate textile collection starting in 2025, there is a clear need for efficient, precise, and scalable recycling solutions. Textile recycling is still in its early stages, making REDWAVE’s support crucial for the industry.
The company collaborates closely with clients to develop innovative solutions that promote sustainability. Plastic waste
REDWAVE TEX represents a significant achievement, offering a fully automated, sensor-based solution that uses advanced technologies to sort textiles with precision. It can accurately sort a wide range of textile products, from delicate silk blouses to sturdy jeans, based on material composition, color, shape, and the detection of foreign objects. The machine efficiently sorts either whole garments or shredded textiles, including used clothing, production waste, returns, hospital garments, and unsold stock.
Polyester filament losses widen, raising concerns about further production cuts
Over the weekend, some large polyester filament factories intensified their promotional discounts, with discounts reaching up to 800yuan/mt. For example, the transaction price of POY150D/48F dropped to 7250yuan/mt, close to last year’s lowest price level of 7200yuan/mt. Based on last Friday’s prices, the POY150D on average was already losing nearly 200yuan/mt, and with the increased weekend discounts, the loss expanded to nearly 300yuan/mt, reaching the lowest point in profitability this year. Plastic waste
Meanwhile, since May, downstream mainly purchased on essential demand, leading to a decrease in overall raw material stocking. As of last Thursday, downstream stocking were mostly towards late-month, indicating a new round of procurement. Stimulated by the sales promotions, weekend polyester filament sales in Jiangsu and Zhejiang partially increased, estimated to be around 130-140% on average over two days.
Since March, polyester filament enterprises have continuously promoted sales, leading to multiple refreshes of the year’s lowest prices and declining profitability. Currently, filament prices have fallen to the lowest point of the year, particularly POY. Plastic waste
Caprolactam Supply in Germany Remains Stable, Demand Lags Behind
The Caprolactam market in Germany is navigating through a phase of sufficient supply but significantly subdued demand, posing challenges for the industry. Caprolactam, a key raw material in the production of Nylon 6, is crucial for various sectors including textiles, automotive, and plastics.
Germany currently maintains a steady supply of Caprolactam, supported by its strong production capacities and highly efficient manufacturing processes. Plastic waste
Germany’s supply of Caprolactam is reported to be sufficient to meet domestic demand. The production capacities within the country, supported by efficient manufacturing processes, ensure that there is no shortage of this essential chemical. Major producers have maintained steady output levels, and there have been no significant disruptions in the production chain. This stable supply is a positive aspect of the market, as it indicates reliability and consistency in meeting the needs of downstream industries.
Buying sentiments in the market have been only within the average range. There is no significant surge in purchasing activity, and buyers are cautious with their procurement strategies. Plastic waste
The BRICS New Development Bank (NDB) has made a significant advancement by signing its first non-sovereign loan agreement in China
This milestone event took place in east China’s Zhejiang Province, where the NDB committed to providing around 358 million yuan (approximately 50 million U.S. dollars) to the Bank of Huzhou. This funding is earmarked for a series of sustainable infrastructure projects throughout the province. The key focus of these initiatives includes the enhancement of clean energy, energy efficiency, transportation, logistics, water, and sanitation infrastructure. Plastic waste
This strategic loan enables the on-lending of funds to private sector entities, facilitating their involvement in critical infrastructure projects. It represents a shift in the NDB’s approach, emphasizing support for the private sector’s role in infrastructure development, which aligns with the broader developmental goals of BRICS member countries.
The NDB, established by Brazil, Russia, India, China, and South Africa, aims to mobilize resources for infrastructure and sustainable development in emerging economies and developing countries, thus complementing the efforts of other global multilateral and regional financial institutions. Plastic waste
Innovation Award finalists announced
Showcasing progress in nonwoven substrates, cleaning solutions and raw materials
Plastic waste