The global challenge of plastic pollution is underscored by stark statistics: an estimated 159 million tons of plastic waste was created in 2023 worldwide and a staggering 43% of that waste will be mismanaged at end of life, endangering our oceans and very way of life. Despite the environmental toll, the demand for plastic is projected to increase, making the pursuit of sustainable plastic production not just desirable but necessary. The challenge is to develop methods that allow for the continued use of this valuable material while minimizing environmental impact. While mechanical plastics recycling and waste management have come a long way in reducing the impact of plastic, a solution that can enable true circular reuse of plastic is necessary.

The concept of a circular economy for plastics revolves around the ability to create new products from waste material. At the heart of this concept is chemical recycling, a revolutionary process that converts waste plastics back into oil. This transformative approach not only significantly reduces the need for new raw materials but also plays a crucial role in converting waste plastic into new, high-quality plastic products. By enabling the effective reuse of plastics, chemical recycling embodies the circular economy's ideals, offering a sustainable pathway forward.

When comparing chemical recycling to its counterpart, mechanical recycling, the advantages become clear. Mechanical recycling, while valuable, often degrades the polymer chains, allowing for just three to seven uses according to some estimates. Chemical recycling, on the other hand, breaks down plastics to their molecular level, allowing for twenty to thirty uses without degradation when accounting for efficiency losses. This process not only extends the lifecycle of plastics but also supports the inclusion of materials previously considered unrecyclable, thereby significantly reducing waste and environmental impact.

The economic implications of chemical recycling extend beyond the mere production of new plastics. The sale of hydrocarbons derived from recycled plastics opens a new revenue stream within the plastics economy, providing a financial incentive for the adoption of sustainable practices. Furthermore, the environmental benefits associated with chemical recycling, such as reduced landfill use and decreased dependency on oil extraction, align with global carbon credit markets and grant opportunities. These financial mechanisms further enhance the viability of chemical recycling, underpinning a sustainable economic model that rewards environmental stewardship while fostering the growth of a circular plastics economy.