A report released by the American Chemistry Council (ACC) found the potential economic impact of expanding advanced plastic recycling and recovery technologies in the U.S. to be nearly $10 billion. The report examined a burgeoning class of technologies that convert used plastics into a range of products and raw materials such as chemicals and chemical feedstocks for new plastics, lower-carbon transportation fuels and other petroleum-based commodities. By bringing used plastics back into the manufacturing system, these technologies are a key enabler in the drive toward a circular economy for plastics.
According to the report, "Economic Impact of Advanced Plastics Recycling and Recovery Facilities in the U.S.," if widely adopted, these processes could result in nearly 40,000 direct and indirect U.S. jobs, as much as $2.2 billion in annual payroll, and another $9.9 billion in direct and indirect economic output.
"Advanced plastic recycling and recovery technologies have the potential to revolutionize the way we make, use and reuse our plastic resources," said Steve Russell, ACC's vice president of plastics. "These technologies further demonstrate the untapped value of used plastics and have the potential to dramatically accelerate our transition to a circular economy."
"Expanding advanced plastic recycling and recovery facilities could create thousands of U.S. jobs, result in billions of dollars in economic output, and eliminate the landfilling of 6.5 million tons of postuse recoverable plastics each year," said Priyanka Bakaya, founder and CEO of Renewlogy and chair of the Plastics-to- Fuel and Petrochemistry Alliance, which commissioned the study.
Several major plastics makers and energy companies have recently announced investments and/or agreements with advanced plastic recycling and recovery technology providers, which are helping to demonstrate and scale these processes.
For more information, visit www.americanchemistry.com or call (202) 249-7000.
