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Recon Plans to Expand into the Plastics Chemical Recycling Business and Attended the 27th China Plastics Recycling Conference and Exhibition to Explore Cutting-Edge Technologies
BEIJING, March 2, 2023 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the
About this update from Recon Technology, Ltd.
[{"type":"text","content":"BEIJING, March 2, 2023 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) (\"Recon\" or the \"Company\"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced that it has formulated preliminary plans to expand into the plastics chemical recycling business. Recon also attended the 27th China Plastics Recycling Conference and Exhibition held on February 28 at Dongguan City of Guangdong Province to explore cutting-edge technologies that work to achieve circular economy goals in eliminating waste and pollution, keeping products and materials in continuous use, and regenerating natural systems. In contrast to traditional linear economies, the circular economy is important in addressing climate change, combating biodiversity loss, and preserving scarce resources.\nCreating a circular economy is an essential sustainability target for stakeholders across the petrochemicals plastic value chain. Traditional mechanical recycling methods are necessary, but such methods are more likely to achieve a downcycling of plastics. Chemical recycling can create new plastics, save the consumption of crude oil, improve the reuse of waste plastics, and truly achieve the full life-cycle cycle of plastics which is a vital contribution to reducing plastic pollution. How to achieve stable production at low cost has been a key breakthrough that the global chemical industry continues to explore. The business segment has since attracted the attention and participation of many consumer industry giants, who have realistic requirements on increasing the use of recycled plastics, which means the development of the sector is rapid and the market potential is huge. The segment also attracts investments, planned expansions and real-world product launches into the field that all aim to accelerate its scale and application frequency.\nRelevant data shows that the market space for chemical recycling of waste plastics is huge, with an annual new market potential estimated at tens of billions of dollars and a market potential of hundreds of billion dollars to dispose and reuse of plastics produced and previously landfilled. Chemical recycling of waste plastics is expected to become a new growth area and a driving force for petrochemical and sanitation solid waste...