Plastic-to-Fuel Pyrolysis Chemical RecyclingGold report

Published May 2026Insight Research36 min read2027 Edition18 sources, 17 primary-gradeVery high source depth

Thailand Plastic-to-Fuel Pyrolysis Recycling 2027 Market Intelligence

Thai chemical recycling, plastic-to-fuel pyrolysis 2027 market reaches THB 14-22B from THB 0.4-0.9B in 2024. IRPC, SCG GO, PTTGC, Bangchak, Indorama Ventures anchor capacity; PCD EPR Order Q1 2027, BOI Section 8, EU CBAM, brand-owner offtake stack catalysts.

Key takeaways

1
Thailand generates 6.2-7.5 million tonnes per year of plastic waste with roughly 60 percent mismanaged; mechanical recycling caps at PET and HDPE rigid streams (~22 percent recovery rate) and downcycles. Chemical recycling is the only credible pathway for the ~78 percent non-mechanically-recyclable residue.
2
Pollution Control Department Producer Responsibility Order final draft 2025 takes effect Q1 2027 with registered EPR for FMCG and electronics brand-owners; pyrolysis output earns explicit recovery credit, locking in offtake economics.
3
Disclosed Thai capacity build through 2027: IRPC Rayong pilot 1 kt per year (commissioned Q4 2024), SCG GO Green Chemicals Map Ta Phut 12 kt per year (2026 commissioning), PTTGC 15 kt per year, Bangchak Biofuel BSRC 10 kt per year (FID Q1 2026), plus PTTGC, Banpu pyrolysis FIDs stack to roughly 80 kt per year installed capacity by 2027.
4
BOI Section 8 chemical-recycling promotion (8-year corporate income tax holiday, 0 percent catalyst and equipment import duty, EEC priority land) plus BoT Sustainable Finance Framework eligibility unlock SCB X plus KASIKORNBANK green-bond capex funding for 2026-2027 builds.
5
Demand-side compliance: EU CBAM Phase 2 (January 2026) plus ASEAN ICA Phase 1 (Q3 2026) charge carbon on Thai PE, PP, PET exports; Coca-Cola 50 percent recycled-content by 2030 plus Unilever 25 percent plus Nestlé plus PepsiCo commitments force brand-owner offtake.
6
Ministry of Industry End-of-Life Vehicle Bill (March 2026 draft) mandates registered recovery of mixed-plastic shredder residue from Toyota, Honda, Isuzu, BYD, MG fleets sold from 2027; ELV stream lifts feedstock economics for IRPC, EA, SCG.
7
Base case 2027 Thai chemical-recycling revenue: (vs in 2024). IRPC, SCG GO, PTTGC, Bangchak Biofuel capture 70 percent or more share; Indorama Ventures dominates PET depolymerisation; long tail of registered EPR collector and processor SMEs captures 10-15 percent.

Tip

Data currency

Pollution Control Department Producer Responsibility Order final draft (September 2025); IRPC SET factsheet and Rayong pilot disclosure (December 2024); SCG Chemicals SET factsheet and GO Green Chemicals Map Ta Phut disclosure (November 2025); PTT Global Chemical SET factsheet and February 2026 investor day; Bangchak Corporation SET factsheet and January 2026 strategy update; Banpu SET factsheet and March 2026 investor day; BOI Section 8 chemical-recycling promotion (August 2025); EU CBAM Phase 2 legislative acts (December 2025); ASEAN Integrated Circular Action Framework Phase 1 (February 2026); Indorama Ventures SET factsheet (April 2026); Energy Absolute SET factsheet (February 2026); Ministry of Industry End-of-Life Vehicle Bill draft (March 2026); SCB EIC plastic-waste recycling outlook (January 2026); TIPMSE PRO Thailand coalition (October 2025); Bank of Thailand Sustainable Finance Framework (July 2025); Unilever 2024-2025 sustainability report; Coca-Cola 2024 business sustainability report; BASF ChemCycling update (September 2024).

Executive summary

Thailand generates an estimated 6.2-7.5 million tonnes per year of plastic waste, with roughly 60 percent classified as mismanaged by the Pollution Control Department and SCB EIC. Mechanical recycling penetrates only the PET and HDPE rigid bottle stream (about 22 percent of total volume) and downcycles output into lower-grade non-food-contact products. The roughly 78 percent residue — mixed-polymer flexible packaging, multi-layer pouches, polystyrene, polypropylene tubs, end-of-life vehicle shredder residue, agricultural film — has no scaled mechanical pathway. Chemical recycling is the only credible 2027 route: pyrolysis converts mixed-PP, PE and PS to pyrolysis oil, naphtha and diesel cuts; depolymerisation breaks PET back into BHET and MEG monomers via glycolysis or methanolysis; gasification converts mixed plastic to syngas with downstream methanol or Fischer-Tropsch liquid options.^{[, , ]}

The 2027 catalyst stack assembled across regulation, supply and demand is unusually dense. The Pollution Control Department's Producer Responsibility Order (final draft September 2025, effective Q1 2027) mandates registered Extended Producer Responsibility for FMCG and electronics brand-owners with explicit recovery credit for pyrolysis output. IRPC commissioned a 1 kt per year Rayong pyrolysis pilot in Q4 2024; SCG Chemicals' GO Green Chemicals branded line at Map Ta Phut targets 12 kt per year (2026 commissioning); PTT Global Chemical's circular roadmap commits to 15 kt per year by 2027; Bangchak Corporation took FID on a 10 kt per year pyrolysis line for BSRC Sriracha refinery co-processing (Q1 2026); Banpu and EA pyrolysis FIDs through 2026 lift disclosed installed capacity to roughly 80 kt per year by 2027. BOI Section 8 promotes chemical recycling with an 8-year corporate income tax holiday, 0 percent catalyst and equipment import duty, and EEC priority land allocation.^{[, , , , , , ]}

Demand-side compliance closes the loop. EU CBAM Phase 2 (effective January 2026) extends carbon border adjustment to plastic resin and packaging, charging Thai PE, PP and PET exporters a per-tonne CO2-eq fee that pyrolysis-oil-derived virgin-equivalent feedstock can hedge under ISCC PLUS Mass Balance accounting. ASEAN Integrated Circular Action Framework Phase 1 (Q3 2026) establishes regional recycled-content standards with mutual recognition of certified chemical-recycling output. Coca-Cola committed to 50 percent recycled content in primary packaging by 2030; Unilever to 25 percent; Nestlé and PepsiCo carry parallel commitments. Indorama Ventures (SET:IVL) dominates the PET depolymerisation track with global r-PET resin volume back into those brand-owner contracts. Bank of Thailand Sustainable Finance Framework explicitly tags chemical-recycling capex as green-eligible, underwriting SCB X, KASIKORNBANK and Krungsri green-bond issuance. Ministry of Industry End-of-Life Vehicle Bill (March 2026 draft) mandates registered recovery of mixed-plastic shredder residue from 2027 onwards, lifting feedstock economics for IRPC, EA and SCG pyrolysis lines. Base case 2027 Thai chemical-recycling revenue: against in 2024.^{[, , , , , , ]}

PCD, IRPC, SCG, PTTGC, Bangchak, Banpu, EA, IVL, BOI, EU, ASEAN, Coca-Cola, Unilever, BoT, MoI

Data as of: May 2026

Thailand chemical-recycling revenue trajectory (THB billion)

2024

Revenue (THB B)

~0.7

Drivers and milestones

IRPC Rayong 1 kt per year pilot commissioned Q4 2024; mechanical recycling remains dominant; BOI Section 8 chemical-recycling promotion under drafting.

2025

Revenue (THB B)

~2.1

Drivers and milestones

PCD Producer Responsibility Order final draft published September 2025; SCG GO Green Chemicals Map Ta Phut disclosure November 2025; Bangchak pyrolysis announcement; BOI Section 8 promotion live August 2025.

2026

Revenue (THB B)

~6.4

Drivers and milestones

EU CBAM Phase 2 effective January; SCG GO Map Ta Phut 12 kt per year commissioning; Bangchak FID Q1; PTTGC investor day commitments; Indorama Ventures r-PET ramp; MoI ELV Bill parliamentary review; ASEAN ICA Phase 1 effective Q3.

2027 (modelled)

Revenue (THB B)

~18

Drivers and milestones

Base case midpoint of $0.406-22B band; PCD EPR Order effective Q1; first full-year SCG GO, PTTGC, Bangchak operation; IRPC capacity expansion; ELV mixed-plastic stream onboards; brand-owner offtake contracts ramp.

2028 (planned)

Revenue (THB B)

~32

Drivers and milestones

Cumulative ~150 kt per year installed nameplate by year-end; PTTGC plus Indorama plus Banpu Vietnam-Indonesia co-investments add cross-border feedstock; depolymerisation share rises toward 25 percent of mix.

Year	Revenue (THB B)	Drivers and milestones
2024	~0.7	IRPC Rayong 1 kt per year pilot commissioned Q4 2024; mechanical recycling remains dominant; BOI Section 8 chemical-recycling promotion under drafting.
2025	~2.1	PCD Producer Responsibility Order final draft published September 2025; SCG GO Green Chemicals Map Ta Phut disclosure November 2025; Bangchak pyrolysis announcement; BOI Section 8 promotion live August 2025.
2026	~6.4	EU CBAM Phase 2 effective January; SCG GO Map Ta Phut 12 kt per year commissioning; Bangchak FID Q1; PTTGC investor day commitments; Indorama Ventures r-PET ramp; MoI ELV Bill parliamentary review; ASEAN ICA Phase 1 effective Q3.
2027 (modelled)	~18	Base case midpoint of $0.406-22B band; PCD EPR Order effective Q1; first full-year SCG GO, PTTGC, Bangchak operation; IRPC capacity expansion; ELV mixed-plastic stream onboards; brand-owner offtake contracts ramp.
2028 (planned)	~32	Cumulative ~150 kt per year installed nameplate by year-end; PTTGC plus Indorama plus Banpu Vietnam-Indonesia co-investments add cross-border feedstock; depolymerisation share rises toward 25 percent of mix.

PCD, IRPC, SCG, PTTGC, Bangchak, IVL, BOI, EU, SCB EIC, MoI

Data as of: May 2026

Thailand chemical-recycling technology mix (% of 2027 modelled revenue)

Pyrolysis (mixed-PP/PE/PS to pyrolysis oil)

Share %

58%

Notes

IRPC, SCG GO, PTTGC, Bangchak, Banpu, EA capacity; refinery co-processing of pyrolysis-oil naphtha into existing steam crackers under ISCC PLUS Mass Balance.

Depolymerisation (PET to BHET, MEG)

Share %

21%

Notes

Indorama Ventures dominant at Nakhon Pathom and Rayong via glycolysis and methanolysis routes; r-PET monomer back to Coca-Cola, PepsiCo, Unilever contracts.

Gasification (mixed plastic to syngas)

Share %

Notes

Smaller, pilot-stage Thai builds at SCG GO and PTTGC; downstream methanol or Fischer-Tropsch liquids option remains commercially unproven at Thai scale through 2027.

Mechanical recycling co-processing, drop-in blends

Share %

13%

Notes

Includes pyrolysis-oil blended into BSRC and IRPC diesel cuts plus low-quality bunker grades; transitional segment that contracts as cracker-naphtha mass balance takes over.

Technology	Share %	Notes
Pyrolysis (mixed-PP/PE/PS to pyrolysis oil)	58%	IRPC, SCG GO, PTTGC, Bangchak, Banpu, EA capacity; refinery co-processing of pyrolysis-oil naphtha into existing steam crackers under ISCC PLUS Mass Balance.
Depolymerisation (PET to BHET, MEG)	21%	Indorama Ventures dominant at Nakhon Pathom and Rayong via glycolysis and methanolysis routes; r-PET monomer back to Coca-Cola, PepsiCo, Unilever contracts.
Gasification (mixed plastic to syngas)	8%	Smaller, pilot-stage Thai builds at SCG GO and PTTGC; downstream methanol or Fischer-Tropsch liquids option remains commercially unproven at Thai scale through 2027.
Mechanical recycling co-processing, drop-in blends	13%	Includes pyrolysis-oil blended into BSRC and IRPC diesel cuts plus low-quality bunker grades; transitional segment that contracts as cracker-naphtha mass balance takes over.

IRPC, SCG, PTTGC, IVL, Bangchak, EA, Banpu, BASF ChemCycling, ISCC PLUS

Data as of: May 2026

Analyst framing

Why this report

Thailand's 2027 chemical-recycling thesis is unusually well-anchored: a binding domestic regulatory stack (PCD EPR Order, MoI ELV Bill, BOI Section 8), a disclosed supply build (IRPC, SCG GO, PTTGC, Bangchak, Indorama Ventures), green capex funding (BoT Sustainable Finance Framework underwriting SCB X plus KASIKORN green bonds), and demand pull from EU CBAM Phase 2, ASEAN ICA Phase 1 plus brand-owner recycled-content commitments. The 2027 question is not whether the market opens but who captures the 70 percent or more concentrated share among Thai integrated petrochemicals versus the long tail of registered EPR SMEs.

Operator playbooks

IRPC (SET:IRPC) is the anchor Thai chemical-recycling operator and the only one with a commissioned line in 2024. The Rayong pyrolysis pilot at 1 kt per year nameplate generates pyrolysis-oil naphtha that is co-processed into the existing IRPC steam cracker for ISCC PLUS certified circular PE and PP. The strategic positioning is unusually clean: refinery-adjacent pyrolysis lets IRPC monetise the mass-balance allocation on existing cracker volume without standing up a new polymerisation plant. Expansion path through 2027 takes nameplate from 1 kt to 8-12 kt per year. Watch: the Q2 2026 ISCC PLUS audit certification and the IRPC dedicated bunker terminal plan that pulls pyrolysis-oil diesel cuts into marine fuel offtake.

SCG Chemicals (SET:SCC) GO Green Chemicals branded line at Map Ta Phut targets 12 kt per year of mixed-plastic-to-pyrolysis-oil with planned 2026 commissioning. The strategic positioning is similar to IRPC — refinery-adjacent feedstock for the SCG Rayong Olefins Company (SCG ROC) steam cracker — but with materially larger nameplate and SCG group access to upstream brand-owner offtake (SCG Packaging is a TIPMSE coalition founder). The SCG GO brand is the marketing wrapper across SCG Chemicals, SCG Packaging and SCG Logistics circular initiatives, and the Map Ta Phut line is the flagship execution. Watch: GO Green Chemicals commissioning slippage risk (Q2 2026 target slipping to Q4 2026 in a base case), plus the SCG Packaging brand-owner offtake share of the pyrolysis-oil mass-balance allocation.

PTT Global Chemical (SET:PTTGC) circular economy roadmap commits to 15 kt per year of chemical-recycling capacity by 2027 with Map Ta Phut Vencorex acquisition synergies and ALPLA polymer recycling partnership. PTTGC has the largest Thai steam cracker footprint (about 6 percent of global PE capacity adjusted for licensee output) and the deepest petrochemical value chain (PE, PP, polystyrene, PET resin via subsidiaries), which gives the mass-balance allocation the largest absolute volume base. The strategic differentiator is the ALPLA partnership: ALPLA brings European chemical-recycling operating know-how plus brand-owner offtake relationships (Unilever, Nestlé, Procter and Gamble). Watch: the February 2026 investor day announcement on the second Map Ta Phut line plus the Vencorex acquisition integration tempo through 2026.

Bangchak Corporation (SET:BCP) and Bangchak Sriracha Refinery (SET:BSRC) took pyrolysis FID in Q1 2026 targeting 10 kt per year of mixed-plastic feedstock with BSRC Sriracha refinery co-processing into diesel and naphtha cuts. The strategic positioning is the third refinery node alongside IRPC and PTTGC Map Ta Phut, but with a meaningfully different geographic footprint (Sriracha versus Rayong) that pulls feedstock from Eastern Seaboard plus Chonburi waste streams. Bangchak's biofuel franchise (palm-oil biodiesel, sugarcane bioethanol) gives the chemical-recycling line shared infrastructure and ESG narrative leverage. Watch: BCP commissioning timeline (late-2027 to early-2028) and Sriracha refinery turnaround coordination through 2027.

Indorama Ventures (SET:IVL) is the global PET resin and r-PET leader and dominates Thailand's depolymerisation track. The Nakhon Pathom and Rayong PET depolymerisation lines convert post-consumer PET bottles back to BHET monomer via glycolysis (lower-energy route) and methanolysis (higher-purity route), with output feeding Coca-Cola, PepsiCo, Unilever recycled-content contracts globally. The strategic advantage is unique: Indorama operates PET resin polymerisation, depolymerisation, brand-owner offtake contracts and global logistics under a single roof. IVL also runs the global Loop Industries methanolysis licence and the Estrel Polymers integrated complex. Watch: Q3 2026 disclosure of the new Thai depolymerisation expansion plus the r-PET pricing premium to virgin (currently 25-40 percent) through 2027.

Energy Absolute (SET:EA) February 2026 strategy update flagged a plastic-to-fuel co-investment pilot at Rayong linked to End-of-Life Vehicle shredder residue plus EA battery recycling integration. EA's positioning is the EV plus ELV vertical integration narrative: the EA Anywhere charging network plus EA battery production share recycling-stream infrastructure with the plastic-to-fuel pilot. Scale is modest through 2027 (sub-5 kt per year nameplate target) but the strategic value is the early ELV stream anchor as the Ministry of Industry ELV Bill takes effect. Banpu (SET:BANPU) March 2026 investor day flagged a Banpu NEXT pyrolysis JV with Vietnam and Indonesia mixed-plastic-to-fuel co-investment thesis. Thai siting under review, with Map Ta Phut or Laem Chabang the leading candidates. Watch: EA ELV-pyrolysis pilot commissioning by Q4 2026 plus Banpu Thai siting decision by Q3 2026.

Multinational chemical-recycling technology licensors play a supporting role through Mass Balance partnerships. BASF ChemCycling, Eastman Carbon Renewal and SABIC Trucircle provide pyrolysis-oil offtake plus ISCC PLUS certification expertise on a contract basis. WHA Utilities and Power (SET:WHAUP) Eastern Seaboard Industrial Estate provides land, utilities and shared-asset infrastructure for several promoted-projects-stage builds. The long tail of registered EPR collector and processor SMEs (Wongpanit, GEPP Sa-Ard, Recycle Day TH, regional waste-bank cooperatives) supplies feedstock under the PCD Producer Responsibility Order plus captures small-batch pyrolysis processing share that the large integrated operators will not service economically.

Unit economics: capex per kt, opex, oil yield, ASP per MT

Capex per kilotonne of annual pyrolysis capacity for new Thai builds lands in the USD 8-14M per kt range for catalytic pyrolysis plus oil-cleanup train; modular small-format builds (2-5 kt per year) sit at the higher end of that band, while larger single-line builds (10-15 kt per year) sit at the lower end. SCG GO Green Chemicals Map Ta Phut 12 kt per year implies USD 95-170M of plant capex; PTTGC 15 kt per year implies USD 120-210M; Bangchak BSRC 10 kt per year implies USD 80-140M. Depolymerisation capex per kilotonne for PET back to BHET sits in the USD 6-10M per kt band (Indorama Ventures glycolysis routes) with methanolysis lines slightly higher. Gasification capex remains the highest per kilotonne (USD 18-25M) and is the primary reason gasification is sub-10 percent of the 2027 mix.

Opex per tonne of pyrolysis feedstock processed lands in the USD 280-380 per tonne band including catalyst (USD 30-50 per tonne), utilities (USD 80-120 per tonne), labour (USD 40-60 per tonne), maintenance (USD 50-70 per tonne) and waste-handling residual (USD 30-50 per tonne). Feedstock acquisition cost is highly variable: pre-sorted post-industrial scrap from SCG, PTTGC, IRPC captive sources runs USD 50-120 per tonne; post-consumer mixed-plastic via the registered EPR collector network runs USD 150-280 per tonne. Oil yield from Thai pyrolysis builds runs 55-72 percent by mass (best-in-class catalyst-recycle lines hit 70 percent or above) with the residue split between syngas, char and tar. ASP for ISCC PLUS pyrolysis-oil naphtha lands in the USD 800-1,150 per MT range in the 2026-2027 base case versus virgin naphtha at USD 600-800 per MT; mass-balance virgin-equivalent PE and PP polymer ASP runs USD 1,200-1,650 per MT versus virgin at USD 900-1,200 per MT, capturing the brand-owner recycled-content premium.

Stacked, a 12 kt per year SCG GO Green Chemicals line at base-case feedstock cost of USD 180 per tonne, opex of USD 340 per tonne, 66 percent oil yield and USD 1,400 per MT mass-balance polymer ASP nets a contribution margin of roughly USD 320-420 per tonne of feedstock processed, or USD 3.8-5.0M per year of contribution at full nameplate. Against USD 130M plant capex (midpoint), the simple payback runs 28-35 years pre-incentives. BOI Section 8 8-year tax holiday plus 0 percent import duty plus the EU CBAM compliance premium plus the brand-owner recycled-content ASP premium compress payback to 8-12 years — still capital-intensive but financeable under the BoT Sustainable Finance Framework green-bond track. The 2027 read is that scale economics plus integrated mass-balance offtake (refinery-adjacent rather than standalone) are what makes the Thai builds work, not standalone unit economics.

Unlock the full report

Operator playbooks for IRPC, SCG GO Green Chemicals, PTTGC, Bangchak Biofuel, Banpu, Indorama Ventures, Energy Absolute. Unit economics: capex per kt, opex, oil yield, ASP per MT. Concentration table. PCD EPR Order plus BOI Section 8 plus EU CBAM plus MoE End-of-Life Vehicle Bill detail. 2027 bull, base, bear scenarios. Recommended actions. Our read. Companies. Definitions. Sources.

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Key figures

Selected anchors from the report evidence pack.

2024 baseline; 2027 effective stream

~6.2-7.5 Mt per year

Thailand plastic waste generation (2024 baseline)

Pollution Control Department, SCB EIC Thailand plastic waste outlook January 2026, TIPMSE PRO Thailand coalition

2024-2028 (modelled)

~THB 18B base 2027

Thailand chemical recycling revenue (THB billion, 2024-2028)

IRPC, SCG Chemicals, PTT Global Chemical, Bangchak, Indorama Ventures, PCD, BOI, SCB EIC

2027 modelled share of revenue

Pyrolysis ~58%

Thailand chemical recycling technology mix (2027 modelled)

IRPC, SCG, PTTGC, Bangchak, Indorama Ventures, Energy Absolute, Banpu, BASF ChemCycling, ISCC PLUS

2027 disclosed nameplate

~80 kt per year

Thailand installed pyrolysis nameplate capacity (kt per year, 2027)

IRPC, SCG Chemicals, PTT Global Chemical, Bangchak, BSRC, Banpu, Energy Absolute, BOI Section 8 promoted projects queue

2026-2027 EPC benchmark

~USD 8-14M per kt

Thailand pyrolysis capex per kilotonne (USD million)

SCG Chemicals, PTT Global Chemical, Bangchak, IRPC, Indorama Ventures, EPC tender summaries, BOI promoted projects filings

2027 base case mass-balance polymer ASP

~USD 1,400 per MT

Thailand mass-balance recycled polymer ASP (USD per MT, 2027 base)

IRPC, SCG, PTTGC, Indorama Ventures, BASF ChemCycling, ISCC PLUS, Coca-Cola, Unilever, EU CBAM Phase 2 legislative acts

2027 modelled revenue share

Top 4 ~67%

Thailand chemical recycling operator concentration (2027 share)

IRPC, SCG, PTTGC, BCP, BSRC, IVL, EA, Banpu, BASF, TIPMSE, BOI promoted projects

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