2026.03.30

Joint Research Working Towards the Realization of a Circular Economy for Plastics - The Feasibility of Chemical Recycling Chain Establishment in Kyushu -

As part of efforts to realize a circular economy for plastics, Honda Trading Corporation (Representative Director, President & CEO: Tatsuya Natsume) has implemented joint research on the feasibility of establishing a supply chain for plastic recycling using chemical recycling in an area focused mainly on Kyushu. This was an initiative planned and promoted by Mizuho Bank, Ltd. (President & CEO: Katsuhiko Kato) and Mizuho Research & Technologies, Ltd. (President & CEO: Masatoshi Yoshihara) and was conducted jointly with the Ishizaka Group (Representative Director: Takamitsu Ishizaka), CFP Corporation (CEO: Namie Fukuda), Taiyo Oil Company, Limited (President & CEO: Takahiro Yamamoto), Toyota Tsusho Corporation (President & CEO: Toshimitsu Imai), and Nissan Trading Co., Ltd. (Representative Director (CEO): Takeshi Ishii).

1. Background of the joint research

In recent years, there have been growing demands for the reduction of environmental impact both in Japan and overseas as the problem of plastic waste has become increasingly serious and efforts are made to realize a resource-recycling type society. In the European Union (EU) in particular, the revision of the End-of-Life Vehicles Directive (ELV Regulation) has shown the direction of movement towards requiring the use of a certain percentage of recycled plastic materials in the production of new automobiles. In response to these global regulatory trends, the domestic automotive industry in Japan also faces the urgent task of expanding the use of recycled materials and building new supply chains for stable procurement in the future.
In light of this situation, we pooled the knowledge of the eight participating companies and conducted a joint study on the feasibility of establishing a supply chain for plastic recycling to supply the recycled materials necessary for automobile manufacturing in Kyushu. Kyushu was targeted as a region where there is a concentration of automobile industry companies and also there are an increasing number of semiconductor-related industries being established.

2. Outline of the joint research items implemented

Investigation of the amount of used plastic recovered
Analysis of recycling technology (Suitability for oil conversion plants and petroleum refining plants)
Analysis of facility locations and logistics
Cost analysis for recycled materials
Analysis of acceptance by customers
Verification of measures to close price gaps

(Conceptual image of chemical recycling chain in Kyushu)

Conceptual image of chemical recycling chain in Kyushu

(Roles of each company)

Company	Role
Ishizaka Group	As a recycling company that has wide-ranging knowledge accumulated over many years performing the recovery, sorting, processing, and recycling of various waste materials including plastics, mainly in Kyushu, to verify the feasibility of connecting with the oil conversion process through processes such as collection and advanced sorting in accordance with the recycling use
CFP	As a chemical recycler with proprietary technology for the conversion of used plastic into oil, to perform verification of the technology for the oil conversion process, to consider treatment conditions based on the characteristics of the raw materials, and to evaluate the quality of the products converted to oil, to verify the feasibility of connecting with the oil refining process
Taiyo Oil	To use petroleum refining technology and knowledge cultivated over many years as a foundation to verify the feasibility of using pyrolysis oil derived from used plastics as feedstock for petroleum refining equipment and petrochemical equipment, to realize stable conversion to products that are reusable as “chemically recycled chemicals”
Toyota Tsusho Nissan Trading Honda Trading	To use the know-how and relationships cultivated over many years with completed vehicle manufacturers and other automobile-related companies as a foundation to verify the potential for recovering automobile industry-related used plastic by recovering materials from ELV, factories and logistics materials, and to verify the feasibility of connecting this with the oil conversion process
Mizuho Bank Mizuho Research & Technologies	To plan, propose, and promote this initiative with the aim of creating a circular economy industry as an area of focus in sustainable business, and also to evaluate and analyze the feasibility of supply chain construction and conduct overall supervision

3. Main suggestions based on the results of the joint research

Building up the securing of feedstock based on the assumed capacity of the oil conversion plant
Creating specific intended uses and then reconciling the cost acceptability with the customers
Securing clear demand for recycled materials derived from chemical recycling as preparation for decisions on capital investment

Support for studies to identify areas that should be prioritized for the supplying of recycled plastics
Support for the stimulation of demand for recycled materials manufactured domestically

Honda Trading will continue working with others on the challenge of using chemical recycling for plastic recycling in Kyushu and elsewhere to establish a supply chain to supply the recycled plastic materials necessary for automobile manufacturing and other industries.

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