Throwing Off Chinese Pursers
Korean chemical companies are focusing on eco-friendly products in order to leave Chinese rivals behind. They are striving to seek new growth opportunities with high value-added functional products, while Chinese chemical companies are about to catch up with them in the common product market.
SK Chemicals, for example, is concentrating on the bisphenol A-free bioplastic of Ecozen. The product is scheduled to be supplied for use in USIM cards and toothbrushes. Recently, the company supplied Ecozen-based food trays to SK Group subsidiaries and applied the product to Woori Card’s cash card. The annual demand for such plastic materials is expected to reach 90 million tons soon in the global credit card market.
GS Caltex is working on the commercialization of green chemical materials. It has conducted research for seven years in order to produce chemical materials not from petroleum, but sawdust and wood, and recently completed the development of biobutanol. It can be used as not only an eco-friendly fuel but also a material for pharmaceuticals, cosmetics, paints and synthetic rubber.
Kumho Petrochemical has come up with the SSBR, an eco-friendly rubber for tires, and the green asphalt additive of Leadcap. When mixed with heated asphalt, the latter can produce warm mix asphalt emitting 11 percent less CO2 than existing asphalt. Hyosung has continued to increase the supply of Mipan Regen since 2009, which is a nylon yarn produced from waste fishing nets.
These days, countries around the world are going eco-friendly one after another in the textile and petrochemical industries, and this is driving the companies to accelerate their new businesses. For instance, Italy has banned the use of plastic bags since 2011, and San Francisco has encouraged the use of biodegradable products.