Sinochem News recently, Cologne Industrial Co.
, one of South Korean chemical materials giants, announced that it has developed a polyethylene terephthalate (PET) film made from waste plastics for the first time in South Korea.
The company has already begun to provide this product to LG Life Health and Lotte Aluminum, which are jointly involved in the development.
It is reported that since the second half of last year, the three companies have been cooperating to develop packaging materials using waste plastics.
From May this year, LG Life Health and Lotte Aluminum began to use newly developed films as packaging materials for daily necessities and food containers.
Cologne Industry stated that it will expand the coverage of this film to daily necessities, food packaging materials and industry in the future.
At present, PET film made from recycled materials accounts for less than 1% of the PET film market.
However, due to the reduction in global plastic use and the strengthening of environmental regulations, the company expects the PET film market to continue to grow.
Cologne Industries plans to cultivate waste plastics business as a new pillar of ESG (Environmental, Social and Corporate Governance) management, and to cultivate environmentally friendly materials as a business focus.