While the rest of South Korea’s petrochemical industry is struggling, SK Chemicals is having a surprisingly strong year. After a massive 98.5% jump in profits in the first quarter, the company is now turning its attention to a new source of income: advanced plastic recycling.
SK Chemicals’ past success comes from its green chemicals business, which makes a special type of clear, durable plastic called copolyester. But the company’s future, according to Executive Vice President Kim Hyun-suk, lies in turning plastic waste into profit.
The key to their new strategy is a technology called depolymerization. Instead of just melting plastic down, this process chemically breaks it down into its original, pure building blocks. This means they can recycle materials that traditional methods can’t handle, such as colored bottles and polyester films, and do it over and over again without losing quality.
When asked about the safety of using recycled plastic, Kim emphasized that the process removes nearly all impurities and has received safety certifications from agencies like the U.S. Food and Drug Administration for products that touch food.
To make this happen, SK Chemicals bought a facility in China. Kim explained that China provides a steady supply of cheap waste plastic to use as raw material. The final, high-quality products are then manufactured in Korea and sold globally.
With the market for chemically recycled plastics expected to grow significantly, Kim sees a clear path forward. “Through our recycling business, we aim to fundamentally address global plastic waste while building a more sustainable future,” he said.
