S.Korea's SK Chemicals launches recycled fiber fabrics

South Korea's SK Chemicals has launched recycled fiber fabrics developed jointly with Art Impact and Project 1907, eco-friendly social enterprises, through its plastic circulation ecosystem platform "Ieum."

The fabrics are made of recycled materials such as chemically recycled polyethylene terephthalate (CR-PET) supplied by SK Chemicals as raw materials and are commercialized by Art Impact and Project 1907. The fabrics are made of 100% polyester and spandex blend.

Chemical recycling is a process of breaking down waste plastics into molecular units to make them into raw materials again, which can reduce the use of new plastics made from petroleum.

SK Chemicals led this collaboration through Ieum and plans to build a business-to-business-to-consumer (B2B2C) sales network that connects the chemical recycling fiber supply chain with consumers.

The company is also expanding its cooperation structure with various textile fashion companies that handle clothing, daily necessities, camping goods, packaging materials, etc.

According to a strategy for nurturing the eco-friendly and recycled textile fashion industry published by the Korea Institute for Industrial Economics & Trade (KIET), the global recycled polyester fiber market is expected to grow at an average annual rate of 4.9% and reach about $3.7 billion in 2026.

On March 6, SK Chemicals decided to purchase the CR-PET unit of Shuye, a Chinese green materials specialist that had supplied raw materials to SK Chemicals, for about 130 billion won ($100.1 million).

"Through the acquisition of Shuye's factory, we have secured a stable supply of chemically recycled PET with an annual capacity of 50,000 tons," said Kim Hyun-seok, head of business development at SK Chemicals. "We will strive to gain a foothold in the global recycled textile market, which is expanding not only in sustainable fashion-centered textile markets but also for industrial purposes."

Write to Ik-Hwan Kim at lovepen@hankyung.com