SK Chemical Increases Core Raw Material for Copolyester by 25% with 55.9 Billion KRW Investment
Scheduled to Start in 2024
Targeting Global No.1 in Copolyester by 2025
[Asia Economy Reporter Moon Chaeseok] SK Chemicals is expanding its production capacity of high-performance transparent plastic raw materials to become the world's No. 1 copolyester manufacturer.
On the 28th, SK Chemicals announced that it held the ESG Committee and Board of Directors meetings and decided to invest in expanding CHDM (Cyclohexanedimethanol), a key raw material for copolyester production. The company plans to invest 55.9 billion KRW to increase CHDM production capacity by 25%, aiming for operation in 2024. This is to secure stable supply capacity for increased internal usage due to expanded sales of high-content CHDM copolyester products and for customers in coating and adhesive applications. This expansion comes just one year after starting operation of the new facility.
CHDM is a high value-added raw material that enhances the flexibility, weather resistance, and transparency of plastics. SK Chemicals established an integrated production system for the copolyester business starting with the world's second commercial production of CHDM in 2001. Based on this, SK Chemicals produces its core products, the high-performance transparent plastic SkyGreen and the high-heat-resistant transparent material Ecozen, and sells some quantities to coating and adhesive companies.
Copolyester is a material free from concerns about Bisphenol A (BPA), which is classified as an environmental hormone. It has high transparency and excellent gloss like glass, yet is lightweight and strong, making it suitable for various uses ranging from cosmetic containers to electronic components, building materials, optical films, and other consumer and industrial goods.
Last year, SK Chemicals’ copolyester business division’s sales increased by 26% compared to the previous year. SK Chemicals holds about a 40% market share in copolyester. The company plans to implement strategies such as expanding sales of recycle solutions, developing new applications like 3D printing, and pioneering high-potential markets in Southeast Asia and Latin America.
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Kim Eungsoo, head of SK Chemicals’ copolyester business division, said, "The CHDM expansion is the first investment made after the financial story disclosure, and we are reviewing the expansion of new copolyester lines and the establishment of global infrastructure for chemical recycling. We will strive to grow not only as the world’s No. 1 copolyester manufacturer but also as a leading company in chemical recycling."
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