HD Hyundai Oilbank Initiates Circular Economy for Used Tires with Hankook Tire

After the kickoff meeting of the 'Korean-style Black Cyclone' consortium held at Korea Techno Dome in Yuseong-gu, Daejeon, key attendees are taking a commemorative photo. Photo by Hyundai Oilbank

HD Hyundai Oilbank announced on the 1st that it will participate in the 'Korean-style BlackCycle' consortium to establish a domestic circular economy model for waste tires, together with Hankook Tire & Technology (Hankook Tire).

The Korean-style BlackCycle is a circular economy model that replaces the chemical raw materials previously used for tire production with recycled raw materials made from collected waste tires. The consortium includes 12 institutions and companies collaborating across the entire tire production cycle, including ▲collecting waste tires and producing pyrolysis oil ▲refining pyrolysis oil to produce tire raw materials ▲and producing final tire products using recycled raw materials.

HD Hyundai Oilbank, along with its affiliates HD Hyundai Chemical and HD Hyundai OCI, will utilize existing facilities to refine waste tire pyrolysis oil and produce circular products such as naphtha, butadiene, carbon black, and process oil used as tire raw materials, ultimately supplying them to Hankook Tire.

A representative from HD Hyundai Oilbank stated, “We plan to supply raw materials in line with the pilot launch of products using waste tires in 2024,” adding, “As the eco-friendly tire business gains momentum, the demand for raw materials is expected to continuously increase.” They also expressed, “Through this project, we expect to contribute to achieving the 2030 Nationally Determined Contribution (NDC) for greenhouse gas reduction and to strengthening industrial competitiveness by transforming low value-added industries into high value-added industries.”

This content was produced with the assistance of AI translation services.