Kang Hoseong, Vice President of Hangukdau, "Plastic Recycling Technology Determines Corporate Profitability"

Dow Announces Additional Sustainability Goals on the 17th
"Strong Plastic Recycling Demand from Clients like P&G and Nike"

[Asia Economy Reporter Hwang Yoon-joo] "Plastic recycling is the biggest concern for global companies such as Coca-Cola, P&G, and Nike. Plastic recycling technology will become a factor that not only affects corporate image but also determines profitability in the future."

Kang Ho-sung, Head of Dow Specialty Plastics Asia-Pacific Business Division (Vice President of Dow Korea, photo), said on the 30th, "Nowadays, from a corporate perspective, 'sustainability' is not just about having a positive impact on image, but a principle that must be followed or business becomes difficult. That is why recently, not only Dow but most companies in the chemical industry value chain are focusing on 'plastic recycling.'"

Plastic waste has become an environmental issue that has attracted global attention in recent years. With over 90% of marine debris being plastic products, global non-profit organizations and companies are focusing on 'plastic recycling.' Global chemical companies are also strengthening their organizations to create plastic recycling business models in line with this trend.

BASF is conducting the 'ChemCycling Project,' which recycles almost all plastics to produce products with high hygiene standards such as food packaging. Dow recently announced plans to produce packaging products that are 100% recyclable by 2035 and reduce carbon emissions by 15%.

Vice President Kang emphasized, "Dow also established a task force (TF) for plastic recycling business development three years ago. Although plastic recycling currently incurs higher costs, once technology development surpasses a certain level, it can generate profits."

Like Dow, domestic companies are interested in plastic recycling, but related activities and business model development are still slow. Dow expects plastic recycling to remain an important issue even after the COVID-19 pandemic and is strengthening related businesses.

Vice President Kang said, "After COVID-19, the priority is producing PP products such as masks, medical gowns, sanitizers, and face shields to respond to the pandemic and assisting production in outbreak regions like China, but we plan to continue strengthening activities and businesses related to plastic recycling."