Park Jin-geun, CTK Canada Representative Written Interview
Global Certifications for Biodegradable Plastics Progressing Rapidly
First Production Facility Under Construction Amid Global Companies' Love Calls
JK Park, CEO of CTK Bio Canada, the American subsidiary of CTK (87.22% owned by CTK USA Holdings Corporation)
[Asia Economy Reporter Junho Hwang] South Korean small and medium-sized enterprise CTK plans to commercialize "biodegradable plastic" within this year. The company's Canadian subsidiary is finalizing the international verification process of the biodegradability of its biodegradable plastic and is steadily establishing production facilities to prepare for customized product manufacturing requested by global companies.
JK Park, CEO of CTK Bio Canada (a subsidiary of CTK USA Holdings Corporation, holding 87.22%), the grandchild company of CTK, revealed these plans regarding the commercialization of biodegradable plastic in a written interview with Asia Economy on the 28th.
CEO Park stated, "Our goal is to commercialize biodegradable plastic within this year." Although the initial target was commercialization in the first half of this year, various issues such as logistics problems caused by international geopolitical instability have slowed the progress. However, he explained, "We are currently undergoing certification through international organizations to verify whether the developed plastic actually biodegrades (biodegradability testing)."
CTK Bio Canada received certification in February confirming that its developed biodegradable plastic meets the OECD 301B standard through Respirtek, a U.S. biodegradable plastic certification agency. Additionally, the company is proceeding with certification procedures from OWS (Organic Waste Systems) in Belgium, a European certification body.
OECD 301B refers to guidelines that assess biodegradability under conditions where oxygen is present, such as in home and industrial composting facilities or in soil and marine environments. OWS provides standards used to evaluate the biodegradation process under landfill conditions where oxygen and moisture are absent.
CEO Park added, "We are also conducting other procedures to prove biodegradability," and noted, "For biodegradable plastic products developed for electric circuit boards, we have completed non-flammability testing." He emphasized, "We have received sample requests from various companies including global IT firms, medical device companies, and toy manufacturers, and are actively developing customized products."
He continued, "Right now, we are doing our utmost to establish a stable production line for biodegradable plastic and to successfully commercialize it," and expressed hope that "our products will become a 'game changer' in the bioplastic and eco-friendly materials market."
Meanwhile, CTK Bio Canada announced that it developed next-generation biodegradable plastic last year that decomposes itself in any environment where microorganisms exist, such as soil or sea. CTK Bio Canada explained, "Because it uses discarded waste as raw material, it is economical and can be realized with various physical properties, allowing immediate application and production in existing general plastic manufacturing facilities."
Market research firm Market and Markets recently forecasted that the global bioplastics market size will rapidly grow from $10.462 billion in 2020 to $27.969 billion (approximately 34 trillion KRW) by 2025, at a compound annual growth rate of 21.7%.
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