SK Chemicals Collaborates with Korea Kolmar Subsidiary Yeonwoo on 'Eco-Friendly Containers'

MOU for Development and Commercialization Cooperation of Cosmetic Packaging Technology Using Recycled Plastic Materials

SK Chemicals is taking a full-scale step to promote eco-friendly containers by partnering with Yeonwoo, the No. 1 domestic cosmetics container market leader.

On the 13th, SK Chemicals and Yeonwoo announced that they signed a memorandum of understanding (MOU) to develop and commercialize containers using recycled materials in response to the significant increase in demand for eco-friendly cosmetic containers due to strengthened plastic regulations at home and abroad.

Accordingly, SK Chemicals will supply 'ECOTRIA CR,' a chemically recycled material, and 'ECOZEN Claro,' which is recyclable from consumer-used PET. Yeonwoo will utilize these materials to develop and produce various eco-friendly high-transparency cosmetic containers, expanding their cooperation. Through this, both companies plan to actively supply eco-friendly containers to global cosmetic clients.

Founded in 1994, Yeonwoo is a comprehensive packaging specialist company holding the No. 1 market share in domestic cosmetic containers and was incorporated as a subsidiary of Korea Kolmar last year. SK Chemicals commercialized the world's first chemically recycled copolyester in 2021. On the 6th of this month, it acquired the world's largest chemical recycling raw material and product factory, Shuey, in China, actively promoting the eco-friendly materials market.

SK Chemicals and Yeonwoo signed a 'Partnership Agreement for the Development of Eco-friendly Cosmetic Containers' on the 13th. Jaehyun Ahn, President of SK Chemicals (left), and Sangyong Park, CEO of Yeonwoo (right), are posing for a commemorative photo. Photo by SK Chemicals

Through this collaboration, both companies aim to dominate the global eco-friendly cosmetic container market. Global cosmetic companies such as L'Or?al, Est?e Lauder, and Chanel are expanding the use of recycled plastics and eco-friendly materials in line with plastic usage regulations in various countries.

L'Or?al announced that by 2030, 100% of the plastics used in cosmetic packaging will be converted to recycled or bio-based materials. Est?e Lauder aims to convert 75% to 100% of its materials to refillable, recyclable, or reusable materials by 2025.

According to the UK research firm TechNavio, the global cosmetic container market was valued at $32.2 billion (approximately 38 trillion KRW) in 2020. If SK Chemicals and Yeonwoo lead the eco-friendly cosmetic container market, continuous growth is expected.

Park Sang-yong, CEO of Yeonwoo, said, "We are actively practicing ESG management by shifting the cosmetic container paradigm to eco-friendly containers," adding, "We plan to cooperate organically to create a sustainable industrial ecosystem through this agreement."

Ahn Jae-hyun, President of SK Chemicals, emphasized, "The use of chemically recycled materials and recyclable materials is a step forward in establishing a virtuous cycle system to solve plastic environmental problems," and added, "We will do our best to target the eco-friendly packaging market according to the demands of global cosmetic companies."