Development of Recycling Technology for Biodegradable Bioplastics Underway
POSCO International is entering the biodegradable bioplastic (PLA, Poly Lactic Acid) recycling business. PLA is an eco-friendly plastic made from corn starch or sugarcane that decomposes through microorganisms.
On the 28th, the company signed a business agreement at its Incheon Songdo office with the Dutch TotalEnergies Corbion and Korea's Isol Industry to develop PLA recycling technology and commercialize the business.
TotalEnergies Corbion of the Netherlands is a joint venture between France's TotalEnergies and the Netherlands' Corbion, ranking as one of the top two global manufacturers in the PLA sector and leading recycling technology. Isol Industry holds the number one market share in the domestic PLA market.
Through this business agreement, POSCO International will provide financial support and take charge of overall planning and management. TotalEnergies Corbion will assist in technology transfer for building recycling plants by leveraging its PLA production expertise. Isol Industry will play the role of stably supplying waste PLA necessary for the recycling business.
The bioplastic business is rapidly growing as an alternative to address the harmfulness of conventional plastic products and environmental pollution issues. The global bioplastic market is expected to grow from $10.46 billion (approximately 12 trillion KRW) in 2020 at an average annual rate of 21.7%, reaching $27.91 billion (approximately 33 trillion KRW) by 2025.
Among these, PLA, a representative bioplastic, is projected to grow from $1.92 billion (approximately 2 trillion KRW) in 2020 to $5.65 billion (approximately 6 trillion KRW) in 2025, showing a growth rate 2.4% higher than the overall average annual growth rate of bioplastics.
The increase in PLA usage naturally leads to an increase in waste. In Korea alone, over 8,000 tons of waste PLA were generated annually as of 2022, indicating that the recycling industry utilizing waste PLA is expected to continue growing.
Starting with this business agreement, POSCO International plans to complete the development of PLA recycling technology by 2026 and lead the recycling industry. The company also plans to steadily carry out promotional activities targeting the general public, such as implementing the waste PLA collection campaign ‘Chorok Nabi (Green Butterfly)’ with Isol Industry.
A POSCO International official stated, “We will successfully lead the development of bioplastic (PLA) recycling technology to contribute to building a national circular economy and nurture it as one of the company’s new growth engines through commercialization.”
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