Expansion of Eco-Friendly Paint R&D
Related Market to Reach 287 Trillion Won by 2032
KCC is accelerating its push into the eco-friendly paint market. With environmental regulations tightening, the related market is expected to grow significantly.
According to KCC's quarterly report on the 10th, KCC registered 15 patents related to eco-friendly paints from last year through the first quarter of this year. Compared to only 2 patents registered in 2021 and 2022, this number has increased more than sevenfold.
KCC has been increasing its investment in research and development (R&D) every year, with a significant portion dedicated to the development of eco-friendly paints. Total R&D investment was 169.9 billion KRW in 2021, rising to 178.8 billion KRW in 2022, and 186.6 billion KRW last year. In the first quarter of this year alone, 48.7 billion KRW was invested in R&D, with a substantial part related to eco-friendly paint research and development.
The reason KCC is focusing on eco-friendly paint R&D is that the global market is rapidly growing due to strengthened environmental regulations worldwide. According to the global market research firm 'Spherical Insights,' the eco-friendly paint market is expected to grow at an average annual rate of 5.9% from 135.2 billion USD (185.22 trillion KRW) in 2022 to 209.8 billion USD (287.42 trillion KRW) by 2032.
KCC is developing various eco-friendly paint technologies. The ‘Water-based Medium Dispersion Paint Composition’ patent registered in March is a technology that converts container paints from oil-based to water-based. Oil-based paints emit VOCs (volatile organic compounds) during the application process, which increase ultrafine dust, a major cause of air pollution. In contrast, water-based paints emit fewer VOCs, making them more environmentally friendly.
KCC is also speeding up the launch of eco-friendly paint products. A representative example is the silicone antifouling paint ‘Metacruise Neosilicone’ released last year. This paint is used on ships and was developed to prevent marine organisms from attaching to the ship’s surface. When marine organisms attach to ships, friction resistance increases, slowing the vessel and increasing fuel consumption, which in turn raises greenhouse gas emissions. The paint reduces toxic substances that disrupt marine ecosystems, making it environmentally friendly.
Last month, KCC also partnered with LG Chem to collaborate on research and development of eco-friendly materials and paint-related technologies. The two companies plan to apply carbon dioxide conversion and microbial fermentation-based eco-friendly raw materials to paint resin synthesis, focusing on research for automotive, industrial, and mobile paint applications. Through this collaboration, they expect to expand environmentally friendly products and reduce the energy required for product manufacturing.
KCC Vice President Kim Sang-hoon said, “The MOU between the two companies is expected to accelerate the development of products applying eco-friendly raw materials,” adding, “LG Chem’s carbon-neutral materials are not only highly eco-friendly but will also upgrade product quality.”
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