CTK Secures Canadian Government Funding... "Accelerating Commercialization of Biodegradable Plastics"

Global beauty platform company CTK announced on the 7th that its subsidiary CTK Bio has secured CAD 1.25 million (KRW 1.8 billion) in research and development (R&D) funding from the Canadian government.

Based in Canada, CTK Bio has been actively supported as a government-backed R&D company, recognized for its manufacturing technology of next-generation biodegradable plastics, which are compostable plastics. The secured funding will accelerate the commercialization of biodegradable plastics using agricultural waste and other materials.

CTK Bio has expanded its commercialization efforts by applying biodegradable plastic manufacturing technology that utilizes waste materials abundantly generated in the agriculture and livestock industries, such as industrial hemp, to produce disposable tableware and various films. Recently, it has been preparing to enter the eco-friendly mulching film market by conducting joint research and field tests on agricultural mulching films with the University of Alberta and industry partners in Canada.

Mulching film is a plastic sheet that covers the ground during crop cultivation, playing a role in improving agricultural productivity by maintaining soil moisture, suppressing weeds, regulating temperature, and preserving nutrients. Existing agricultural mulching films made from plastic materials have raised serious environmental pollution issues and high waste disposal costs.

Through eco-friendly R&D, CTK Bio plans to actively target the domestic and international agricultural mulching film markets and aims to commercialize a product line this year that can be applied to a wider range of crops.

A CTK representative stated, "CTK Bio’s technology is 100% naturally degradable, overcoming the drawbacks of PLA products, which are known as conventional biodegradable plastics," and added, "Since last year, we have secured an automated eco-friendly raw material manufacturing line and R&D facilities near Vancouver, so we expect rapid commercialization through expanded applications."

The global biodegradable mulching film market is estimated to be worth approximately KRW 110 trillion, and even the domestic agricultural sector alone is predicted to be around KRW 400 billion, indicating high business potential. The eco-friendly mulching film policy project is known to be a sector expected to receive active support from governments worldwide.