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Biz News Korea(Eng)
LG Chem, CJ CheilJedang collaborate on eco-friendly bio-nylon business
- Collected
- 2024.02.15
- Distributed
- 2024.02.16
- Source
- Go Direct
![LG Chem Vice Chairman Shin Hak-cheol (right) [Courtesy of LG Chem]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2024/02/image_readtop_2024_114783_17079740505831353.jpg)
이미지 확대LG Chem Vice Chairman Shin Hak-cheol (right) [Courtesy of LG Chem]
LG Chem announced Thursday that it signed a set of heads of agreement (HOA) with CJ CheilJedang on Wednesday to establish a joint venture to produce and sell eco-friendly nylon based on biomaterials.
The agreement is expected to allow the two South Korean companies to secure stable business competitiveness by establishing a joint venture that produces bio-nylon from raw materials to finished products.
CJ CheilJedang will produce biomaterials using microbial precision fermentation technology and jointly developed technology while LG Chem will polymerize them with its own technology to produce and sell bio-nylon.
Bio-nylon is used in various fields such as textiles, automobiles, and electronic devices because it is heat-resistant and durable like petroleum-based nylon. In particular, it is produced from biomaterials such as corn sugarcane, which has a significant carbon reduction effect.
Global demand for bio-nylon is expected to grow at an annual average of 29 percent from 400,000 tons in 2023 to 1.4 million tons in 2028, driven by global eco-friendly policies.
“This agreement is significant in that the two leading companies in each field are collaborating to transition to a low-carbon business structure,” said LG Chem Vice Chairman Shin Hak-cheol. “LG Chem will continue to promote its plastic business with eco-friendly and low-carbon raw materials to position itself as a leader in carbon reduction.”
By Pulse
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