Samyang Corporation, a food and chemical business affiliate of Samyang Group, announced that it had signed a contract with Netspa, a social venture company that recycles waste fishing nets, to supply waste fishing net recycling plastic pellets at Samyang Group’s Jongno headquarters. Previously, in April, the two companies signed an MOU (Memorandum of Understanding) for technological cooperation and have been cooperating in all directions to develop eco-friendly materials through recycling of waste fishing nets.
Following the conclusion of this supply contract, Netspa will supply 1,100 tons of plastic pellets made from recycled discarded fishing nets to Samyang Corporation. Samyang Corporation decided to use the supplied pellets to produce plastic compounds (products with improved physical properties mixed with additives) used as interior and exterior materials for automobiles. We are already preparing to supply to the domestic and overseas automobile industry, and we plan to expand to industrial areas such as furniture, home appliances, and electricity/electronics in the future.
Discarded fishing nets discarded in domestic seas amount to 40,000 tons annually, accounting for approximately 10% of marine waste. Abandoned fishing nets have been identified as a cause of serious marine pollution, threatening marine life and damaging the natural habitat of coral reefs. However, due to the low economic feasibility of collection and recycling, only a small portion of the amount was actually collected. Samyang Corporation’s strategy is to kill two birds with one stone: eco-friendliness and high functionality by collecting discarded fishing nets and remaking them into plastic for automobile interior and exterior materials.
Waste fishing nets are made of synthetic fibers such as nylon, polypropylene, and polyethylene. Among these, nylon is a plastic material that is actively used for industrial purposes such as textiles and automobiles. Regenerating nylon material through waste fishing net recycling has a carbon reduction effect of approximately 3.68kg per 1kg of waste fishing net, and can contribute to a carbon emissions reduction of approximately 80% compared to making and using new nylon material.
Samyang Corporation CEO Kang Ho-seong said, “This supply contract is meaningful as Samyang Corporation expands its eco-friendly business portfolio into the recycling field following the development of bio materials,” adding, “We will continue to pursue the development of environmentally friendly products and technologies and take the lead in realizing ESG management.” He said.
Meanwhile, Samyang Group is working on the development of eco-friendly materials across its affiliates. We have developed ‘isosorbide’, a bio-material extracted from plant resources such as corn, for the first time in Korea, and are applying it to motor core adhesives, urethanes, etc. to replace existing petroleum-based chemical materials. Samyang Packaging invested KRW 43 billion to introduce a PET recycling facility, and in April last year, Samyang Company was selected as the overall lead company for the ‘Development of biomass-based eco-friendly polycarbonate (PC) and parts’ project hosted by the Ministry of Trade, Industry and Energy, and launched IsoSore. We are pursuing the development of biodegradable PC using beads and the commercialization of automobile interior parts using it.
Netspa is a marine social venture company that recycles marine waste such as discarded fishing nets and produces long fibers for clothing, automobile parts, and electromagnetic components. It is equipped with technology and automated facilities to select only high-quality nylon as a single material and extract it in large quantities from waste fishing nets made of synthetic fibers such as nylon, polypropylene, and polyethylene. Currently, a waste fishing net recycling plant with an annual capacity of approximately 4,000 tons is in operation in Busan.
Source: Pangyo Techno Valley Official Newsroom
→ Go to ‘Asian Innovation Hub Pangyo Techno Valley 2022’ news