PET(Polyethylene Terephthalate) is one of engineering plastics in frequent use. The PET is largely used in packaging industry including plastic bottles and its usage has been widely expanded. Due to its remarkable efficiency, since 1999, usage of PET bottles and bags has become a trend and it naturally caused used PET to enter the waste stream. As PET takes too much time to decompose in nature, recycling has become an important topic in recent years. In alliance with such interests, the global plastic recycling market is forecasted to grow at a CAGR(Compound Average Growth Rate) of 6.5% from 2017 to 2023. This indicates significant potential for growth and opportunities in the PET recycling market.
In general, there are two methods of recycling PET wastes – material recycling and chemical recycling. Most companies in America, use the material recycling method, which only converts PET wastes into small PET flakes through pulverization. This method can be used only for clean wastes and consumes much energy during the recycling process.
Taking these circumstances into consideration, a Korean company has developed a PET chemical recycling system that is not only eco-friendly, but also very effective. The company’s PET chemical recycling technology covers all steps of the whole recycling system, from cleaning, depolymerization and filtering. Its technology application is not limited to clean wastes, but can also be applied to stained wastes. After depolymerization, produced PET oligomer, used as raw materials for UPR(Unsaturated Polyester Resin) and PU(Polyurethane), is filtered to increase its purity degree. In other words, the company’s PET chemical recycling system fully circulates the PET wastes, producing end products ready for direct use for many different industrial and constructional purposes. Not only is the technology cost-efficient and easy to operate, but also transforms PET wastes into value-added products.
The Korean company’s PET chemical recycling system has been acknowledged for its innovativeness and high quality, and is already being discussed with an Indian partner about implementation in the local area. Now, the company hopes to expand into overseas markets interested in its PET chemical recycling system under technical cooperation and license agreements.
The types of partners sought and the company’s expectations according to the agreement type are as follows:
- Commercial agreement with technical assistance: The company offers to transfer its technology to the partner’s country of application.
- Joint venture agreement: The company is interested in signing a joint-venture agreement with a potential partner, interested in co-developing a local factory in the partner’s country.
- License agreement: Under license agreement, the potential partner can use the company’s recycling technology in the domestic market.
- Technical cooperation agreement: The company hopes to transform PET wastes into value-added products through technical cooperation with the potential partner company.