Press release
- TBM
- LIMEX
TBM established a joint venture "SK TBMGEOSTONE Co., Ltd." to promote the commercialization of biodegradable LIMEX with SKC, a major chemical material company of the SK Group of South Korea.
-Aiming for market launch in 2022 and production of 1 million tons in 2030-
TBM Co., Ltd., Ltd. (Headquarters: Chiyoda-ku, Tokyo, CEO: Nobuyoshi Yamasaki, hereinafter referred to as TBM) aims to be the best company in the ESG field while expanding globally with a focus on petroleum refining, petrochemicals, telecommunications and semiconductor businesses. SKC (Headquarters: Seoul, South Korea; CEO: Wan Jae Lee, hereinafter referred to as SKC), a major chemical material of the SK Group, a major Korean conglomerate that We are pleased to announce the establishment of SK TBMGEOSTONE Co., Ltd.
In July of this year, TBM and SK Japan Investment Inc. (head office: Tokyo, CEO: Hyunho Son), which is jointly invested by four SK Group companies (SK Inc., SKC, SK Materials, SK Siltron), invested 13.5 billion yen. We agreed to a capital tie-up, and in addition to sales collaboration utilizing the SK Group's sales channels, we signed a joint venture agreement with SKC. Based on this alliance, TBM will strengthen the LIMEX production system through supply chain collaboration with the SK Group, and utilize the SK Group's sales channels to produce LIMEX Pellet and LIMEX that meet the needs of the SK Group and its customers. Agreed to promote the development of applications for Sheet (Limex sheet).
TBM and SKC will form a joint venture "SK TBMGEOSTONE Co., Ltd." that develops, manufactures and sells biodegradable LIMEX by combining TBM's material design technology, which highly fills resin with calcium carbonate, and biodegradable plastic (PBAT) manufactured by SK Group. Ltd., aiming to launch biodegradable LIMEX in 2022.
Background
Environmental issues such as climate change, resource depletion, and water resource crises are rapidly progressing around the world, and it is imperative that national and corporate levels must respond. In particular, each country has its own regulations on plastics, and 1 in 127 countries the world, including Japan, has banned or restricted the use of plastic bags. Meanwhile, the global plastic resin market size is projected to reach $522.5 billion by 2027, growing at a CAGR of 4.5% from 2020 to 2027, driven by population growth and economic growth in emerging economies.2 Out of this, the biodegradable plastics market was valued at $1.6 billion in 2019 and is projected to reach $4.2 billion by 2027, growing at a CAGR of 13.3% from 2020 to 2027.3. In the midst of the demand for alternative materials to plastics, China is actively promoting the introduction of biodegradable plastics, and the market size of biodegradable plastics in China is expected to increase by about 7 times (approximately 1.4 trillion yen) in 2030 compared to 20204.
1UNEP｜2 Report Ocean｜3 Report Ocean ｜4China Association of Circular Economy
Overview
TBM and SKC have established a joint venture, "SK TBMGEOSTONE Co., Ltd.", to jointly promote the exclusive development and commercialization of biodegradable LIMEX using SK Group's biodegradable plastic (PBAT). Limestone, the main raw material for LIMEX, has abundant reserves and a low risk of depletion. Compared to petroleum-based plastics and conventional biodegradable plastics, it is inexpensive and offers excellent price and supply stability. By utilizing TBM's material design technology, which highly loads calcium carbonate into resin, and SKC's high-strength biodegradable plastic (PBAT), it will be possible to develop biodegradable LIMEX that is price competitive with conventional biodegradable plastics and has heat and impact resistance.
TBM and SKC aim to launch biodegradable LIMEX in 2022 and begin mass production the following year. They are also considering building a mass production plant for biodegradable LIMEX, aiming to produce one million tons by 2030. TBM will sell biodegradable LIMEX and LIMEX products in Korea and globally, addressing the global plastic problem and the different regional needs for environmentally friendly materials.
Overview of SK TBMGEOSTONE Co., Ltd
Company Name SK TBMGEOSTONE Co., Ltd
Representative Youngsun Shin
Head Office 27, Godeung 1-gil, Iwol-myeon, Jincheon-gun, Chungcheongbuk-do, Korea
Date of establishment September 16, 2021 Business description Development, manufacture and sale of biodegradable LIMEX