South Korea has been focusing on distributing biodegradable fishing nets to prevent marine pollution and accidents involving animals or fishing vessels getting caught by abandoned or lost nets made of nylon. By spending 5.2 billion won ($4.7 million), the Ministry of Oceans and Fisheries has distributed biodegradable fishnets for crabs and yellow croakers in March 2021.
LG Chem said in a statement on September 10 that it signed a memorandum of understanding with TK Chemical to establish a polybutylene adipate-co-terephthalate (PBAT) production line by the second half of 2021. PBAT is a petroleum-based marine biodegradable plastic that rapidly degrades through enzyme reactions with oxygen, heat and light. They are widely used in environmentally-friendly products such as agricultural vinyl and disposable bags.
"Through the partnership with TK Chemical, we have come to secure differentiated competitiveness in the biodegradable plastic market," No Guk-rae, LG Chem's petrochemicals division head was quoted as saying. The global biodegradable plastic market is growing at an annual growth rate of 8.2 percent and is projected to reach about $3914.2 million by 2025, according to Global Info Research, a research firm that provides industry analysis data.
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