Used PET bottle prices soar as Korean companies turn green

[Photo provided by BLACKYAK]

Clothes made from recycled plastic water bottles are gaining traction among young, environment-conscious consumers in South Korea that seek value-based consumption, sending prices of used polyethylene terephthalate (PET) bottles to soar by more than 14 percent this year.

According to the Korea Environment Corporation last week, the price of compressed PET bottles reached 472 won per kilogram in February, soaring by more than 14 percent this year from 412 won per kilogram last year. Recycled PET bottles also surged to 267,991 tons in 2021, up from 160,000 tons 10 years ago.

The increase comes as the local fashion industry uses more recycled PET bottles to make clothes.

BYN BLACKYAK Co., a Korean manufacturer of high functional outdoor clothing, was the first industry player to sell T-shirts made from used PET bottles in July 2020. The brand signed a business agreement with Korean synthetic fiber manufacturer TK Chemical Corp. to produce synthetic fibers for outdoor clothing. BLACKYAK has until now used as many as 63 million 500-milliliter plastic bottles.

BLACKYAK sources used PET bottles from local governments including Gangnam District Office in Seoul and conglomerates such as SK hynix Inc. and POSCO Holdings Inc. It is also expanding the use of recycled PET bottles to supply uniforms for Emart Inc., Coca-Cola Beverage Co. in Korea, McDonald’s Korea, and SK gas Co.

Lotte Chemical Corp. also launched commercial production of synthetic resin for home appliances and car headlights from recycled plastic waste in September last year for the first time in the country.