LG Chem has developed a new biodegradable material entirely out of corn-based glucose and waste glycero with mechanical properties and transparency equivalent to polypropylene for the first time in the world.

Over 90 percent of the new material can be decomposed within 120 days, which was confirmed by DIN CERTCO, a German certification body, LG Chem said.

Shares of LG Chem closed 3.91 percent lower at 615,000 won ($538.34) on Monday.

The company said the new material improved flexibility by more than 20 times, while maintaining transparency even after processing to pave the way in eco-friendly packaging.

Existing biodegradable materials have shown constraints in property improvement or cost reduction because other plastic materials or additives are required to strengthen properties or flexibility. The new material however uses a single-source biodegradable material tailored to customer specifications in quality and properties.

The development of the new material was backed by LG Chem’s patented technology that involves biodegradable polymers, compositions, and manufacturing methods.

Demand for biodegradable materials is growing amid tightened regulation on the use of disposable plastic goods in Europe and elsewhere, LG said, adding its new material can be applied in many areas such as plastic bags, air cap buffers, disposable cups, foaming products and mask felts.

According to market data, the worldwide market of bioplastics or biodegradable materials is expected to grow at a CAGR of 15 percent to 9.7 trillion won ($8.5 billion) in 2055 from 4.2 trillion won in 2019. The company said it will invite potential customers to evaluate its prototype in 2022 and start mass production in 2025.

By Choi Keun-do and Minu Kim

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