SK Chemicals seeks partners to build circular economy for discarded banners

SK Chemicals is seeking public submissions for ideas to build a nationwide supply chain linking the collection and consolidation of discarded banners through preprocessing and material recovery, the company said Friday. The submission period runs through Aug. 3.

The open call is part of SK Chemicals' participation in the "2026 Local Extinction Overcome Idea Solverthon," a program jointly run by the Ministry of Interior and Safety and the Korea Chamber of Commerce and Industry. The program brings together government, businesses and local communities to identify solutions to regional challenges and support their commercialization.

The competition aims to identify collaborative solutions and potential partners needed to build a circular economy system around discarded banners generated in local communities. Eligible participants include existing banner-related businesses, recycling operators, social solidarity economy organizations, startups, and institutions and civic groups.

Top ideas will receive the Korea Chamber of Commerce and Industry president's award and a prize of 1 million won ($675). Regardless of whether a submission wins, SK Chemicals plans to review all proposals carefully and explore partnership opportunities with those that demonstrate commercial viability and feasibility.

Through the competition, SK Chemicals aims to build stable collection and resource recovery infrastructure for discarded banners tailored to the characteristics of each region. The company plans to establish a resource circulation system in which discarded banners undergo chemical recycling to produce SKYPET CR, a recycled PET material, which is then used to manufacture new banners.

"Building a circular economy model in which discarded banners are turned back into banners is not something that can be achieved through any single company's technology and solutions alone," SK Chemicals President Ahn Jae-hyun said. "We will work in close partnership with local communities, strong regional small and midsize enterprises, specialized recycling operators, social economy organizations and other diverse stakeholders to build a resource circulation system that reflects the unique characteristics of each region."

Meanwhile, SK Chemicals has established a chemical recycling production subsidiary in Shantou, Guangdong Province, China. Through that operation, the company is advancing technology verification and commercialization for recovering resources from banner waste and other textile-based materials.