LG Chem Ltd., the world’s fourth-largest chemicals manufacturer, is targeting the functional cosmetics market with bio-materials derived from vegetable oil as it seeks new growth drivers.
LG Chem unveiled a plan on Thursday to develop products using fully bio-based 3-hydroxypropionic acid (3HP) as a raw material for functional cosmetics for the first time in the world.
3HP is produced by fermentation of microorganisms in plant-based raw materials, such as corn-based glucose and crude glycerol.
The South Korean company said 3HP has yet to be commercialized although the global chemical industry attempted to develop technology for the eco-friendly ingredient.
LG Chem has agreed with Daebong LS Co., a local cosmetics and pharmaceutical raw materials producer, to jointly develop ingredients for functional cosmetics.
“The cooperation is the significant first step in developing sustainable raw materials for beauty products,” said LG Chem Vice Chairman and CEO Shin Hak-Cheol. “We hope to expand the application to various functional cosmetic ingredients based on clinical tests.”
FUNCTIONAL COSMETICSThe company and Daebong will select functional cosmetics suitable for 3HP to develop formulations and secure their stability while aiming to complete verification of efficacy through clinical trials by next year.
LG Chem aims to expand its raw materials business into functional cosmetics ingredients and related markets.
The chemicals affiliate of South Korea’s fourth-largest conglomerate LG Group with patents for 3HP strains, fermentation and purification technologies has continued to apply for patents for various compositions of cosmetics made of 3HP based on non-clinical tests.
Daebong is predicted to develop and commercialize new functional cosmetics based on novel raw materials through the partnership, enhancing its competitiveness.
Write to Hyeon-woo Oh at
ohw@hankyung.com Jongwoo Cheon edited this article.
