Energy Saving Paint for Global Warming Reduction

Located in Haeryongsan Industrial Complex in Suncheon, Jeollanam-do, South Korea, Shin I&S (CEO Kim San) is a startup company in the field of thermal paint that blocks the scorching heat of the sun on buildings and roads, ultimately saving energy. While running a construction company and maintaining and repairing power plants, CEO Kim San was fascinated by Japanese heat-shielding paint in 2017, and in 2019, he started his own production and construction company specializing in heat-shielding paint.

"Heat-insulating paint reduces the surface temperature of buildings by 20 to 40 degrees and the internal temperature by 3 to 5 degrees just by applying it," said Kim. 

The use of heat-insulating paint has been increasing significantly since the 2015 Paris Climate Change Agreement, which requires countries, especially those that are signatories to the United Nations Framework Convention on Climate Change, to phase down their greenhouse gas emissions to prevent global warming.

A study by local and international researchers found that if 630,000 buildings in Seoul were painted with heat-insulating paint, the average temperature could be lowered by 2 degrees. Simulated experiments in 27 cities around the world have shown that heat-insulating paint can reduce cooling loads by 18 to 93 percent, save 20 percent in cooling energy, reduce CO2 emissions by 10 tons per 100 square meters per year, and improve air quality and smog.

"Korea is also increasing its use through government subsidies such as a 50% subsidy for the construction of thermal insulation paint to achieve the national greenhouse gas reduction target of 37% by 2030 and realize zero national carbon neutrality by 2050," said Kim, adding, "The amount of government support is currently only 7 billion won( about USD 6 millions) per year, but it is expected to increase significantly in the future."

In particular, with the implementation of carbon border taxes (tariffs imposed on the export of goods from countries with high carbon emissions to countries with low emissions) in full swing in developed countries such as Europe and the U.S., he emphasized that cooling shade paint is a proactive alternative to meet government carbon emission reduction goals.

He developed and patented an eco-friendly temperature-reducing water-soluble thermal paint technology as a "killer move" to dominate the thermal paint field in the domestic paint market, which is crowded with well-established companies. It also has the only patent in Korea for thermal paint for walking. Currently, two types of products are being produced: CR (Cool-Roof) for buildings and CP (Cool-Pavement) for sidewalks.

Cool Roof for buildings is a functional eco-friendly water-based paint that reduces the surface temperature by more than 20~40 degrees just by applying it. The indoor temperature is also reduced by 3 to 5 degrees, saving 30% of cooling energy and reducing the increase in carbon dioxide and fine dust caused by electricity use. It can be widely used in residential facilities, public institutions, heat-sensitive power and communication facilities, transportation facilities, industrial complexes, and farms and livestock facilities. In particular, it can prevent heat accidents and disasters in the middle of summer. All colors can be implemented based on white.

Shin I&S has constructed a cool roof at a daycare center in Yeongdeungpo-gu, Seoul as a support project for the vulnerable to climate change, and expects sales to increase as demand from apartments and factories increases.

Suitable for parking lots, plazas, parks, walking paths, and bicycle paths, CoolPavement reduces the surface temperature of the road, which can reach up to 80 degrees, by 20 to 40 degrees by preventing the high sun absorption rate, which is a disadvantage of existing pavements, and is expected to alleviate the urban heat island phenomenon and prevent safety accidents on walking paths.

"The government has treated the heat wave of 2018 as a disaster and included it in the natural disasters under the Public Safety and Security Act, and since then, cities, counties, and districts across the country have enacted heat-related ordinances, making the use of heat-reducing paint more common," said Kim.

Shin I&S products are highly competitive in price by using titanium dioxide extracted from natural stones instead of glass powder and other expensive materials for heat insulation, which lowers the production cost." While foreign products that use vacuum chisels cost 450,000 to 600,000 won for an 18-kilogram canister, Shin I&S's product costs only 165,000 won. The reflectivity rate, which indicates the performance of heat insulation paint, is also similar to foreign products, at 89 to 92 percent, far exceeding the standard of 65 percent.

"The performance is similar to foreign products, but the price is one-third of the price, so we are promoting exports to countries with desert climates or tropical climates, such as the Middle East and Southeast Asia, as it has sufficient price competitiveness," said Kim. 

With the goal of expanding into overseas markets in mind, the company prioritizes employees who can speak foreign languages when hiring new employees.

In addition, the company opened a research center last year to improve the infrared reflectivity of heat-insulating paints, where three master's and doctoral-level researchers are engaged in research. The company has already been recognized internationally for its technology by obtaining the Cool Roof Rating Council (CRRC) certification, the world's leading certification body for heat-insulating paints.

"The only way for a startup to survive the competition with established companies is to develop technology," said Kim, emphasizing that the company is constantly researching.

Shin I&S currently has patent applications for indoor illuminance insulation paint that improves indoor energy efficiency by 50 percent and eco-friendly water-soluble sign paint that is both non-slip and has better road visibility than existing CP. The indoor illuminance insulation paint is expected to become a flagship product along with the sidewalk CP, as it maintains the same brightness with half the lighting and is highly effective in saving energy due to its insulation function.

"Korea has four seasons, so the market expansion is limited, but demand is expected to surge in countries with tropical or desert climates, so we would like to explore overseas markets to contribute to the development of the national economy and take the lead in reducing the global temperature by one degree," Kim said.

Resource: Reporter, Taejong Hwang in Financial News