LG Chem expanding elastomer film capacity under strategic growth plan
9 Feb 2022
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Project will make Korean group the world’s second largest producer of POE film for solar panel applications
Seoul – Under a major strategic growth plan, LG Chem is increasing its capacity to produce polyolefin elastomer (POE) film for solar power panels by 100 kilotonnes per annum (ktpa).
The project, it said, is due on stream in 2023 and will make LG Chem the world’s second largest producer of these POE materials, with a capacity at 380ktpa.
According to LG Chem, the POE market is expected to grow at around 30% annually until 2025 in-line with rapid growth the renewable energy market.
LG Chem produces the POE using a “unique metallocene catalyst” and plans to further “optimise [its] solar power panel films to maintain its superiority in the solar power market.”
The project is just one part of an ambitious strategic plan at LG Chem to more than double revenue to KRW60 trillion (€44 billion) – about 130% above current level – by 2030.
The group’s ‘blue ocean shift’ strategy is focused particularly on eco-friendly materials, battery materials, and new pharmaceutical products.
“We will shift our main axis of our business as a global science company focusing on eco-friendly businesses, battery materials, and new drugs by 2030 and grow without wavering in any business environment,” said CEO Hak Cheol Shin.
“The great reset of the industry prompted by the current climate crisis, digital transformation, and post-pandemic era will also serve as a great opportunity for LG Chem’s leap [to become] the top global science company.’”
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