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Biz News Korea(Eng)

LG Chem builds elastomer plant in Korea to triple capacity

Collected: 2016.07.26

Distributed: 2016.07.27

Source: Go Direct

South Korea’s LG Chem Ltd. said Monday that it will build the country’s largest elastomer factory with annual output capacity of 200,000 metric tons at a cost of 400 billion won ($351.6 million) to meet growing demand and application of the polymer with rubber and plastic features.

The plant covering 59,400 square meters in Daesan, South Chungcheong Province will be completed in 2018, sharply bumping up annual capacity of elastomer to 290,000 metric tons from current 90,000. The output with estimated sales of 600 billion won will safely put LG after the world’s largest Dow Chemical Company and Exxon Mobil Corp.

Elastomers can be used widely from shoes and hoses to cables and car interior/exterior materials.

The global demand in elastomer is expected to increase from 2.4 trillion won last year to 3.5 trillion won by 2020, according to a market research firm Chemical Market Resources Inc.

Yet entries are difficult due to the sophisticated manufacturing procedures, leaving just about four as primary suppliers. LG Chem has a patented technology on metallocene catalyst that is crucial in producing the polymer.

The company said it was making preemptive investment to stay ahead in high-performance materials market.

By Jung Wook

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