Under a major strategic growth plan, LG Chem Ltd. is increasing its capacity to produce polyolefin elastomer film for solar power panels by 100,000 metric tons per year
The project, it said, is due on stream in 2023 and will make Seoul-based LG Chem the world's second largest producer of these POE materials, with a capacity at 380,000 tons.
According to LG Chem, the POE market is expected to grow at around 30 percent annually until 2025, in-line with rapid growth in the renewable energy market.
LG Chem produces the POE using a "unique metallocene catalyst" and plans to further "optimize (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 $50.2 billion (KRW 60 trillion)—about 130 percent above its 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," CEO Hak Cheol Shin said.
"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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