MOSCOW (MRC) -- LG Chem will build its fourth carbon nanotube (CNT)-manufacturing plant in Korea as part of efforts to strengthen its battery materials business, said Koreatimes.
The company said the new plant, which will be built at its Daesan Complex 80 kilometers southwest of Seoul, will become the world's largest single-line CNT manufacturing plant. "The new plant is part of LG Chem's initiative to gain a more competitive edge in the rapidly growing global CNT market focused on electric vehicle (EV) battery materials," the company said, adding that the new plant will have an annual production capacity of 3,200 tons.
LG Chem will start construction of the fourth plant in the first half of 2023 and expects the plant will begin operation in the second half of 2024. With four plants, LG Chem will be able to produce 6,100 tons of CNT annually.
CNT is a next-generation material offering electricity and thermal conductivity equivalent to copper and diamond, while its strength is 100 times that of steel. The material is expected to be increasingly used in batteries, semiconductor wafer trays, automotive components and surface heating elements.
According to LG Chem, the global demand for CNT is forecast to grow to 70,000 tons by 2030, from 5,000 tons in 2021.
Its CNT materials will be supplied as conductive additives to battery makers such as LG Energy Solution, with plans for use to be expanded to a broader range of industries, the company said.
"LG Chem is continuously increasing its sales from newly secured battery customers including LG Energy Solutions and is strongly committed to become a trustworthy world-class CNT supplier for global carmakers," said Noh Kug-lae, head of LG Chem's Petrochemical Business.
"We hope to cement our lead in the conductive additive market based on our competitive edge in self-developed manufacturing capabilities and excellent product quality and moving faster than our competitors."
We remind, LG Chem, a major South Korean producer of petrochemicals, has brought its acrylonitrile butadiene styrene (ABS) plant to 100% capacity in Yeosu, South Korea. Previously, the plant with a capacity of 900 thousand tons of ABS per year worked at 80-90% in May, at 100% in June and at 90% in July.