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Keywords of this article:  Engineering Plastic 
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Future cars are energy-saving, eco-friendly and comfortable.
Future cars are energy-saving, eco-friendly and comfortable.
Photo: 12

Futuristic cars and Smart Life Solution at LG Chem’s booth caught the eyes of many visitors. It demonstrated how high value-added products, including eco-friendly, high-performance and lightweight ABS, engineering plastic (EP), super absorbent polymer (SAP), and eco-friendly synthetic rubber can be applied in everyday products like automotive components, home appliances, smart devices and leisure goods to improve the quality of life and cut costs. Visitors to the booth were also interested in LG Chem’s R&D, Technical Support, and Color Design Center.

“LG Chem's customers are mainly in the automotive, home appliance, packaging, and building materials industries. Among them, the automotive industry is an important industry in which we grow together with our customers. Currently, the country with the fastest growing automotive market is China, where LG Chem differentiates itself with these key features: lightweight, eco-friendly and sensible design,” said Ostine (O.D.) Son, President, Basic Materials & Chemicals Company of LG Chem.

He explained that lightweight cars benefit the environment by consuming less fuel and emit less exhaust. Energy is also saved by replacing automotive metal parts with high mechanical properties. By developing products that do not require painting, air pollution is greatly reduced.

Apart from functionality, a sensible comfort and design solution is vital. For example, Color Coordinators help implement the color that clients want; ABS and EP can reproduce the feeling of wood, stone and metal to cater to customers’ tastes. Furthermore, LG Chem’s world class technology in electric vehicle battery makes progress in leaps and bounds in electric cars.

China is driving the world’s auto market: China’s automotive industry is producing 95 million units in 2017 with an average annual growth rate of more than 2.1%. China has grown by more than 8% over the past two years, producing and purchasing 28 million units, or 30% of the global market. China is set to enjoy steady economic growth, increased disposable incomes, higher quality of life, and it is expected that China’s market growth potential will be higher in comparison to other regions.

“Partnerships between global automakers and Chinese automakers and Chinese local companies are steadily increasing. We are seeing the prominence of local Chinese automakers in recent years, and we believe that they will grow into leading companies in the near future. One thing for certain is that China will have high growth in the automotive market and we are prepared to work with local automobile makers in China to provide the best products and technologies they want,” he said.

Meanwhile, LG Chem has continued to maintain steady partnerships with automobile companies and tier companies in China and will continue to strengthen its partnership for mutual growth to expand the market. “Korea and China are geographically close to each other and LG Chem is proud to have contributed a lot to the growth of China since it started to produce PVC products in 1994,” he said.

Speaking about the company’s strategy, he said, “Since the global financial crisis in 2008, it has been very important to create a structure that can achieve its goals consistently in any environment. LG Chem reorganized its business structure to focus on high value-added products to create a sustainable growth base even in uncertain market conditions.”

He added that the company will continue to develop and invest in new advanced materials to become a Global Top 5 company that grows steadily in the market with differentiated materials and products.

Looking ahead, in order to become a leading company in the automotive parts and materials market, LG Chem will focus on product development and quality improvement desired by customers. In line with growing market demand, LG Chem will steadily invest in facilities and localize in order to increase our supply capacity.

In addition, SSBR for manufacturing eco-friendly tires, and SAP (Superabsorbent Polymer) are expected to grow in line with China's living standards and income growth. The company will continue to invest in research and development of high-tech future materials such as Super Engineering Plastics, CNT (Carbon Nano Tube) to build up its position as a global leader.

Booth: 6.2T01

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