LG Chem, South Korea's largest chemicals maker, announced on July 25 that it will sink about 400 billion won into its plant in Daesan, South Chungcheong Province, by 2018 in order to jack up elastomer production.
LG Chem will build the nation’s largest elastomer production facility (59,400 square meters) with an annual capacity of 290,000 tons. It will be more than 8 times the size of a football field.
Once the plant has been complete, LG Chem’s elastomer production capacity will triple from the current 90,000 tons to 290,000 tons, making LG Chem one of the world’s three largest elastomer makers.
As of now, Dow Chemical is the largest elastomer maker by output, followed by ExxonMobil.
Global demand for elastomers is expected to pick up as demand for lightweight materials in vehicles is increasing.
