Under a major strategic growth plan, Seoul-based LG Chem will increase its annual production capacity for polyolefin elastomer films used in solar panels by 100,000 tons.
The company said the project will start production in 2023 and will make LG Chem the world's second-largest producer of POE materials with an annual capacity of 380,000 tonnes.
According to LG Chem, with the rapid growth of the renewable energy market, the POE market is expected to grow at an annual rate of about 30% through 2025.
LG Chem produces POE using a "unique metallocene catalyst" and plans to further "optimize solar panel films to maintain its dominance in the solar market."
The project is just part of LG Chem's ambitious strategic plan to more than double revenue to $50.2 billion (60 trillion won) by 2030, about 130 percent higher than current levels.
The group's "Blue Ocean Transfer" strategy is particularly focused on environmentally friendly materials, battery materials and new pharmaceutical products.
"We will transform our business spindle into a global science company focusing on eco-friendly businesses, battery materials and new medicines by 2030, unwaveringly persevering in any business environment," said CEO Hak Cheol Shin.
"The current climate crisis, digital transformation, and the industry shake-up prompted by the post-pandemic period will also be an excellent opportunity for LG Chem to leapfrog into the world's top science company."