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LG Chem Ltd. has broke ground on a 310 billion won plant in a 240,000 square-meter site in Dangjin for pyrolysis and aerogel, a material for next-generation insulation in boosting its plastic recycling businesses.
It will mark the first supercritical pyrolysis factory in Korea.
LG Chem will manufacture aerogel, used as an insulation material to minimize heat loss when storing and transporting eco-friendly energy, such as liquid hydrogen, with its in-house technology.
Global consumption of pyrolysis oil, a liquid substance generated from the process and subsequent cooling, is used for combustion in boilers and fuel in engines.
According to the petrochemical industry, the pyrolysis oil chemical recycling market is forecast to grow at an average annual rate of 17% to reach 3.3 million tons in 2030.
LG Chem aims to begin operating the facility in 2024.
