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LG Chem will invest 65 billion won by the first quarter of 2021 to expand the production of carbon nanotubes due to its increased use in batteries for electric vehicles (EVs).
The investment will raise LG Chem's annual production capacity from 500 tons to 1,700 tons.
The demand for carbon nanotubes to be used on EV batteries was at 3,000 tons in 2019.
With the annual growth rate for carbon nanotubes at 34 percent, demand is expected to reach 13,000 tons by 2024, according to LG Chem.
LG Chem, the leading supplier of EV batteries, is seeking to boost the sales of carbon nanotubes for automakers. It is also set to expand its production capacity of EV batteries in 2022.
Carbon nanotubes are next-generation material known to be among the strongest, lightest, and most conductive fibers.
It has the same electric and heat conductivity as copper and diamond and is a hundred more times denser than steel.
Other than batteries, carbon nanotubes are also used in semiconductors, car components, and aircraft fuselages.
The material will also be applied in various industrial purposes such as semi-conductive layers inside high-voltage cable sheaths, large-sized casts for construction, and high-strength concrete for architecture.
LG Chem, which has more than 250 patents on carbon nanotubes, launched a research and development team for the material in 2011.
In 2013, it a 20-ton pilot mass production line for carbon nanotubes.
"By using carbon nanotubes as anode-conductive additives, we will be able to reduce the use of conductive materials by about 30 percent and increase the capacity of lithium-ion batteries," said LG Chem, which is solidifying its lead in the production of conductive additives.
Kug Lae, Noh, executive vice president of LG Chem, is confident that his company will become a dominant leader in the next-generation carbon nanotubes due to its indigenous technologies and experience with mass production.
