[Alpha Biz=(Chicago) Reporter Paul Lee] Shin Hak-chul, vice chairman of LG Chem, once again stressed the importance of battery material business. Battery materials are one of the three new businesses that LG Chem is speeding up its investment.

"No place in all markets is growing this much," Vice Chairman Shin told reporters ahead of the 2024 Petrochemical Industry New Year event held at the Plaza Hotel in Jung-gu, Seoul on the 10th.

"The battery market has continued to grow 30-35% over the past few years," Vice Chairman Shin said. "It is said to have slowed down a bit recently, but the growth rate is about 20%." "There is a slow down, but it is a very good market anyway," he said. "I think the market outlook is good this year as well."

"Let's continue to expand our customers while preoccupying the market with differentiated battery materials," Vice Chairman Shin said in a New Year's address released earlier this month. "Let's strengthen our metal competitiveness based on sophisticated global supply chain strategies."

Shin stressed the need to 'reorganize the business structure' across the petrochemical industry. "Globally, the situation in which supply exceeds demand will continue this year," he said. "Because of this, it is likely to be a difficult year for general-purpose products this year."

This is why LG Chem has established a new strategic direction for the future, focusing on three new growth engines (eco-friendly materials, battery materials, and global new drugs).

 

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