Seoul – Two Korean speciality chemicals suppliers, LG Chem and Kumho Petrochemical, are expanding their synthetic rubber production capacity according to local press.
LG Chem is improving its business model, strengthening R&D and focusing on bio-industry aiming to become one of the “top five chemical corporations by 2025,” said a 28 Feb report by Korean Joongang Daily.
As part of the plan, LG’s basic materials & chemicals R&D centre will upgrade and develop technologies for elastomers and solution styrene butadiene rubber (SSBR).
The company, said the report, plans to increase "its production of elastomer, which has characteristics of rubber and plastics, from 90 kilotonnes per annum (ktpa) to 290,000 ktpa by 2018."
This is while the Korea Times said in an advertorial on 30 Jan that Kumho Petrochemical was expanding rubber production too.
The company is planning to improve its strategic partnerships with tire makers in China as a “leading supplier of ultra-high-performance tire and neodymium polybutadiene rubber (Nd-PBR)” in the country.
Kumho Petrochemical, said the report spent “hundreds of billions of won” to double its annual production capacity to 400 ktpa of Nd-PBR latex.
The company also set up an office in Malaysian capital of Kuala Lumpur in May 2016 as part of its efforts to meet rising demand for the product in Southeast Asia.