Seoul:LG Chem Ltd., a leading chemical company in South Korea, has announced a partnership with Volkswagen Group to jointly develop next-generation eco-friendly mobility materials.
According to Yonhap News Agency, the two companies have signed a memorandum of understanding (MOU) to collaborate on the development of advanced plastics and composite materials. These materials aim to reduce vehicle weight and enhance performance, utilizing LG Chem's acrylonitrile butadiene styrene (ABS) and engineering plastics (EP).
ABS and EP are high-performance plastics commonly used in the exterior components of home appliances and automotive parts. LG Chem's Senior Vice President, Kim Sang-min, stated that the company aims to set new milestones for sustainable growth by leveraging its technological capabilities and competitiveness in high-value-added, eco-friendly materials.
The MOU also involves LG Chem strengthening its competitiveness in sustainable materials for future vehicles. The company plans to expand the use of post-consumer recycled (PCR) materials and cost-efficient solutions in the interior and exterior components of Volkswagen's major automotive brands.
With an annual ABS production capacity of 2.35 million metric tons worldwide, LG Chem was the first in the industry to produce white-colored PCR ABS in 2020 and continues to broaden its portfolio of PCR materials for automotive components.