South Korean chemicals firm LG Chem Ltd announced that it is expanding its presence in the global mobility market with plans to supply thermally conductive adhesives to automakers in North America, as it seeks to grow these operations into a multi-million-dollar business.
The company expects the overall global automotive adhesives market to grow from US$6.7 billion in 2024 to $13.0 billion by 2030, driven by “rising demand for electronic components due to electrification and autonomous driving, and the increased need for lighter and more eco-friendly materials.”
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LG Chem stated that it uses thermally conductive adhesives to bond battery cells into modules and packs, claiming they are “essential for thermal management and performance maintenance due to their high thermal conductivity and electrical insulation.” The company has production facilities in Europe and the US, holds over 180 patents in this field and can also provide customized solutions.
LG Chem pointed out that it is currently also focused on developing products that can contribute to cost reduction and lightweighting for customers.
The company confirmed it entered the automotive adhesive business in North America in 2018 by acquiring Uniseal, which has since developed new products for automotive bodies that are free of harmful chemicals and emit less carbon.
LG Chem is developing various other adhesive materials, such as polyimide varnishes and silver nano pastes for motors and inverters/converters, in close cooperation with domestic and foreign companies. It is also expanding its adhesives product lineup for electronic components such as camera sensors, headlamps and in-vehicle displays.
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By GlobalDataLG Chem’s CEO, Shin Hak-Cheol, said in a statement: “As a leading electronics material supplier in the display and semiconductor industry, we have accumulated technological advancements, including material synthesis, proprietary design, and manufacturing processes. Based on this expertise, we will actively foster the mobility materials business—as we see it as a future growth area—and strengthen our market position.”
