LG Chem announced on Oct. 30 that it plans to expand its presence in the global mobility market by supplying thermally conductive adhesives to North American automakers.
The company also stated its intention to grow its automotive adhesive business into a multi-million-dollar unit.
Thermally conductive adhesives, used to bond battery cells to modules or packs, are essential for thermal management and performance maintenance due to their high thermal conductivity and electrical insulation.
LG Chem has production sites in Europe and the U.S. and holds over 180 patents, establishing a technical barrier and providing customized solutions.
The company is currently focused on developing products that can contribute to cost reduction and lightweighting for customers.
LG Chem entered the automotive adhesive business in North America in 2018 by acquiring Uniseal, a leading U.S.-based automotive adhesive specialist.
Recently, Uniseal has succeeded in developing new products for automotive bodies that are free of harmful chemicals and emit less carbon.
In addition to thermally conductive adhesives for batteries, LG Chem is developing various 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 to include those that can be applied to various electronic components such as camera sensors, headlamps, and in-vehicle displays.
The automotive adhesives market is expected to grow from $6.7 billion in 2024 to $13 billion in 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.
LG Chem announced on Oct. 30 that it plans to expand its presence in the global mobility market by supplying thermally conductive adhesives to North American automakers.
LG Chem Announces Q3 Financial Results
LG Chem released its third-quarter financial results on Oct. 28, reporting consolidated revenue of 12.6704 trillion won and an operating profit of 498.4 billion won.
Compared to the same period last year, revenue decreased by 6.1% and operating profit by 42.1%. However, compared to the previous quarter, revenue increased by 3.0% and operating profit by 22.8%.
CFO Cha Dong-seok commented, “Despite a modest improvement in revenue and profitability due to robust performances by Advanced Materials and our subsidiary LG Energy Solution, concerns over the challenging business environment are expected to remain for some time,” adding that, “We will continue to focus on enhancing efficiency and preparing growth-driven businesses to capture future growth opportunities.”
The Petrochemicals Company posted a revenue of 4.8132 trillion won and an operating loss of 38.2 billion won.
This temporary deficit was driven by increased raw material prices, freight costs, and a decline in foreign exchange rates.
In Q4, the company anticipates improved profitability due to cost benefits from falling raw material prices, higher utilization rates at new plants, and increased sales across North America and Europe.
The Advanced Materials Company recorded revenue of 1.7124 trillion won and operating profit of 150.2 billion won.
Battery materials faced minor declines in shipments and sales prices, impacted by exchange rate fluctuations.
In Q4, limited growth in revenue and profitability is expected due to year-end inventory adjustments by clients and the seasonal off-peak period for electronic materials.
The subsidiary LG Energy Solution posted a revenue of 6.8778 trillion won and an operating profit of 448.3 billion won.
Increased demand from European customers and expanded production in North America contributed to revenue growth, while higher utilization rates and stable metal prices boosted profitability.
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