LG Chem, Korea’s leading chemical company, announced that it has signed a patent-sharing agreement with Idemitsu Kosan, a Japanese petrochemical company, on July 5.
Under the agreement, the two companies will use each other’s patents to develop, produce and sell materials used for organic light-emitting diodes (OLED). They will also accelerate the development of new OLED materials that guarantee improved efficiency and lifespan based on the partnership.
LG Chem and Idemitsu Kosan have been supplying various OLED materials to global flat panel makers. With the partnership, the two companies pledged to expand the markets of their customers and OLED materials in the future.
Meanwhile, the size of the global OLED materials market is projected to grow from 800 billion won (US$693.84 million) last year to 1.6 trillion won (US$1.39 billion) by 2020, showing an annual growth rate of 20 percent.