Aims to Attain KRW50tn in Sales by 2030
Lotte Chemical has decided to set up a corporation in the United States in the first half of 2022 that will orchestrate its battery materials business. In addition, it aims to rack up 50 trillion won in sales by 2030 by increasing the proportion of high-value-added specialty and green businesses.
The company unveiled its vision and growth strategy for 2030 at a press conference at the Lotte World Tower in Songpa-gu, Seoul on May 19.
It plans to invest 4 trillion won in the battery materials sector by 2030 to generate 5 trillion won in sales. In particular, it plans to enter the U.S. market, which is rapidly growing thanks to a recent increase in demand for electric vehicles and the expansion of battery manufacturers’ investment.
In this regard, Lotte Chemical plans to establish a corporation in the United States within the first half of 2022. In addition, considering demand from local battery manufacturers, the establishment of a cathode foil or electrolyte material plant is also under consideration. Moreover, it plans to promote next-generation battery-related businesses such as lithium metal anode materials and vanadium liquid electrodes.
The company's hydrogen energy business division plans to invest six trillion won by 2030 to produce 1.2 million tons of clean hydrogen per year and log annual sales of 5 trillion won by.
According to Lotte Chemical, the hydrogen market is expected to reach 5.8 million tons in Korea and 98 million tons in the global market in 2030. Its demand is expected to reach 3.5 million tons for fuel cell and ammonia co-fired power generation. Lotte Chemical plans to supply 600,000 tons of the 1.2 million tons for power generation, 450,000 tons for fuel cells and hydrogen gas turbines and 150,000 tons for transportation.
Lotte Chemical plans to produce the 600,000 tons of clean hydrogen for power generation overseas and convert it into ammonia before bringing it into Korea.
In addition, the Korean chemical giant plans to expand recycling and bioplastic businesses to one million tons of eco-friendly recycled products and two trillion won in sales by investing one trillion won by 2030.