LG Chem to beef up production of carbon nanotubes for EV batteries
SEOUL, AJU - LG Chem, a major South Korean battery maker, will beef up its manufacturing capability of carbon nanotubes targeting the global electric vehicle and other novel technology markets that are projected to rapidly grow. The company will use carbon nanotubes for lithium-ion batteries.
LG Chem said in a statement on Monday that it would inject about 6.5 billion won ($5.2 million) into the company's factory in the southwestern port city of Yeosu to increase the production of carbon nanotubes from 500 tons to 1,700 tons per year by the first quarter of 2021.
Because of high conductivity and strength, carbon nanotubes are an important key material in the production of EV batteries, aircraft hulls, semiconductors and auto parts. The demand for carbon nanotubes in the global EV market is projected to grow by an annual growth rate of 34 percent to reach 13,000 tons in 2024, according to industry data.
"We have decided to increase our production capability to target the rapidly growing global carbon nanotube market," LG Chem said, adding it would strengthen its global competitiveness by aggressively adopting the next-generation material in the production of lithium-ion batteries.
Carbon nanotubes can improve the capacity and cyclability of lithium-ion batteries, as well as the capability to be very effective buffering components. Electronic transport in the anode can be greatly improved using highly metallic carbon nanotubes.
According to Grand View Research, a global market research firm, the global market for carbon nanotubes will reach $3.4 billion by 2022 and continue to steadily increase thanks to the increased application of carbon nanotubes in end-use industries including polymers, electronics, aerospace and automotive. Countries such as China, Japan and the United States are aggressively promoting nanotechnology in an effort to open new business opportunities in the rapidly growing market.