LG Chem makes moves towards a circular plastics economy
Published by Bella Weetch,
Editorial Assistant
Hydrocarbon Engineering,
On 30 March 2023, LG Chem held a groundbreaking ceremony for the nation’s first hydropyrolysis plant and an aerogel, a next-generation insulation material, plant for building a plastic circular economy structure at the Seokmun National Industrial Complex in Dangjin, Chungnam, South Korea.
The Ministry of Trade, Industry and Energy Secretary, Joo Young-hoon, Dangjin Mayor, Oh Seong Hwan, LG Chem Chief Executive Officer, Hak Cheol Shin, and Executive Vice President, KUG LAE, NOH attended the event on this day. UK-based Mura CEO, Steven Mahon, and Hyundai Engineering CEO, Hyeon Sung Hong, who agreed to provide technical support for the plant, were also in attendance.
LG Chem plans to invest a total of KRW310 billion by 2024 to construct a hydropyrolysis plant and a plant for producing aerogel, which is a next-generation insulation material, on a site with an area of 240 000 m2 (equivalent to 32 football fields) to foster future eco-friendly businesses in Seokmun National Industrial Park.
Hydropyrolysis is featured by decomposing plastic with a special heat source in a steam state with temperature and pressure exceeding the critical point of water, and it has little carbon lumps (blackening), thus making it possible to operate without requiring repair processes. The use of pyrolysis oil is expected to grow by more than 19% every year to reach 3.3 million t by 2030.
Aerogel is produced using proprietary technology developed by LG Chem, and it is lightweight as it is composed of more than 95% gases having properties that are both water-resistant and fire-resistant.
Especially when used as insulation material for pipes and equipment at industrial sites, heat loss can be minimised. Aerogel is expected to have market growth of more than 30% every year due to the demand for eco-friendly energy (liquefied hydrogen) transportation and storage, as well as heat blocking, etc.
LG Chem Chief Executive Officer, Hak Cheol Shin, commented: “The Dangjin Plant will become a global centre for the eco-friendly materials sector,” while adding: “LG Chem will play a leading role for sustainable development and to achieve carbon-neutrality goals as a leading company of the petrochemical industry.”
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/05042023/lg-chem-makes-moves-towards-a-circular-plastics-economy/
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