Vinyl Flooring Plasticizers Market
Vinyl Flooring Plasticizers Market Analysis By Plasticizer Type (Phthalates, Non-Phthalates), By Application (Residential, Commercial, Industrial) and Region - Global Market Insights 2023 to 2033
Analysis of Vinyl Flooring Plasticizers Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Vinyl Flooring Plasticizers Market Outlook (2023 to 2033)
Reaching a valuation of US$ 1.39 billion in 2023, the global vinyl flooring plasticizers market is forecasted to expand at 3.7% CAGR over the next ten years to attain a revenue of US$ 2.01 billion by the end of 2033.
Growing need for resilient floor installations from residential to commercial applications is slated to uplift the demand for vinyl flooring plasticizers over the coming years. The added benefits of using vinyl flooring plasticizers to instill properties such as flexibility, longevity, durability, and resilience are also estimated to create an opportune scenario for vinyl flooring plasticizer suppliers going forward.
The expanding world population calls for a more substantial housing infrastructure and the development of the same is also estimated to benefit vinyl flooring plasticizer sales in the long run. Rapid urbanization and industrialization in all parts of the world are also anticipated to positively impact demand for vinyl flooring plasticizers over the next ten years.
Growing demand for flooring with high-quality finish is widening the scope of vinyl flooring plasticizers applications thereby supplementing the sales of PVC flooring plasticizers, LVT flooring plasticizers, WPC flooring plasticizers, etc. through 2033. The use of vinyl flooring plasticizers for healthcare applications is estimated to have a bright outlook across the study period and create new business opportunities.
“Role of Healthcare Institutions in Global Market Development”
Healthcare institutions have increased their reliability on sustainable building practices. Sustainable flooring solutions have gained traction as providing the best experience to patients is an essential part of the whole ecosystem. Vinyl flooring ensures comfortable walking and stand-on, exclusively for nurses, helps in lowering noise levels, and also reduces the necessity for harsh cleaning with chemicals.
Moreover, the adoption of non-phthalate-based vinyl flooring plasticizers has been increasing in the healthcare ecosystem as it has minimal ill effects on human health. Increasing focus on healthcare infrastructure development in emerging economies presents great opportunities for suppliers of vinyl flooring plasticizers for healthcare applications in the future.
On the flip side, growing availability of alternative materials to replace vinyl flooring plasticizers is projected to be a key restraint troubling vinyl flooring plasticizer vendors across the study period and beyond.
A comprehensive and elaborate assessment of aspects such as local supply, pricing trends, product standards, safety regulations, and new developments has been mentioned in this vinyl flooring plasticizers industry research survey by skilled analysts at Fact.MR, a market research and competitive intelligence provider.
Report Attributes | Details |
---|---|
Vinyl Flooring Plasticizers Market Size (2023E) | US$ 1.39 Billion |
Projected Market Value (2033F) | US$ 2.01 Billion |
Global Market Growth Rate (2023 to 2033) | 3.7% CAGR |
Phthalate-based Vinyl Flooring Plasticizers Market Share (2023) | 80% |
Germany Market Growth Rate (2023 to 2023) | 2.8% CAGR |
United States Market Revenue Share (2033F) | 20% |
Demand Growth for Non-Phthalate-based Vinyl Flooring Plasticizers (2023 to 2033) | 3% CAGR |
Asia Pacific Market Share (2023) | 40% |
Key Companies Profiled | BASF SE; UPC Group; Evonik Industries AG; Aekyung Petrochemical Co. Ltd.; Nan Ya Plastics Corporation; LG Chem Ltd.; Eastman Chemical Company; Shandong Qilu Plasticizers Co. Ltd.; Shandong Hongxin Chemicals Co. Ltd.; ExxonMobil Corporation |
Don't Need a Global Report?
save 40%! on Country & Region specific reports
Why Should Vinyl Flooring Plasticizer Manufacturers Invest in APAC?
“Increasing Investments in Infrastructure Development”
Most countries in the Asia Pacific region are trying to improve their economic growth and this has led to a substantial increase in investments in infrastructure development activity. Rapid urbanization and industrialization are acting as catalysts to promote demand for vinyl flooring plasticizers in countries such as India, China, Indonesia, etc. over the coming years.
- As per an article published in Global Times, China’s investments in infrastructure development were estimated to be up by 10% in the first quarter of the year 2023. The article also states that the country has witnessed the launch of more than 10,000 projects in the same timeframe.
- Shipments of vinyl flooring plasticizers in the Asia Pacific region account for around 40% of the global vinyl flooring plasticizers market share in 2023.
Supportive government initiatives to attract foreign investments and expand the manufacturing sector are also slated to create opportune scenarios for upcoming as well as established vinyl flooring plasticizer companies going forward. Rising disposable income and the launch of new housing construction projects in countries such as India and China are also estimated to bolster market growth through 2033.
Country-wise Insights
Apart from Asian countries, vinyl flooring plasticizer manufacturers can focus on the United States, Germany, Canada, and the United Kingdom to gain huge profits as these countries witness the launch of high-value infrastructure projects.
Why is the United States an Investment-worthy Market?
“Demand for Durable and Aesthetic Flooring Driving Market Growth”
The United States vinyl flooring plasticizer has shown considerable growth over the past decade owing to the rise in the trend for resilient flooring installation. Consumers in the country demand an aesthetic look along with durability which vinyl plasticizers can easily provide. The increasing focus on sustainability is pushing authorities in the United States to impose stringent regulations on the use of phthalate-based vinyl plasticizers hence paving the way for non-phthalate vinyl flooring plasticizers going forward.
- Demand for plasticizers for vinyl flooring in the United States is projected to account for around 20% of the global market revenue share by the end of 2033.
Which European Country Should Companies Target?
“Germany to Offer Lucrative Business Opportunities”
Germany is projected to emerge as a highly rewarding market in the European region over the next ten years. This can be mainly attributed to the high demand for better flooring installations in commercial and industrial establishments in the country. The presence of key chemical companies involved in plasticizer manufacturing such as BASF and Evonik is also estimated to benefit market growth potential in the country.
- Vinyl flooring plasticizer sales in Germany are forecasted to increase at 2.8% CAGR over the next ten years.
Efforts to induce sustainability in all walks of life are becoming imperative in European countries as they strive to reduce their carbon emissions. Moreover, the rise in awareness regarding the ill effects of phthalate-based plasticizers has compelled various manufacturers to shift toward non-phthalate-based products and vinyl flooring plasticizer alternatives.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Category-wise Insights
Vinyl flooring plasticizer suppliers looking to generate some quick cash should focus on supplying phthalate-based plasticizers but vinyl flooring plasticizer manufacturers looking to consolidate long-term returns should invest in the development of sustainable vinyl flooring plasticizers, which will pay off big time over the years to come.
Which Type of Plasticizers Account for Higher Revenue Generation?
“Phthalate Plasticizers Account for Substantial Revenue Share”
Phthalate-based vinyl plasticizers account for a prominent share of the global marketplace. This is mainly ascribed to rapid urbanization around the world, which is leading to the expansion of housing activities at considerable rates. Moreover, the replacement of conventional floors with more aesthetic ones is in trend calling for the use of high-performance materials such as vinyl plasticizers.
- At present, sales of phthalate-based vinyl flooring plasticizers bring in around 80% of the global market revenue.
On the contrary, the growing focus on sustainability and an increasing number of people preferring to use eco-friendly vinyl flooring plasticizers are pushing companies to develop non-phthalate vinyl flooring plasticizers and biodegradable vinyl flooring plasticizers. Manufacturers have leveraged their resources on new emerging technologies to develop products that offer superior design flexibility but reduced ecological impact.
Major retailers are encouraging vendors to reformulate products toward less toxic and more sustainable profiles, ahead of government mandates. All of these aforementioned factors point toward a robust revenue generation potential from sales of non-phthalate-based vinyl flooring plasticizers by the end of 2033.
Analyst’s Opinion
Vinyl flooring plasticizer manufacturers still make most of their revenue through the sales of phthalate-based plasticizers, which have been proven to be toxic to the environment and humans as well in some cases. Increasing awareness about this toxicity is creating a high demand for non-phthalate-based plasticizers and this is where most money in the market will be made in the future.
Vinyl flooring plasticizer vendors will not only need to develop and launch sustainable vinyl flooring plasticizers but also offer them at affordable prices that can be competitive. Apart from this, companies will need to create awareness regarding the benefits and properties of sustainable vinyl flooring plasticizers to convince users. Market players can also benefit from supportive government initiatives and incentives that are geared towards promoting sustainability in different industry verticals.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Key Segments of Vinyl Flooring Plasticizers Industry Research
-
By Plasticizer Type:
- Phthalates
- DINP
- DIDP
- DEHP
- Others
- Non-Phthalates
- Benzoates
- DEHT
- DINCH
- Others
- Phthalates
-
By Application:
- Residential
- Commercial
- Industrial
-
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Background and Foundation Data Points
- 4. Key Success Factors
- 5. Global Market Demand (Kilo Tons) Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 6. Global Market Pricing Analysis
- 7. Global Market Value Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Plasticizer Type
- 8.1. Phthalates
- 8.1.1. DINP
- 8.1.2. DIDP
- 8.1.3. DEHP
- 8.1.4. Others
- 8.2. Non-Phthalates
- 8.2.1. Benzoates
- 8.2.2. DEHT
- 8.2.3. DINCH
- 8.2.4. Others
- 8.1. Phthalates
- 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Europe
- 9.4. East Asia
- 9.5. South Asia & Oceania
- 9.6. Middle East and Africa (MEA)
- 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 14. South Asia & Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 16. Key Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 17. Market Structure Analysis
- 18. Competition Analysis
- 18.1. Aekyung Petrochemical Co., Ltd.
- 18.2. BASF SE
- 18.3. UPC Group
- 18.4. ExxonMobil Corporation
- 18.5. LG Chem Ltd
- 18.6. Eastman Chemical Company
- 18.7. Evonik Industries AG
- 18.8. Nan Ya Plastics Corporation
- 18.9. Shandong Qilu Plasticizers Co., Ltd.
- 18.10. Shandong Hongxin Chemicals Co. Ltd.
Don't Need a Global Report?
save 40%! on Country & Region specific reports
List Of Table
Table No. 01. Global Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 02. Global Value (USD Million) and Volume (Kilo Tons) Analysis, By Region, 2018 to 2022
Table No. 03. Global Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Region, 2023 to 2033
Table No. 04. North America Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 05. North America Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2018 to 2022
Table No. 06. North America Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2023 to 2033
Table No. 07. Latin America Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 08. Latin America Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2018 to 2022
Table No. 09. Europe Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 10. Europe Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2018 to 2022
Table No. 11. East Asia Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 12. East Asia Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2018 to 2022
Table No. 13. South Asia & Oceania Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 14. South Asia & Oceania Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2018 to 2022
Table No. 15. South Asia & Oceania Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2018 to 2022
Table No. 16. MEA Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 17. MEA Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 18. MEA Value (USD Million) and Volume (Kilo Tons) Analysis, By Country, 2018 to 2022
Table No. 19. US Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 20. Brazil Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 21. Argentina Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 22. Mexico Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 23. Rest of LA Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 24. Germany Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 25. France Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 26. Spain Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 27. UK Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2018 to 2022
Table No. 28. China Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 29. Japan Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 30. South Korea Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 31. India Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 32. China Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 33. Australia & New-Zealand Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 34. Indonesia Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 35. Thailand Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
Table No. 36. Malaysia Market Value (USD Million) and Volume (Kilo Tons) Analysis, By Plasticizer Type, 2023 to 2033
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
List Of Figures
Figure No. 01: Global Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 02: Global Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 03: Global Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 04: Global Market, Volume Size and Forecast, By Region, Volume (Kilo Tons), 2023 to 2033
Figure No. 05: Global Market, Value Size and Forecast, By Region, USD Million, 2023 to 2033
Figure No. 06: Global Market, Incremental Opportunity, By Region, USD Million, 2023 to 2033
Figure No. 07: North America Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 08: North America Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 09: North America Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 10: North America Market, Volume Size and Forecast, By Country, Volume (Kilo Tons), 2023 to 2033
Figure No. 11: North America Market, Value Size and Forecast, By Country, USD Million, 2023 to 2033
Figure No. 12: North America Market, Incremental Opportunity, By Country, USD Million, 2023 to 2033
Figure No. 13: Latin America Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 14: Latin America Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 15: Latin America Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 16: Latin America Market, Volume Size and Forecast, By Country, Volume (Kilo Tons), 2023 to 2033
Figure No. 17: Latin America Market, Value Size and Forecast, By Country, USD Million, 2023 to 2033
Figure No. 18: Latin America Market, Incremental Opportunity, By Country, USD Million, 2023 to 2033
Figure No. 19: Europe Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 20: Europe Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 21: Europe Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 22: Europe Market, Volume Size and Forecast, By Country, Volume (Kilo Tons), 2023 to 2033
Figure No. 23: Europe Market, Value Size and Forecast, By Country, USD Million, 2023 to 2033
Figure No. 24: Europe Market, Incremental Opportunity, By Country, USD Million, 2023 to 2033
Figure No. 25: East Asia Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 26: East Asia Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 27: East Asia Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 28: East Asia Market, Volume Size and Forecast, By Country, Volume (Kilo Tons), 2023 to 2033
Figure No. 29: East Asia Market, Value Size and Forecast, By Country, USD Million, 2023 to 2033
Figure No. 30: East Asia Market, Incremental Opportunity, By Country, USD Million, 2023 to 2033
Figure No. 31: South Asia Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 32: South Asia Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 33: South Asia Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 34: South Asia Market, Volume Size and Forecast, By Country, Volume (Kilo Tons), 2023 to 2033
Figure No. 35: South Asia Market, Value Size and Forecast, By Country, USD Million, 2023 to 2033
Figure No. 36: South Asia Market, Incremental Opportunity, By Country, USD Million, 2023 to 2033
Figure No. 37: Oceania Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 38: Oceania Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 39: Oceania Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 40: Oceania Market, Volume Size and Forecast, By Country, Volume (Kilo Tons), 2023 to 2033
Figure No. 41: Oceania Market, Value Size and Forecast, By Country, USD Million, 2023 to 2033
Figure No. 42: Oceania Market, Incremental Opportunity, By Country, USD Million, 2023 to 2033
Figure No. 43: MEA Market, Volume Size and Forecast, By Plasticizer Type, Volume (Kilo Tons), 2023 to 2033
Figure No. 44: MEA Market, Value Size and Forecast, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 45: MEA Market, Incremental Opportunity, By Plasticizer Type, USD Million, 2023 to 2033
Figure No. 46: MEA Market, Volume Size and Forecast, By Country, Volume (Kilo Tons), 2023 to 2033
Figure No. 47: MEA Market, Value Size and Forecast, By Country, USD Million, 2023 to 2033
Figure No. 48: MEA Market, Incremental Opportunity, By Country, USD Million, 2023 to 2033
Figure No. 49: United States Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 50: Mexico Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 51: Brazil Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 52: Germany Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 53: France Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 54: United Kingdom Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 55: Italy Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 56: Spain Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 57: BENELUX Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 58: Russia Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 59: China Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 60: Japan Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 61: South Korea Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 62: India Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 63: Thailand Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 64: ASEAN Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 65: Australia & New Zealand Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 66: GCC Countries Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 67: South Africa Market Value Share By Plasticizer Type, 2023 & 2033
Figure No. 68: Turkey Market Value Share By Plasticizer Type, 2023 & 2033
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How big is the vinyl flooring plasticizers market in 2023?
The global vinyl flooring plasticizers market is valued at US$ 1.39 billion in 2023.
What is the projected vinyl flooring plasticizers market value for 2033?
Vinyl flooring plasticizer sales are forecasted to reach US$ 2.01 billion by the end of 2033.
At what CAGR will the global market expand?
Vinyl flooring plasticizer demand is forecasted to rise at 3.7% CAGR over the next ten years.
What are the benefits of vinyl flooring?
Vinyl flooring is attractive, durable, easy to maintain, and comes in a wide variety of options to choose from.
What will be the size of the vinyl flooring plasticizers market in the United States?
Demand for vinyl flooring plasticizers in the United States is expected to account for 20% of global revenue by 2033-end.
Who are the top vinyl flooring plasticizer manufacturers?
BASF SE, UPC Group, Evonik Industries AG, Nan Ya Plastics Corporation, and LG Chem Ltd. are renowned companies in the industry.