LG Chem and Webasto officials pose for a photo after signing a smart glass film supply contract (Courtesy of LG Chem)
LG Chem Ltd. is venturing into the automotive smart glass film market as it has won an order to supply its switchable glazing films to German auto parts supplier Webasto SE.
The South Korean chemical giant announced on Monday that it signed a contract with the Stockdorf, Germany-headquartered company to supply its switchable glass films, which will be used in producing the latter’s automobile sunroof systems, for multiple years.
Webasto will supply its sunroof systems fitted with LG Chem’s switchable glazing films to finished car makers in Europe, said the Korean company.
LG Chem expects its smart glass film deal with the German customer would reach hundreds of millions of dollars.
A switchable glazing film, or smart film, is a thin sheet that can switch from transparent to opaque or vice versa by controlling light transmittance with electric currents.
According to MarketsandMarkets, the global market for smart glass fitted with switchable film is expected to grow to $9.4 billion in 2029 from $5.8 billion in 2024 at a compound average growth rate of 9.8%.
With the latest order, LG Chem is advancing into the global smart glass market, a move expected to expand the Korean chemicals giant’s electromobility materials portfolio.
The company owns more than 200 patents on smart glass film technologies, it said.
(Courtesy of Getty Image)
It runs a manufacturing facility that can churn out enough switchable films for 3 million cars’ sunroofs every year, the company said.
LG Chem plans to be ready for smart glass film’s mass production this year to start selling them in the market in the latter half of next year.
HIGH-VALUE ADDED AUTOMOTIVE ELECTRONICS MATERIALS
The company has been expanding its specialty materials business as part of its reorganization centered around three growth drivers.
Last year, the Korean chemical company announced its new three growth pillars – battery materials, eco-friendly materials and life science – after it carved out LG Energy Solution Ltd. It is the parent of the top Korean battery producer with a more than 80% stake.
LG Chem’s specialty materials are for rechargeable batteries, information technology (IT) devices and automotive electronics, focusing on electromobility and sustainability.
It will utilize its expertise in lithium-ion battery technology to diversify its advanced materials business.
Under the plan, LG Chem will tap other electromobility materials markets, including transparent antenna films and adhesives for automotive electronics.
It also plans to develop next-generation switchable glass film enhanced with clear black and faster response speed.
By Hyung-Kyu Kim
khk@hankyung.com
Sookyung Seo edited this article.
