[Asia Economy Reporter Oh Hyung-gil] Lotte INEOS Chemical announced on the 6th that it will expand its vinyl acetate production capacity to 700,000 tons by the end of 2025.
Lotte INEOS Chemical, the only company in Korea producing acetic acid and vinyl acetate, completed the expansion of its second vinyl acetate plant in 2020 and is now planning to expand the third plant. The company has purchased land near its Ulsan plant and signed a basic design contract with Lotte Construction.
Vinyl acetate is used in eco-friendly advanced materials such as food packaging, non-toxic adhesives, paints, as well as solar cell modules and polarizing films for displays. Recently, with the increasing demand for solar power generation facilities, the demand for vinyl acetate is also rapidly rising.
A Lotte INEOS Chemical official stated, "For over 30 years since our founding, we have upheld the customer value of 'unwavering raw material supply under any circumstances.'" He added, "Through this expansion, we will ensure a more stable supply and contribute to the development of Korea's renewable energy industry."
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