Expansion of Production Facility to 10,400㎡
Targeting the 44 Trillion Won Global Automotive Lighting Market
IL Science has begun expanding its production capacity to supply silicone lenses for vehicles to LG Innotek.
IL Science announced on the 1st that it has signed an investment agreement with LG Innotek to apply silicone LED lenses to automotive lights.
This is aimed at producing LG Innotek's newly launched ‘Nexlide-M’ and involves establishing related production facilities at IL Science's production base. LG Innotek will invest in equipment for lamp molding production at IL Science, while IL Science will invest in the related infrastructure facilities.
Through building a cooperative system with LG Innotek, IL Science plans to actively target the global automotive lighting market, which is valued at 44 trillion KRW. According to the global market research firm ‘Presidency Research,’ the global automotive lighting market was worth $33.04 billion (approximately 44 trillion KRW) last year and is expected to reach $56.17 billion (approximately 72 trillion KRW) by 2032.
IL Science is expanding its production facilities in response to orders from upstream industries. Once the expansion of the second factory is completed, the total floor area of production facilities will increase from the current 7,020㎡ to 10,400㎡.
This facility expansion is being carried out as part of the ‘Modular Smart Factory Model Construction Project’ to be applied to factories in the United States and Mexico, which was discussed during the invitation of the U.S. economic delegation in the first half of the year. This project will establish fully automated production lines. It is one of the strategies to gradually transplant modules by country in line with the construction progress of partner companies' overseas factories, enabling immediate product production upon completion.
An IL Science official said, “Automotive electronic component business sales have started in earnest, and we are continuously discussing production capacity information with companies within the value chain to meet delivery deadlines. As the number of automotive models applying silicone LED lenses and the number of customers are expected to increase, we will respond swiftly by expanding production capacity.”
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