ICHAE, Expanding New Industries by Entering Drone Sector Following Automotive

ICH, which has been focusing on the smartphone market, is expanding its product applications into new fields, supplying products not only to the automotive sector but also to the drone industry.

ICH announced on the 12th that it will start supplying adhesive tapes to a leading global drone industry company from the second half of this year. These tapes will be applied in the assembly of drone airframes.

Recently, due to the escalation of US-China tensions, the company's drone assembly sites in China have been relocated to Europe and Korea, creating an opportunity for ICH. As the drone market continues to experience rapid growth, ICH aims to expand its product supply in this related market.

Fortune Business Insights forecasts that the drone market, valued at $13.48 billion (approximately 17.9 trillion KRW) last year, will grow at an average annual rate of 42.78%, reaching $232.8 billion (approximately 309 trillion KRW) by 2029. The market is expected to see high growth due to increased demand for attack drones and surveillance drones driven by the Ukraine war, as well as the adoption of commercial drones in various industries, including delivery drones.

The company has also entered the rapidly growing automotive display market. ICH supplies noise prevention materials for EV electronic displays to Continental AG, the world's largest automotive parts manufacturer. These materials are applied to Volkswagen Group's Audi electric vehicle e-Tron and Porsche electric vehicle Taycan EV. They serve to eliminate noise in the EV vehicle's Central Information Display (CID) panel and display circuits, preventing display malfunctions. ICH is also pursuing additional supply of related products.

A company representative stated, "ICH faces the challenge of overcoming performance slowdowns caused by the smartphone industry's maturity phase and the limitations of the smartphone ecosystem." They added, "We will do our best to secure new growth engines by entering new growth industries such as automotive and drones."