Paint Industry Accelerates New Business, Targets Secondary Batteries

Paint Sensitive to Oil Price Impact
Seeking New Business Opportunities
Samwha and Noru Secure Secondary Battery Technology Expertise

Leading domestic paint companies, Samhwa Paint and Noroo Paint, are accelerating their new business ventures. Both companies have identified the secondary battery sector as a future growth engine. This is based on extensive chemical research conducted alongside new product development.

Samhwa Paint is exploring entry into related markets by securing technologies for lithium secondary batteries, electronic materials, and display coatings. A representative example is the patent obtained on the 15th for manufacturing electrolyte additives for lithium secondary batteries. Electrolyte additives used in lithium-ion batteries can cause side reactions and degrade battery performance if impurities such as chloride ions are present. To address this, Samhwa Paint developed a manufacturing method for additives composed of dialkylsulfonyl isosorbide compounds.

Since acquiring Samhwa Daerim Chemical in 2018, Samhwa Paint has expanded its business area by securing numerous related patents. In 2021, it obtained a patent related to 'carbonate compounds containing fluorosulfonyl groups,' laying the groundwork to secure new growth engines in the battery market for electric vehicles and mobile phones.

Similarly, Noroo Paint, which has also built technological expertise in the secondary battery field, is set to commercialize related technologies soon. Noroo Paint plans to launch 13 products this year, including binders (adhesives), moldings (finishing agents), and flame-retardant urethane foam applicable to secondary battery cells, modules, and packs. These products are functional items that reduce the risk of battery fires. Additionally, three types of adhesives used in hydrogen fuel cells and water electrolysis manufacturing will be released.

Of the 16 products scheduled for release, four are reported to have already begun mass production. Noroo Paint plans to showcase these products at 'InterBattery 2024,' the world's largest battery exhibition, held from June 6 to 8 at COEX in Seoul.

Noroo Paint has been conducting research and development in precision chemical technology centered around its technology research institute established in 1986. The secondary battery and hydrogen fuel cell businesses have also been prepared over several years at the institute, with recent completion of product development and final lineup assembly.

Both companies, accelerating their new businesses, also saw significant improvements in performance last year, aided by falling oil prices. West Texas Intermediate (WTI) crude oil, which exceeded $130 per barrel in March 2022, has fluctuated around $70 per barrel this year. Samhwa Paint's operating profit last year was 25.8 billion KRW, a 30.1% increase compared to the previous year. Although sales decreased by 2.3% to 631.3 billion KRW, net profit rose 193.4% to 16.1 billion KRW. Noroo Paint recorded an operating profit of 40.7 billion KRW last year, up 56.1% year-on-year, with sales also increasing 4.3% to 78.56 billion KRW.

An industry insider explained, "Since paint is heavily influenced by oil prices and exchange rates, companies are actively exploring new businesses. When developing new products, they also conduct extensive research on other chemicals that can be combined with coatings, and the accumulated technological capabilities have become the foundation for expanding into chemical businesses beyond coatings."