LG Chem aims to expand its polarizing plate plant in China

LG Chem said Tuesday it will invest $100 million into expanding the production capacity of the company’s polarizing plate plant in Nanjing, China, as part of its aim to secure the No. 1 position in the business.

The company said the plant’s current production capacity of 40 million square meters (431 million square feet) will be increased to 64 million square meters per year and that the expansion will be completed by the first half of next year.

Polarizing panels are used to manufacture eighth-generation television display panels.

The company has been leading the business in China with a market share of 30 percent but has decided to expand its production line to boost the figure to 35 percent amid growing competition. According to Display Search, the world’s polarizing panel industry will grow by up to 400 million square meters, or 5 percent, in 2017 from 346 million square meters the year before in terms of production.