LG Chem signs OLED patent deal with Idemitsu Kosan

LG Chem, Korea’s leading chemical company, has decided to join forces with Idemitsu Kosan, a Japanese petrochemical company, in developing materials used for organic light-emitting diodes (OLED).

LG Chem announced on Wednesday that it has signed a deal with Idemitsu Kosan of Japan that grants the rights to use each other’s patents on OLED-related materials. LG Chem explained the partnership will help the two companies come up with OLED materials that guarantee improved efficiency and lifespan, two key components that decide the reliability of OLED.

OLED is considered the next generation display and light source and LG Chem produces key organic components such as hole injection layers, hole transfer layers, emitting layers and electron transfer layers. Materials developed by LG Chem are used in the production of OLED TVs as well as OLED Lamps and smartphone screens.

The size of the global OLED materials market is projected to grow from 800 billion won ($696.8 million) last year to 1.6 trillion won by 2020.

By Choi Hyung-jo