SEOUL, Dec. 23 (Yonhap) — The government on Tuesday unveiled a road map to promote technological innovation of the local chemical industry centered around transitioning to high-value and eco-friendly products, the industry ministry said.
Under the five-year road map, the government aims to make South Korea’s chemical industry the fourth most advanced in the world by 2030, according to the Ministry of Trade, Industry and Resources. Korea currently ranks fifth in terms of the high-value transition of the chemical industry.
The plan will be centered on helping the local industry shift from the mass production of commodity products, such as ethylene and propylene, to high-value specialty products to tackle an oversupply from China.
The chemical industry will focus on developing core materials for the semiconductor, automobile and other advanced industries, including packaging materials for on-device artificial intelligence (AI) chips, materials for foldable and wearable devices, electrolytes for next-generation lithium batteries, and materials for electrical and electronic systems for electric vehicles, the ministry explained.
To this end, the government will support the sector’s research and development (R&D) projects for developing and commercializing advanced technologies, and also help with the AI transformation of the industry.
For the implementation of the plan, the government and 130 chemical companies and research institutes have launched a chemical industry innovation alliance.
The road map comes in line with the petrochemical industry’s ongoing push for voluntary business restructuring.
All 16 major petrochemical firms have recently submitted their initial business restructuring plans to the government, under which they aim to reduce their combined capacity of naphtha cracking centers by up to 3.7 million tons.
This file photo, taken May 6, 2020, shows a petrochemical industrial complex in the southeastern city of Ulsan. (Yonhap)
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