SEOUL
,
October 6, 2022
(press release)
–
LG Chem is joining forces with luxury vinyl tile (LVT) flooring leader NOX Corp. to expand the bio-balanced polyvinyl chloride (PVC) sector. LG Chem today signed a memorandum of understanding (MOU) with NOX Corp. to cooperate on a bio-balanced PVC initiative targeting carbon emission reduction and resource circulation. The signing ceremony was attended by executives from both companies, including LG Chem’s Petrochemical Business head Noh Kug-lae and NOX Corp. President and CEO Dan Koh. PVC is a representative all-purpose plastic that can replace wood or iron for its outstanding thermal insulation capability and durability. It is mainly used as raw material for flooring, window systems and construction materials. LG Chem will supply NOX Corp. with PVC derived from renewable plant-based raw materials such as used vegetable oil. NOX Corp. will use the PVCs to produce LVTs, a high-performance flooring material for residential and commercial purposes. Recognized with International Sustainability Carbon Certification (ISCC) PLUS, the sustainability certification program for bio-balanced and circular raw materials for all markets and sectors under the European Renewable Energy Directives (EU RED), the first batch of bio-balanced PVCs is expected to be rolled out by LG Chem in this month. NOX Corp will then launch the LVTs made with these PVCs in January, which will eventually allow both companies to promote the product in about 50 countries worldwide. Since entry into bio-balanced super-absorbent polymers (SAP), LG Chem has continued to lead in the production and delivery of PVC, neopentyl glycol (NPG), phenol and acetone to key customers worldwide. LG Chem is also ramping up efforts to enter new markets with nearly 50 ISCC Plus-certified products, unmatched in the global market. NOX Corp. currently leads the global commercial LVT sector with approximately 20 percent market share. NOX Corp. products, manufactured through proprietary multi-layer technology to ensure quality and offered in many design options, are used in floorings in high traffic venues such as supermarkets, airport lounges, high-end residential complexes, hotels and department stores. “LG Chem and NOX Corp. have a long history developing innovative products prioritizing eco-friendly materials,” said Noh Kug-lae, head of LG Chem’s Petrochemical Business. “We look forward to expanding our business and product portfolio to meet our customers’ call for more sustainable products as a crucial component of our strategy for leading the eco-friendly materials market across the globe.” “Our long-standing partnership with LG Chem has resulted in numerous milestones using bio-materials to develop high-end floorings,” said Dan Koh, President and CEO of NOX Corp. “We are fully prepared to mobilize our global manufacturing and distribution network to expand the use of bio-balanced PVCs in all our products and strengthening our ESG capabilities by taking 100 percent renewable flooring materials to the next level.”
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
