LG Chem's sales value by sector 2023

In 2023, LG Chem’s sales from it's battery subsidiary LG Energy Solution amounted to around 33.7 trillion South Korean won. This was more than half of the company’s total sales of around 55.25 trillion won. After the battery sector, the petrochemical sector accounted for around 31 percent of total revenue. LG Chem’s petrochemical business produces a number of different products.

A leading chemical company

Also known as LG Chemical, LG Chem is Korea’s largest chemical company and part of LG Corporation, which one of the largest South Korean conglomerates. Based on sales revenue, LG Chem is one of the leading chemical companies in the world. Like other domestic chemical companies, LG Chem relies heavily on petrochemical business, but it also operates in other sectors, notably the battery sector. Consumer cosmetics used to be among the company’s products, but now LG Household & Health Care is responsible for cosmetics and other consumer chemical products. Likewise, LG Household & Health Care is also part of the LG Group, and is one of the largest companies in its sector.

The growing battery business of LG

The company's battery business has seen steadily increasing sales revenue over the past five years, amounting to around 33.7 trillion won in 2023. LG’s batteries are used in consumer electronics like smartphones and laptops, automobiles, and even energy storage systems (ESS). Batteries manufactured by LG are in demand around the world, with electric vehicle producers such as Tesla using its products.