LG Chem CEO Shin Hak-cheol (LG Chem)
Petrochemicals-to-battery materials company LG Chem has become the third most valuable chemical brand in the world, up a notch from a year earlier, data showed Wednesday.
LG Chem’s brand value, estimated at $4.3 billion, followed that of Germany-based BASF and Saudi Arabia-based Sabic, according to London-headquartered consulting firm Brand Finance. LG Chem’s brand valuation rose over 19 percent compared to the estimate of the previous year.
This is the highest point LG Chem has reached. First appearing on Brand Finance’s table in 2018, LG Chem had remained in the No. 4 position through the 2021 estimate.
LG Chem’s valuation narrowly outsized that of US-based Dow, whose brand value saw a 15 percent increase over the past year.
Brand Finance’s report also showed that LG Chem was one of the five companies to be rated “AAA-” in terms of brand strength, along with BASF, Sabic, Dow, as well as US-based DuPont.
Brand Finance Chairman David Haigh noted in the report that most top-notch chemical brands have been “above pre-pandemic valuations” as the COVID-19 pandemic disruption is not yet on the wane. All top 10 chemical brands by valuation saw a two-digit rise compared to 2021, except for Japan’s Asahi Kasei, whose valuation jumped 9 percent.
Brand Finance picks the world’s 25 largest chemical brands annually. LG Chem was the only South Korean company to be listed among the top 25 for 2022.
LG Chem has been dedicated to petrochemicals, advanced materials and the biotechnology business. The company also holds a majority stake in lithium-ion electric vehicle battery maker LG Energy Solution.
LG Chem’s operating profit for 2021 soared threefold to 5 trillion won ($4 billion) compared to 2020, its financial statement showed.