South Korean chemical giant LG Chem’s brand value has surpassed the 4 trillion won mark ($3.3 billion) for the first time, according to a recent report.

Based on the Brand Finance Chemicals 25 2020 report, LG Chem’s brand value is estimated at $3.5 billion or 4.1 trillion won, about a 10 percent growth from $3.2 billion last year, allowing the company to maintain its position in fourth place for a second year running.

“As a chemical company representing Korea, LG Chem aims to double its revenue to 59 trillion won from the current 30 trillion won and achieve a double-digit operating profit margin by 2024 to become one of the top five global chemical companies,” a company official said.

LG Chem aims to consolidate its dominant standing in the electric vehicle battery market by winning big-scale orders from automaker clients who need powerful batteries for third-generation EVs with ranges over 500 kilometers. By the end of this year, the company aims to increase its annual capacity to 100 gigawatt-hours, enough to power 1.7 million premium EVs.

As for petrochemicals business, LG Chem plans to increase the sales of high-value products including elastomer, polyolefin and super absorbent polymer and invest 2.6 trillion won to increase the production capacity of Naphtha Cracking Center and polyolefin plant in Yeosu, South Jeolla Province by 800,000 metric tons by 2021, respectively, with mass production set for the second half of next year.

LG Chem’s advanced materials division will develop high-strength lightweight materials for cars and next-generation materials for displays, while its life sciences sector will focus on making new drugs for diabetes and related diseases.