Top 30 South Korean Fine Chemicals Manufacturers Ranking by Revenue 2024

Companies Overview:

South Korea’s chemical industry holds a strong position globally, with leading companies such as LG Chem, Lotte Chemical, Hanwha Solutions, Hyundai Chemical, and Kumho Petrochemical. The sector plays a pivotal role in the country’s manufacturing and export structure, accounting for around 14% of total manufacturing output and about 17% of exports. It covers three major segments: petrochemicals, specialty chemicals, and plastics. In 2023, South Korea ranked fifth in the world for chemical shipments, behind only China, the United States, Germany, and Japan. In 2024, the nation’s top 30 fine chemical companies achieved total revenue of 167.14 trillion KRW (approximately USD 122.63 billion), representing a slight year-on-year decline of 0.4%.

The operational model of South Korea’s chemical industry is centered on importing raw materials for processing and then re-exporting to third countries. Imported chemicals are essential for producing key export goods such as semiconductors, electronics, wireless communication devices, flat-panel displays, computers, automobiles and auto parts, ships, plastics, and petrochemical products. Historically, South Korean manufacturers have been cautious about changing supply channels, as such adjustments often require modifications to production processes and re-certification. However, since Japan imposed export restrictions in 2019 on certain key chemical materials used in semiconductor manufacturing, South Korean companies—particularly in the electronics and semiconductor sectors—have accelerated supply chain diversification and invested heavily in domestic technology to reduce reliance on a single import source.

Nevertheless, in terms of industry scale, the global influence of leading enterprises, and the depth of upstream and downstream supply chains, South Korea’s chemical industry still lags behind Japan. This article will further analyze the operational performance of South Korea’s top 30 fine chemical companies in 2024, exploring their competitive position in the global market and their potential for future growth.

The following is the revenue ranking of the top 30 South Korean fine chemical companies:

1. LG Chem

LG Chem, part of the LG Group alongside Samsung as one of South Korea’s most prominent conglomerates, operates through four main divisions: Petrochemicals, Advanced Materials, Life Sciences, and LG Energy Solution. The Petrochemicals division produces basic chemicals such as ethylene, propylene, butadiene, and benzene, as well as synthetic resins like PE, PVC, ABS, SAP, and synthetic rubber. In the eco-friendly materials sector, it develops and sells recycled plastics (PCR products), Bio-SAP, PO, PVC, ABS, and is advancing the commercialization of biodegradable materials such as PBAT and PLA. In 2023, the eco-friendly materials business was spun off into a dedicated “Sustainable Business” unit. The Advanced Materials division focuses on core materials aligned with IT/home appliance technological shifts and automotive trends such as lightweighting and electric vehicles. LG Energy Solution develops, manufactures, and sells batteries for EVs, ESS, IT devices, power tools, and light electric vehicles. The Life Sciences division produces pharmaceuticals, including diabetes treatment “Zemiglo,” human growth hormone drugs, arthritis injectables, rheumatoid arthritis treatments, hyaluronic acid fillers, pentavalent vaccines, and polio vaccines.

In 2024, LG Chem’s revenue reached KRW 48.92 trillion (USD 35.89 billion), down 11.5% year-on-year. Revenue composition was 52.4% from LG Energy Solution, 38.1% from Petrochemicals, 5.4% from Advanced Materials, 2.6% from Life Sciences, and 1.6% from public/other businesses. Revenue declined in the LG Energy Solution segment (down 23.9% to KRW 25.61 trillion) and the public/other segment (down 5.4%).

2. Lotte Chemical
Lotte Chemical, one of South Korea’s key integrated petrochemical producers, operates in four segments: Basic Materials, Advanced Materials, Fine Chemicals, and Battery Materials, while also building its hydrogen energy business. The Basic Materials division produces ethylene, propylene, BTX, high-purity isophthalic acid (PIA), polyethylene (PE), and polypropylene (PP). In 2016, Lotte Chemical acquired Samsung Fine Chemicals and Samsung SDI’s chemical business. The Advanced Materials division produces ABS, polycarbonate, and building materials like artificial marble. The Fine Chemicals division focuses on chlorine-based, ammonia-based, and cellulose-based products, including ECH, caustic soda, fertilizers, nylon, and celluloid. The Battery Materials division manufactures Elecfoil, a key secondary battery material for EVs, ESS, and PCBs.

In 2024, revenue was KRW 20.4 trillion (USD 14.99 billion), up 2.4% year-on-year, with Basic Materials accounting for 67.8%, Advanced Materials 26.8%, Fine Chemicals 8.2%, and Battery Materials 4.4%. In Basic Materials, PE contributed 25.2%, PP 16.4%, and BTX 4.6%. In Advanced Materials, ABS made up 34.8% and PC 39%. In Fine Chemicals, ammonia-based, chlorine-based, and cellulose-based products each contributed roughly a third. In Battery Materials, Elecfoil accounted for 77.5% of sales.

3. Hanwha Solutions
Part of the Hanwha Group, a heavyweight conglomerate active in defense, shipbuilding, aerospace, energy, and insurance, Hanwha Solutions originated from Hanwha Chemical’s manufacturing division. Its subsidiaries include Hanwha Chemical (Ningbo), Hanwha Advanced Materials, and Hanwha Composite Materials. The company’s four business areas are Basic Chemical Materials, Renewable Energy, Processed Materials, and Others. The Basic Materials division produces PE, PVC, LDPE, CA, and TDI. Renewable Energy (Q CELLS) focuses on solar cells and modules. Processed Materials develops lightweight composites for automotive and industrial uses, as well as solar-related materials. The Others category includes real estate and electronic components such as circuit materials and OLED parts.

In 2024, Hanwha Solutions reported KRW 12.39 trillion (USD 9.09 billion) in revenue, down 5.2% year-on-year, with 34.7% from Basic Materials, 8.4% from Processed Materials, and 51.6% from Renewable Energy. Revenue declined 17.3% in Renewable Energy and 5.4% in Basic Materials.

4. HD Hyundai Chemical
A joint venture between HD Hyundai Oilbank and Lotte Chemical, HD Hyundai Chemical specializes in petroleum and petrochemical products. It operates through two divisions: the Refining (MX) division and the Polymer (HPC) division. Products include jet fuel, diesel, mixed butadiene, polyethylene, polypropylene, and EVA. Petroleum products are sold to HD Hyundai Oilbank, while mixed oil is sold to both HD Hyundai Oilbank and Lotte Chemical; all polymer products are sold through Lotte Chemical.

In 2024, revenue reached KRW 7.3 trillion (USD 5.37 billion), up 26.9% year-on-year, with 47% from refining, 30% from MX, and 23% from HPC.

5. Kumho Petrochemical
Kumho Petrochemical engages in synthetic rubber, synthetic resins, fine chemicals, carbon nanotubes (CNT), construction materials, energy, phenol derivatives, and special synthetic rubber, along with port and resort operations. Its four main divisions are Synthetic Rubber, Synthetic Resins, Fine Chemicals, and CNT. Synthetic Rubber products include SBR, BR, NBR, and LATEX; Synthetic Resins include PS, ABS, EPS, and PPG; Fine Chemicals produce antioxidants and vulcanization accelerators; CNT is used in secondary batteries.

In 2024, revenue was KRW 4.85 trillion (USD 5.25 billion), up 15.7%, with Synthetic Rubber contributing 57.6% (up 29% in revenue), Synthetic Resins 26.4% (up 3%), and Fine Chemicals 3.4%. CNT sales fell due to weaker demand from the Chinese real estate slowdown, affecting electric tool markets.

6. LG Household & Health Care
A subsidiary of LG Group, LG H&H operates in cosmetics, household goods, and beverages. The Beauty division includes luxury brands like “The Hu,” which holds the largest sales share. The HDB (Home Care & Daily Beauty) division covers personal care items such as shampoo, body wash, and toothpaste, as well as cleaning and laundry products, with a strong B2B presence. The Refreshment division bottles and sells Coca-Cola in South Korea, and produces non-carbonated drinks, juices, coffee, and bottled water.

In 2024, revenue was KRW 6.812 trillion (USD 5.00 billion), up 0.1%, with Beauty at 41.8%, HDB at 31.4%, and Refreshment at 26.8%. Operating profit fell 5.7% to KRW 459 billion.

7. KCC Corporation
Founded in 1958, KCC is a diversified fine chemical company producing construction and industrial materials, coatings, silicone, and advanced electronic materials. Its four divisions are Building Materials, Coatings, Silicone, and Others. Building Materials include gypsum boards, ceiling panels, insulation materials like mineral wool and glass wool. Coatings cover architectural paints, heavy-duty coatings, powder coatings, industrial coatings, PCM coatings, automotive paints, and plastic coatings. The Silicone business spans upstream production of silicon monomers to downstream silicone products, with silicon and silane as key outputs. The Others division makes electronic materials such as alumina metallization products for vacuum tubes and ceramic substrates for power modules.

In 2024, revenue reached KRW 6.66 trillion (USD 4.89 billion), up 5.9%, with 28.7% from Building Materials, 29.1% from Coatings, 44.9% from Silicone, and 9.4% from Others.

8. Yeochun NCC
Founded in 1999, Yeochun NCC is jointly owned by Hanwha Chemical and DL Chemical. The company specializes in producing basic petrochemical feedstocks by pyrolyzing naphtha, with main products including ethylene, propylene, benzene, toluene, butadiene, styrene monomer, and other essential petrochemical intermediates. Its operations are divided into two main segments: the Olefins Division, producing ethylene, propylene, butadiene, and MTBE; and the Aromatics Division, producing benzene, toluene, and styrene.

In 2024, Yeochun NCC recorded sales revenue of KRW 6.45 trillion (approximately USD 4.73 billion), up 18.7% year-on-year. By segment, the Olefins Division generated KRW 4.18 trillion, accounting for 64.8% of total sales, while the Aromatics Division contributed KRW 0.91 trillion (14.2%). The remaining 21.0% came from by-products and utilities. Within the Olefins Division, ethylene and propylene sales reached KRW 3.51 trillion, butadiene sales totaled KRW 0.61 trillion, and MTBE brought in KRW 64 billion.

Most of Yeochun NCC’s petrochemical feedstocks are sold under long-term contracts to Hanwha Solutions and DL Chemical, with stable delivery through dedicated pipeline networks.

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