ULSAN < invest Korea

According to The Korea Economic Daily Global Edition,

OCI Group-affiliated chemical company Unid announced on Thursday that it has completed the expansion of its Ulsan plant after investing 11 billion won ($8.2 million).

The expansion of the Ulsan plant is aimed at meeting the increased demand for potassium hydroxide (caustic potash) and potassium carbonate. As a result, Unid's domestic subsidiary has secured a potassium hydroxide production capacity of 400,000 tons, up from the previous 380,000 tons.

The company also runs a plant in Jiangsu Province, China, with a capacity of 320,000 tons. When combined with its facilities in Korea and China, Unid now has a total potassium hydroxide production capacity of 720,000 tons. Furthermore, Unid is currently working on a new potassium hydroxide plant construction project in Hubei Province with a target completion date of 2027.

Potassium hydroxide produced by Unid is used as a raw material for potassium carbonate, which is used for carbon dioxide capture. It is also used in electrolyte solutions, pesticides, fertilizers, and pharmaceuticals, as well as in the production of solar cells, high-value-added synthetic resins (ABS) and plastic coagulants.

According to industry estimates, the global potassium hydroxide market is approximately 2 million tons in volume. Based on production capacity, Unid holds the top position in the global market with a market share of around 34%. The company reported sales of 1,405 billion won ($1.05 billion) and an operating profit of 147.9 billion won ($110.4 million) last year.

"With the expansion of production facilities, we will strengthen our global presence and enhance our competitiveness in the potassium hydroxide market," a Unid source said.



Mi-Sun Kang at misunny@hankyung.com


In-Soo Nam edited this article.

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Source: The Korea Economic Daily Global Edition (Sep. 21, 2023)