LG Invests Staggering $8.7 Billion Into OLED Display Production
LG is making a big time investment into OLED technology, a category it's already very much involved in. In an attempt to become an even bigger player in OLED production, LG is building a new factory as part of a 10 trillion won (around $8.7 billion) commitment to expand its output of OLED panels, flexible OLED panels, and premium LCDs.
The company's plans consist of an initial 1.84 trillion won (~$1.6 billion) investment to begin building a new panel plant in Paju, a city in Korea's Gyeonggi Province. Dubbed P10, the plant will mostly focus on production of large-size OLED TV panels and flexible OLED panels for smartwatches and automotive displays.
Once finished, the P10 plant will cover an area of 382 meters by 265 meters, or about the size of 14 football fields. It will also span 100 meters high.
"LG Display’s investment in P10 Plant is a historical investment for the industry since it will not only help expand the OLED market but also accelerate the development of future display technologies. With the active support of the Korean government, we believe the P10 plant will become the center of the global OLED industry," said Dr. Sang Beom Han, CEO and President of LG Display.
Market research firm IHS predicts the OLED panel market will more than triple over the next several years, going from $8.7 billion in 2014 to $29.1 billion in 2022. LG is situating itself to take advantage of the market growth, with its new plant expected to be operational in the first half of 2018.
The company's plans consist of an initial 1.84 trillion won (~$1.6 billion) investment to begin building a new panel plant in Paju, a city in Korea's Gyeonggi Province. Dubbed P10, the plant will mostly focus on production of large-size OLED TV panels and flexible OLED panels for smartwatches and automotive displays.
Once finished, the P10 plant will cover an area of 382 meters by 265 meters, or about the size of 14 football fields. It will also span 100 meters high.
"LG Display’s investment in P10 Plant is a historical investment for the industry since it will not only help expand the OLED market but also accelerate the development of future display technologies. With the active support of the Korean government, we believe the P10 plant will become the center of the global OLED industry," said Dr. Sang Beom Han, CEO and President of LG Display.
Market research firm IHS predicts the OLED panel market will more than triple over the next several years, going from $8.7 billion in 2014 to $29.1 billion in 2022. LG is situating itself to take advantage of the market growth, with its new plant expected to be operational in the first half of 2018.
