Chemical firms piggyback autos

Korea’s thriving IT and automobile industries have served as life-savers for struggling chemical firms in the second quarter by feeding them much-needed business, according to local companies.

SK Chemicals said yesterday the automobile sector is becoming an alternative market for chemical firms at a sluggish time in the industry.

The company said its sales of chemical materials for vehicles jumped by 15 percent on-year to 21.7 billion won ($19 million).

It saw sales of Skynova, a sound-absorbing material used in the floor of cars and as an engine cover, grow by more than 30 percent on-year, the company said. Overseas sales accounted for 60 percent of the material’s total revenues, which stood at 14.8 billion won in Q2.

For full article see Joongang Daily.