Archer Daniels Midland Company (NYSE: ADM) is one of the world’s largest agricultural processors and food ingredient providers, transforming the crops into products that serve the vital needs of a growing world. The company produces products for food, animal feed, industrial, and energy uses. Having a global value chain that includes around 450 crop procurement locations, 62 innovation centres, over 330 food and feed ingredient manufacturing plants, and the world’s premier crop transportation network, the company helps sustain and strengthen communities by creating economic and environmental progress worldwide.
Currently, acrylic acid is produced almost exclusively from petrochemicals. Keeping in mind the increasing demand for bio-based products, ADM and LG Chem, the world’s leading manufacturers of acrylic acid, have decided to develop a sustainable method for its production. According to the terms of this joint development agreement, ADM and LG Chem, under this collaboration, will explore new routes for economically feasible commercial output of a 100% bio-based acrylic acid using ADM’s corn processing ingredients. Further, LG Chem plans on reviewing the construction of a bio-SAP production plant in North America and have decided to explore additional bioplastic business opportunities, supporting the planned production.
With the increasing focus on sustainable alternatives, ADM is continually pushing itself to find new ways to diversify its product mix. This project is another of ADM’s efforts to create new sustainable materials from renewable resources and demonstrate its strong commitment to support customers’ demand backed by innovation. In 2018, ADM, joined hands with DuPont to open the world’s first production facility for bio-based FDME, promoting sustainable innovation. This production method involved the use of ingredients from ADM corn processing, resulting in the extension of FDME’s shelf life and further reducing the amount of plastic required for carbonated beverage packaging. Currently, the company produces about 30 different products from a kernel of corn and are further determined to explore the possibilities generated through the production of bio-based acrylic acid.
LG Chem, Ltd. is Korea’s largest diversified chemical company. It operates four main business, which includes, Petrochemicals, Energy Solution, Advanced Materials, and Life Sciences. The company’s chemical business produces a variety of products, ranging from petrochemical goods to high-value-added plastics, further extending its chemical expertise into high-tech areas like rechargeable batteries, electronic materials, and drugs and vaccines. Also, it is one of the world’s largest lithium-ion battery manufacturers with a significant market share in consumer, automotive, and stationary applications. In the long term, the company aims at building the foundation for sustainable growth by selecting and concentrating on the ‘energy,’ ‘water’, and ‘bio’ businesses as the new growth engines.
This joint development agreement will aid the customers as it leverages the strengths and expertise of both the companies to develop a cost-effective, sustainable solution, fulfilling the growing demand for bio-based products. The collaboration of LG Chem with ADM will further enable the companies to expand their business portfolio with eco-friendly products, which will promote sustainable growth. LG Chem, with its advanced strengths in conventional petrochemicals business, is aimed at driving research and development of sustainable products based on bio resources, further striving to become a leading global company.
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.