Lotte Chemical said Thursday that the company has developed urethane-based semi-non-combustible insulation product.

The company added that the new fire-resistant insulation product can reduce the amount of smoke by 30 percent in case of a fire, compared to conventional urethane-based insulation products.

According to the petrochemical affiliate of Lotte Group, it took two years for the firm to conduct research on the new insulation product, using purified isophthalic acid, which is widely used to make plastic bottles, paint, adhesives, and other coating agents.

Lotte Chemical is the single largest producer of PIA in Korea with an annual production capacity of 520,000 metric tons.

“The new application of PIA and the development of the new product has been part of the company efforts to be more responsive to customer needs,” said Hwang Jin-goo, CEO of Basic Materials Division at Lotte Chemical.

By Shim Woo-hyun (ws@heraldcorp.com)