05 October 2009 12:38 [Source: ICIS news]
LONDON (ICIS news)--Evonik and ?xml:namespace>
The joint venture, Evonik Cristal Materials Corp, will complement Evonik's strategy as a solution provider to the lighting industry, while providing Cristal Material with access to the market, Evonik said in a statement.
"The LED market will see many new areas of application open up," said Patrik Wohlhauser, chairman of Evonik Degussa's management board.
"Participating in the joint venture offers Evonik an attractive opportunity for forward integration along the entire supply chain in the growing LED market," he added.
The LED lenses will be produced using Evonik's patented SiVARA Sol-Gel technology, which allows glass lenses of consistent quality to be manufactured in any desired shape, Evonik said.
"The LED evolution is here, with market growth rates expected to exceed 20%. We strongly believe LED will become an everyday effective lighting solution and allow everyone to contribute to reduced energy consumption," said Thomas Hermann, head of Evonik's inorganic materials business unit.
The growth in demand for LED has been driven by the trend for environmentally friendly lighting, which includes the banning of incandescent light bulbs and the legal requirement of cars in Europe to drive with lights on during the day, Evonik said.
Ershien Tsai, chairman and founder of Cristal Material, said he was pleased with the cooperation and the speed with which Evonik formed the joint venture.
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