Korean firms expand presence in global secondary battery market

South Korean companies are increasingly expanding their presence in the global secondary battery market, data showed Sunday.

According to the data compiled by Japanese market researcher B3, Samsung SDI Co.'s share in the global secondary battery market was estimated at 28 percent as of end-June, up from last year's overall 26 percent.

Secondary batteries are commonly used for portable consumer devices, and hybrid electric vehicles and electric vehicles.

LG Chem Co., another South Korean firm, clinched a 17.5 percent share in the global secondary battery market, becoming the second-largest player in the segment for the first time.

LG Chem's market share remained unchanged from last year, but its Japanese rival Panasonic Corp. saw its market share slip to 16.1 percent in the first half of the year, from 18.7 percent a year earlier, according to the data.

B3 forecast that Samsung SDI would maintain its top spot this year with a 27.8 percent market share, followed by LG Chem with a 17.6 percent one and Panasonic with 15.8 percent.

South Korean companies jumped into the secondary battery market in 2000 as part of an effort to find new revenue sources.

Samsung SDI emerged as the No. 1 secondary battery maker in 2010 with a 20 percent market share. (Yonhap News)