LTC

What LTC does

LTC Co., Ltd. (KOSDAQ: 290740) is a South Korean specialty chemical manufacturer founded in 2007 that develops and supplies process chemicals to flat panel display (FPD), semiconductor, and solid oxide fuel cell (SOFC) ceramic industries. The company operates from Hwaseong-si, Gyeonggi-do, with two manufacturing plants and a research institute in Anyang-si, employing approximately 124 staff. Its display segment is anchored by a proprietary water-based photoresist stripper (PR-Stripper) that holds the No. 1 market share in display manufacturing, alongside LTOC for OLED touch panels, OLED pixel defined layer, black resist, photosensitive polyimide (PSPI), high-thermal-stability polyimide (LTPI-01), and micro-lens array materials.

Its semiconductor segment supplies bump strippers, via etch polymer removers, and negative PSPI engineered for compatibility with Au, Ti, Cu, and Al metallization. The ceramic segment produces 8-YSZ solid electrolyte powder and metal separators for SOFC applications. LTC operates a direct B2B sales model with negotiated enterprise pricing to display and semiconductor manufacturers, augmented by investor relations and ESG/sustainability communications. The company has built a vertically integrated solution stack through three wholly-owned subsidiaries — LSE Co., Ltd. (wafer cleaning equipment, acquired 2022), LTC AM Co., Ltd. (process materials and CCSS delivery, acquired 2015), and WINTEL Corporation (plasma technology, acquired 2021) — enabling bundled chemistry, equipment, and plasma offerings to its Korean fab customer base.

Revenue grew from KRW 219,427M in 2022 to KRW 310,385M in 2025 (≈$215M USD), with operating income of KRW 29,629M and net income of KRW 18,190M in 2025. The company is led by CEO Hosung Choi and has been listed on KOSDAQ since October 2013.

Name

LTC

Legal name

LTC Co.,Ltd.

Website

https://l-tech.co.kr

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

LTC (Liquid Technology Chemical) is a KOSDAQ-listed South Korean specialty chemical manufacturer supplying proprietary process chemicals — including a No. 1 market-share aqueous photoresist stripper — to display panel, semiconductor, and SOFC ceramic manufacturers, with a vertically integrated chemistry + equipment + plasma platform via three subsidiaries.

Ownership category

akta.pro rank

Product category

Specialty Process Chemicals

NAICS

Chemical Manufacturing (325), Other Chemical Product and Preparation Manufacturing (3259)

SIC

Chemicals & Allied Products (2800), Industrial Organic Chemicals (2860), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Electronic & High-Purity Specialty Chemicals (IMAEABAD)

akta.pro secondary industries

Photoresists & Lithography Materials (Resists, Developers, Strippers) (IMAEAKAB), Display & Optoelectronics Chemicals (OLED/LCD materials, polarizer chemicals) (IMAEAKAN)

Keywords

• Photoresist strippers
• Display process chemicals
• Semiconductor process chemicals
• OLED patterning materials
• SOFC ceramic materials

Headquarters

HQ city

Hwaseodong

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. FPD & Semiconductor Chemical Sales: LTC generates revenue primarily through the direct sale of specialty process chemicals to display and semiconductor manufacturers. Revenue is derived from the sale of photoresist strippers, thinner, OLED materials, bump strippers, polymers, and SOFC ceramic materials. The company operates on a B2B model with no public consumer pricing.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

LTC manufactures and sells specialty process chemicals for three target industries: flat panel display (FPD) manufacturing, semiconductor fabrication, and solid oxide fuel cell (SOFC) ceramic components. Its flagship offering is a water-based photoresist stripper that holds No. 1 market share in the display segment, alongside complementary display chemicals (Thinner, LTOC for OLED, OLED Pixel Defined Layer, Black Resist, PSPI, LTPI-01, Micro-lens Array), semiconductor process chemicals (Bump Stripper, Via Etch PER Remover, Negative PSPI), and SOFC ceramic materials (8-YSZ electrolyte powder and metal separator). Products are sold directly to enterprise display panel makers, semiconductor fabs, and SOFC component manufacturers under custom negotiated B2B arrangements.

Product overview

LTC (Liquid Technology Chemical) is a specialized chemical manufacturer serving the display, semiconductor, and ceramic industries. The company offers three core product categories: (1) Display chemicals including PR-Stripper (water-based stripper with No.1 market share), Thinner, LTOC for OLED, OLED Pixel Defined Layer, OLED Black Resist, Photo-sensitive Polyimide (PSPI), High Thermal Stability Polyimide Resin (LTPI-01), and Micro-lens Array; (2) Semiconductor chemicals including Bump Stripper, Via Etch PER Remover, and Negative Photo-sensitive Polyimide; (3) Ceramic products including SOFC Solid Electrolyte (8-YSZ and 3-YSZ) and SOFC Metal Separator. The company is oriented toward ESG and sustainable manufacturing practices.

Differentiator

Problem solved

Functional benefit

Products and services

• PR-Stripper (Aqueous Display Stripper) Water-based photoresist stripper developed with LTC's proprietary technology that changed industry practice by replacing hazardous solvent-based strippers; maintains No. 1 market share in the display sector. Used by flat panel display manufacturers in PR removal processes.
• Thinner Display manufacturing process chemical used for thinning or dilution purposes in flat panel display production lines.
• LTOC for OLED OLED-specific coating material with photo-speed of 90 mJ/cm², 10 µm L&S resolution, and 98% transmittance at 400 nm; used for touch panels in flexible OLED displays with low-temperature curing below 100°C.
• OLED Pixel Defined Layer (PDL) High-sensitivity, high-resolution pixel definition material for OLED displays with excellent flattening properties and low dielectric constant.
• OLED Black Resist Black resist materials for OLED applications available in Cardo-based and Siloxane-based formulations, providing optical density of 1.0/µm for light blocking and anti-reflection.
• Photo-sensitive Polyimide (PSPI) Conventional PSPI (g, h, i-line UV sensitive, positive type) and Ultra Low-K PSPI (Dk=2.7 @1 MHz) for flexible display and semiconductor applications.
• LTPI-01 (High Thermal Stability Polyimide Resin) High thermal resistance polyimide film with 5% weight loss at 576.96 °C, low CTE of 4.13 ppm/°C, and folding endurance exceeding 150,000 MIT cycles for flexible electronics applications.
• Micro-lens Array (MLA) Negative-type photosensitive micro-lens array material using 2.38% TMAH development, forming round-shaped patterns to enhance OLED brightness.
• Bump Stripper (Bump Photoresist Remover) Photoresist remover for semiconductor bumping processes, compatible with single spray and dip equipment; features anti-corrosion protection for Au, Ti, and Cu metals and complete removal of positive and negative photoresist.
• Via Etch PER Remover Post-etch polymer (PER) remover for via formation processes with anti-corrosion protection for Au, Ti, Cu, and Al metals and complete PER removal in via holes.
• Negative Photo-sensitive Polyimide (Negative PSPI) i-line UV patternable, solvent-developable negative type PSPI with low temperature cure at 200 °C; Tg of 206 °C (DSC) and TGA 5 wt% loss at 321 °C.
• SOFC Solid Electrolyte (8-YSZ) 8 mol% Y2O3-stabilized zirconia (8-YSZ) powder for SOFC solid electrolyte applications with BET of 7±2 m²/g, granule size D50 of 50–70 µm, bending strength of 1000–1200 MPa, and hardness of 1250 Hv10.
• SOFC Metal Separator Metal separator for SOFC with high electronic conductivity, low gas permeability, thermal stability in oxidizing and reducing atmospheres, matched thermal expansion coefficient with cell repeat unit components, and ease of molding processing.

Quantifiable outcome

• No. 1 market share for water-based photoresist stripper in display industry
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• WINTEL CORPORATION (윈텔코퍼레이션)coreStrategic or Co-development Partner · 1 February 2021WINTEL CORPORATION specializes in semiconductor, display, and high-density plasma technology. LTC acquired a stake in WINTEL in February 2021 to strengthen its technology portfolio in plasma-based processing for semiconductor and display applications.
• LTC AM Co., Ltd. (엘티씨에이엠)coreStrategic or Co-development Partner · 1 March 2015LTC AM Co., Ltd. specializes in semiconductor and FPD process materials, CCSS (Chemical Delivery System), and plant equipment. Acquired as a subsidiary in March 2015 to expand LTC's integrated materials and equipment solution offerings.
• LSE Co., Ltd. (엘에스이)coreStrategic or Co-development Partner · 1 May 2011LSE Co., Ltd. focuses on semiconductor cleaning equipment development, manufacturing, and sales. LTC acquired the wafer cleaning equipment business unit of Mujin Electronics in February 2022 to establish LSE as a subsidiary, enabling integrated solutions for semiconductor manufacturing customers.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• JSR Corporation: Japanese specialty chemicals leader in semiconductor lithography materials, display materials, and OLED materials. Competes with LTC in OLED display materials and adjacent electronic chemical categories.
• Tokyo Ohka Kogyo (TOK): Japanese photoresist and electronic chemicals leader supplying display, semiconductor, and packaging materials globally. Larger incumbent in the same electronic chemicals category with broader global footprint than LTC.
• Merck Electronics (Merck KGaA): Global electronic materials supplier offering photoresists, OLED materials, specialty chemicals, and delivery systems for display and semiconductor manufacturers. Major global incumbent overlapping with LTC's OLED chemistry portfolio.
• DuPont Electronics & Industrial: Global specialty chemical manufacturer serving display, semiconductor, and PCB industries with photoresists, polyimides, and OLED materials. Broad incumbent with similar product categories but at much larger scale than LTC.

Direct peers

• Soulbrain: Korean specialty chemicals supplier focused on semiconductor and display process materials including etchants, strippers, and precursors. Competes head-to-head with LTC in semiconductor wet chemicals and Korean fab customer accounts.
• Dongjin Semichem: Korean specialty chemical manufacturer producing photoresists, developers, strippers, and OLED materials for display and semiconductor customers. Directly overlaps LTC's product portfolio in OLED and semi process chemicals with similar Korean customer base (Samsung Display, LG Display, SK Hynix).
• ENF Technology: Korean electronic chemicals manufacturer producing photoresist strippers, developers, and cleaners for semiconductor and display manufacturing. Closest direct competitor to LTC's flagship aqueous stripper franchise.

Emerging players

• Showa Denko Materials (Resonac): Japanese electronic materials supplier producing photoresists, polyimides, CMP slurries, and display materials. Comparable technology portfolio to LTC with broader global reach and emerging presence in OLED and semiconductor packaging chemicals.

Regional players

• SK Specialty: Korean specialty chemicals producer with semiconductor and display applications. Competes with LTC in Korean fab accounts, primarily serving SK Hynix and other SK Group affiliates.
• Samsung SDI (Electronic Materials): Korean electronic materials division producing OLED materials, semiconductor process chemicals, and separator materials with primary focus on Samsung-affiliated customers. Regional peer with potential overlap in OLED process chemical categories.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LTC