The South Korean-based LCD manufacturer, LG Philips LCD, has unveiled details of a $21 billion, 10-year investment programme to take advantage of soaring demand for flat-screen displays.

The strategy follows similar announcements by rival manufacturers, who are investing in plants in an attempt to slash production costs, Reuters reports.

The world's largest LCD screen producer, a 50-50 joint venture between LG Electronics and Dutch Philips Electronics, did not explain how the programme would be funded.

Platinum and platinum-rhodium alloys are used in the fabrication of vessels that hold, channel and form molten glass.

LCD glass, used in applications such as television and laptop computers, is the most intensive user of platinum and rhodium per unit of glass produced.

One industry analyst explained that LG Philips's investment plan aimed to secure a larger portion of the rapidly expanding market for flat screen displays.

"LG Philips's investment is aimed at beating rivals like Samsung Electronics in a battle for a bigger slice of the big TV screen market," Lee Byung-chang of Daishin Securities stated.

Analysts believe the LCD TV is about to take-off as new production capacity lowers prices.

LCD TV production is predicted to double over the next twelve months to between eight and 10 million sets, up four million last year.