SEOUL -- LG Display, South Korea's display panel manufacturer, said Thursday that it will develop stretchable display by 2024 as it was named to lead the government's research and development (R&D) project.

The Ministry of Trade, Industry and Energy selected LG Display as a company to lead the large-scale R&D project, which aims to develop stretchable display products with a 20-percent elongation rate by 2024, the tech firm said in a statement.

For the project, LG Display will cooperate with 21 related companies, research institutes and universities to develop relevant materials, components and equipment for future display technologies.

Stretchable displays are seen as a next-generation display technology as they can shift in free form without image distortion similar to the way that a rubber band stretches.

So far, bendable, foldable and rollable display panels have been commercialized. LG Display said stretchable display would be the final phase of the evolution of flexible displays.

"LG Display will develop stretchable displays, a new form factor which could vastly widen the scope of applications ... In the era of IoT, 5G and self-driving cars, stretchable displays will play a hug e role," said Yoon Soo-young, senior vice president and head of LG Display laboratory.

The stretchable display can be applied to multi-foldable smart gadgets, wearable devices without any restriction of movement, and automobile and aviation displays that overcome design constraints caused by curved surfaces, the company added.