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Hyosung is taking a big step to become a global top three carbon fiber company through large-scale investment.□ Plans to increase its annual output to 24,000 tons by 2028 with a total investment of KRW 1 trillion by 2028Hyosung laid out this vision at an “agreement ceremony for a new investment in carbon fiber” at the carbon fiber plant of Hyosung Advanced Materials in Jeonju on August 20.Under the agreement, Hyosung will invest a total of KRW 1 trillion in the carbon fiber business by 2028 and expand its annual production capacity from the current 2,000 tons (1 line) to 24,000 tons (10 lines). This would be the largest capacity of a single plant in the world. With the first expansion underway, the company plans to complete a carbon fiber plant with an annual capacity of 2,000 tons in January 2020 and begin full-scale production in February.When the addition of 10 lines is completed by 2028, Hyosung’s global market share will rise from 11th (2 %) as of 2019 to 3rd (10 %) in the world. Employment is also expected to increase significantly from the current 400 to more than 2,300 new jobs by 2028.The event included △ an “agreement ceremony for facility expansion and investment support” between Hyosung and the government and local municipalities, including Jeollabuk-do and Jeonju and △ an “alliance MOU ceremony” aimed at strengthening cooperation including joint testing between the Ministry of Trade, Industry and Energy, Hyosung, and relevant companies, such as Iljin Materials, and Korea Aerospace Industries (KAI).□ Carbon fiber, which is lighter but 10 times stronger than steel, is a “staple of future industries”Carbon fiber is a “new dream material” that can be applied to all industries where iron is used, from internal and external materials for automobiles and building reinforcements to sports and leisure sectors and advanced future industries such as space aviation. Carbon fiber weighs one-fourth the weight of steel but is 10 times stronger and 7 times more elastic. It is called a “staple of future industries” because of its superior corrosion resistance, conductivity and heat resistance.As a strategic material used in aviation, space, and defense, it is difficult to transfer technology as well as develop it independently, which is why only a few countries have such technology. Hyosung became the first Korean company to develop carbon fiber "TANSOME®" based on its own technology in collaboration with Jeollabuk-do, Jeonju and the Korea Institute of Carbon Convergence Technology in 2011 and has been manufacturing products since 2013. It marked the world's fourth development after Japan, the U.S., and Germany.□ Infinite expandability of upstream industries including the hydrogen sectorCarbon fiber is also regarded as a key material in the hydrogen economy.The government announced a roadmap to revitalize the hydrogen economy in January and said that it will use hydrogen, which has wide-ranging economic and industrial impacts, as its future growth engine.To this end, the company plans to expand the number of hydrogen cars from around 1,800 in 2018 to about 81,000 by 2022 and around 6.2 million by 2040. Hydrogen cars are gaining attention as future eco-friendly vehicles that reduce carbon dioxide emissions thanks to their lightweight.Carbon fiber is a key material for hydrogen vehicle's fuel tanks and is essential for the safe storage, transportation and utilization of hydrogen energy. The hydrogen fuel tank is a cylindrical container made of plastic, which is wrapped with carbon fiber to increase its strength and stability. Carbon fiber is a core material for hydrogen fuel tanks that are light but must withstand hundreds of times higher pressure than normal air.The carbon fiber market for hydrogen fuel tanks is expected to grow more than 120 times by 2030.□ Chairman Hyun-Joon Cho said, “We will play a pivotal role in making Korea a ‘material powerhouse’ by growing carbon fiber”Chairman Hyun-Joon Cho said during the event, “We took note of the future value of carbon fiber and started to develop our own technology. The potential for the upstream industry of carbon fiber is limitless. As the hydrogen economy has opened a new market of carbon fiber, we will play a pivotal role in making Korea a ‘material powerhouse’.”“We were able to become the world’s No.1 in many areas including spandex and tire cords because we were fully committed to staying ahead of our competitors by developing our own technologies from material to production. We will continue our challenges to plant seeds for another material business.” stressed the chairman.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
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Hyosung is actively promoting its carbon fiber in the global market following Korea.Hyosung announced its carbon fiber brand “TANSOME®” at the “China Composites Expo 2019” held in Shanghai, China from September 3 to 5.At this exhibition, Hyosung introduced products made of TANSOME®, such as wire core materials and high-pressure vessels for hydrogen cars, promoting its technology and quality as well as raising awareness of the TANSOME® brand in Asia. At the same time, the company attracted customers’ attention by presenting a trend in the carbon fiber composite material market and meeting customers to seek business opportunities. Chairman Hyun-Joon Cho said, “We will play a pivotal role in building a ‘material powerhouse Korea’ by growing carbon fiber further as the material has infinite possibilities in the upstream industries and the hydrogen economy has opened a new chapter in the carbon fiber market.”The China Composites Expo is Asia’s largest international composite materials industry fair held in Shanghai every year with the active participation of the world's leading carbon fiber manufacturers and major composites and equipment makers.Carbon fiber weighs one-fourth the weight of steel but is 10 times stronger, and Hyosung became the first Korean company to develop carbon fiber with its own technology in 2011. The company established a carbon fiber plant with the annual production capacity of 2,000 tons in Jeonju, North Jeolla Province in 2013 and plans to expand its annual production capacity to 24,000 tons by 2028 with a total investment of KRW 1 trillion in the carbon fiber industry.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung is taking a big step to become a global top three carbon fiber company through large-scale investment.□ Plans to increase its annual output to 24,000 tons by 2028 with a total investment of KRW 1 trillion by 2028Hyosung laid out this vision at an “agreement ceremony for a new investment in carbon fiber” at the carbon fiber plant of Hyosung Advanced Materials in Jeonju on August 20.Under the agreement, Hyosung will invest a total of KRW 1 trillion in the carbon fiber business by 2028 and expand its annual production capacity from the current 2,000 tons (1 line) to 24,000 tons (10 lines). This would be the largest capacity of a single plant in the world. With the first expansion underway, the company plans to complete a carbon fiber plant with an annual capacity of 2,000 tons in January 2020 and begin full-scale production in February.When the addition of 10 lines is completed by 2028, Hyosung’s global market share will rise from 11th (2 %) as of 2019 to 3rd (10 %) in the world. Employment is also expected to increase significantly from the current 400 to more than 2,300 new jobs by 2028.The event included △ an “agreement ceremony for facility expansion and investment support” between Hyosung and the government and local municipalities, including Jeollabuk-do and Jeonju and △ an “alliance MOU ceremony” aimed at strengthening cooperation including joint testing between the Ministry of Trade, Industry and Energy, Hyosung, and relevant companies, such as Iljin Materials, and Korea Aerospace Industries (KAI).□ Carbon fiber, which is lighter but 10 times stronger than steel, is a “staple of future industries”Carbon fiber is a “new dream material” that can be applied to all industries where iron is used, from internal and external materials for automobiles and building reinforcements to sports and leisure sectors and advanced future industries such as space aviation. Carbon fiber weighs one-fourth the weight of steel but is 10 times stronger and 7 times more elastic. It is called a “staple of future industries” because of its superior corrosion resistance, conductivity and heat resistance.As a strategic material used in aviation, space, and defense, it is difficult to transfer technology as well as develop it independently, which is why only a few countries have such technology. Hyosung became the first Korean company to develop carbon fiber "TANSOME®" based on its own technology in collaboration with Jeollabuk-do, Jeonju and the Korea Institute of Carbon Convergence Technology in 2011 and has been manufacturing products since 2013. It marked the world's fourth development after Japan, the U.S., and Germany.□ Infinite expandability of upstream industries including the hydrogen sectorCarbon fiber is also regarded as a key material in the hydrogen economy.The government announced a roadmap to revitalize the hydrogen economy in January and said that it will use hydrogen, which has wide-ranging economic and industrial impacts, as its future growth engine.To this end, the company plans to expand the number of hydrogen cars from around 1,800 in 2018 to about 81,000 by 2022 and around 6.2 million by 2040. Hydrogen cars are gaining attention as future eco-friendly vehicles that reduce carbon dioxide emissions thanks to their lightweight.Carbon fiber is a key material for hydrogen vehicle's fuel tanks and is essential for the safe storage, transportation and utilization of hydrogen energy. The hydrogen fuel tank is a cylindrical container made of plastic, which is wrapped with carbon fiber to increase its strength and stability. Carbon fiber is a core material for hydrogen fuel tanks that are light but must withstand hundreds of times higher pressure than normal air.The carbon fiber market for hydrogen fuel tanks is expected to grow more than 120 times by 2030.□ Chairman Hyun-Joon Cho said, “We will play a pivotal role in making Korea a ‘material powerhouse’ by growing carbon fiber”Chairman Hyun-Joon Cho said during the event, “We took note of the future value of carbon fiber and started to develop our own technology. The potential for the upstream industry of carbon fiber is limitless. As the hydrogen economy has opened a new market of carbon fiber, we will play a pivotal role in making Korea a ‘material powerhouse’.”“We were able to become the world’s No.1 in many areas including spandex and tire cords because we were fully committed to staying ahead of our competitors by developing our own technologies from material to production. We will continue our challenges to plant seeds for another material business.” stressed the chairman.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
At the 20th Preview in Seoul (PIS) held in Seoul, South Korea for three days from August 28 to 30, Hyosung has presented yarns that are differentiated in everyday life. PIS, which started in 2000 and celebrates its 20th anniversary this year, is an international textile exhibition that has contributed to expanding the exports of Korean textile and fashion companies as well as promoting domestic trade.Hyosung is participating in this exhibition with garments developed in collaboration with SKULLPIG, Korea’s rising yoga apparel brand. This collaboration is designed to promote various ways of using Hyosung’s functional yarns and boost sales in the fashion market where the boundary between sportswear and everyday clothes is disappearing. At PIS, Hyosung is presenting leggings and t-shirt items that represent the athleisure look. It focused on providing the functionality of sportswear, such as yoga and fitness clothes, as well as highlighting their style as a fashion item in everyday life.The yoga apparel market best demonstrates the “crossover” fashion trend, a mix of different genres and styles. Recently, a single item tends to be used in various ways, such as clothes for sports and outdoor activities, casual wear, lingerie, and swimwear. According to Technavio, a global market research firm headquartered in the UK, the global yoga population was estimated to be around 300 million as of November 2018, and the global yoga wear market will grow at an annual average rate of more than 6% from 2019 to 2023.Hyosung is also introducing eco-friendly yarns, such as polyester regen® which recycled plastic bottles and nylon MIPAN regen® which recycled waste generated in the manufacturing process, in line with the PIS's theme “Good-Circle,” which is also the biggest topic in today's fashion industry. Spandex creora® ActiFit for extreme sports, which has been introduced to the Korean market for the first time, is a product with enhanced spandex's characteristics of elastic extension and recovery. While centering on ActiFit, which is durable against UV rays and chlorine, Hyosung is also exhibiting nylon MIPAN aqua X®, which gives a cooling sensation to the fabric, polyester askin, and creora® Fresh that neutralizes the smell of sweat.Hyosung Chairman Hyun-Joon Cho said, “Listening to the voice of customers at sites is the starting point and indicator of Hyosung’s technology development and quality innovation. Beyond supplying good products to customers, we will proactively identify their needs more accurately and concentrate all our capabilities to solidify our position as the world’s number one company.”This PIS is joined by a total of 420 companies, including 215 Korean and 209 overseas businesses. Considering the recent trends of customers that value the functionality and sustainability of materials, Hyosung’s distinctive multi-functional, eco-friendly yarns are expected to attract more attention in the future. *About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung is helping women on career breaks to return to their economic activities for seven consecutive years.Hyosung announced on July 17 that it will sponsor the Jongno Women's Human Resource Development Center in Jongno-gu, Seoul, for career-building programs for marginalized women such as women on career breaks, female breadwinners, and middle-aged women.Since 2013, Hyosung has sponsored programs to train foodservice professionals, social welfare practitioners, and care teachers at the Jongno Human Resource Development Center and donated KRW 70 million this year. About 200 women have found new jobs through this program.This year, programs to foster ERP logistics managers and care teachers will be provided to around 40 people for three months from June. The programs include courses to enhance professional capabilities such as how to use ERP, △ special lectures by experts, △ resume and self-introduction writing, and △ how to create documents.Even after these programs are completed, dedicated job counselors will provide full support for job-seekers until they successfully find jobs through regular job consulting, providing job information, and introducing relevant jobs.A Hyosung official said, "We will not only continue to support women's self-reliance and job creation but also expand into a wide range of programs to meet the demands of job seekers."In addition to women, Hyosung has also supported job creation projects for underprivileged people including the disabled. Since 2014, the company has sponsored the Combridge (computer + bridge: A project to disassemble and recycle discarded computing devices such as computers) project aimed at creating job opportunities for people with disabilities.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung Advanced Materials conducted ethical management training for all employees at the headquarters on July 5 (Friday), following training in domestic business sites in the first half of the year.Ethical management training, which consists of sharing laws that employees should keep in mind at work (laws related to trade secret, anti-solicitation, embezzlement, and professional negligence, etc.) and related cases, has been implemented once a year. In an effort to strengthen business risk management, the training target was expanded to all employees from team leaders this year. Hyosung Advanced Materials will continuously strive to fulfill its social roles and responsibilities as a global corporate citizen through ethical management practices by all employees.
- The "affordable mask that allows for chemical purification" designed to tackle fine dust problems won the Grand Prize- The winners will receive prize money and additional points when applying for Hyosung Group.The idea of the "affordable mask that allows for chemical purification" of the "Sim-Tae-Park" team (Sim Young-jin, Kim Tae-hoon, and Park Min-ho) of the Department of Textile System Engineering at Kyungpook National University won the Grand Prize at the "2019 Green Earth Drawn by Hyosung" contest. The award ceremony was held at Hyosung Group's headquarters in Mapo-gu on July 4.The Grand Prize winning work has creatively addressed the limitation of existing fine dust filters which do not filter small-particle dust and increased the effectiveness of the fine dust filter by coating it with a mixed solution of various chemicals. The team's idea received good feedback from the judges since it is also applicable to other filters such as for air conditioners and its commercial feasibility was verified through experiments. In the video category which was first held this year, contestants' creative ideas and video content draw the attention of the judges.The grand prize winner of the idea category was awarded the prize money of KRW 5 million and additional points when applying for Hyosung Group. Details about the contest will be shared on Hyosung's blog and YouTube channels (Hyosung TV and HyotHyot TV). The eco-friendly idea contest, which marks the third anniversary, began with Hyosung Chairman Hyun-Joon Cho's faith in eco-friendly management and green management policy. The contest is regarded as an effective way to raise environmental awareness among college (graduate) students and increase communication with young talent. In addition, Hyosung has established and implemented "Green Management Vision 2020" aimed at realizing eco-friendly management as well as actively managed greenhouse gas emissions and developed eco-friendly materials.
