Various stories brought to you by Hyosung Advanced Materials
Hyosung Advanced Materials Co. participated in the ‘Tire Technology Expo 2020’ held February 25 to 27 in Hanover, Germany. It marked the first time that the company had participated in the world’s largest tire exhibition, which demonstrated the company’s determination to expand its overseas business.
The Tire Technology Expo, which started in 2000, takes place every year. This year, about 300 firms in the tire industry showcased up-to-date technology and products. The expo was accompanied by about 130 academic conferences and short-term education programs.
Hyosung Advanced Materials tried to use the expo as an opportunity to promote its technology and product quality as a global tire reinforcements maker. It also put emphasis on meetings with customers and other marketing activities. Mr. Lee Tae Jung, vice president for textile reinforcements sales & marketing, attended the academic forum on tire reinforcements. He presented to the forum participants that included representatives of global tire makers Hyosung’s top-notch technology, including the high-strength tire cord that can make the tire lighter and the high-modulus tire cord that enhances the tire performance.
Hyosung Advanced Materials, which has never yielded its position as the leading tire cord manufacturer since 2000, now controls 45 percent of the world market. But competition in the tire cord market is getting fierce, and the company’s decision to participate in global exhibitions like the Tire Technology Expo is part of its efforts to bolster its leading position by moving into high value-added tire markets in North America and Europe.
CEO Jung Mo Hwang said, “Through the expo, Hyosung successfully strengthened partnerships with global tire makers. Taking advantage of our premier technology and product quality, we will further strengthen our global leadership by expediting operations in the high value-added markets in North America and Europe.
Tire reinforcements are reinforcements made of fiber and steel wire to boost tires’ safety, endurance and performance. Hyosung produces fiber cords like nylon, polyester and lyocell and steel cords and bead wire.
The company plans to invest 1 trillion won to increase production capacity for carbon fiber, which it regards as the new growth engine, to 24,000 tons per year by 2028. It also plans to increase aramid output to 5,000 tons per year by 2021.