Hyosung Advanced Materials is going to expand the production of its Jeonju carbon textile plant to 6,500 tons per year.
Hyosung Advanced Materials announced on May 3 that it will invest 75.8 billion won ($68.2 million) to expand its carbon fiber production line to 6,500 tons per year until July next year at its Jeonju plant in North Jeolla Province.
The company explained, "We are expanding our plant owing to the rising demand for carbon fiber used in fuel tanks and compressed natural gas (CNG) high-pressure containers of hydrogen cars, which are attracting attention as eco-friendly cars in the future."
As part of the large-scale carbon fiber investment plan announced in 2019, Hyosung Advanced Materials plans to invest 1 trillion won by 2028, increasing its carbon fiber production capacity at Jeonju plant to 24,000 tons a year.
Based on its own technology in 2011, Hyosung Advanced Materials developed a high-strength fiber called 'TANSOME®' for the first time in Korea and has been operating its Jeonju plant since 2013.
Carbon fiber is called a "dream material" to replace iron in various fields as it is one-quarter lighter than iron and 10 times stronger.
