Hyosung plans to become one of the global top three carbon fiber companies through large-scale investments. Hyosung said on Aug. 20 that it will invest a total of 1 trillion won in the carbon fiber industry by 2028 to expand production to 24,000 tons per year (10 lines) from the current 2,000 tons (one line) per year.
It is the largest single size 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 10 more lines are completed by 2028, Hyosung's global market share will rise from 11th (2 percent) in 2019 to 3rd (10 percent). Employment is also expected to increase sharply from the current 400 persons, creating more than 2,300 new jobs by 2028.
Carbon fiber is a "new material of dream" that can be applied to all industries where iron is used, from internal and external materials for automobiles and building reinforcements to sports-leisure sectors and advanced future industries such as space aviation.
Compared to iron, it weighs a quarter, but it is 10 times stronger and seven times more elastic. It is called the "rice of the future industry" because of its superior corrosion resistance, conductivity and heat resistance.
As this material is used in aviation, space, and defense, it is difficult to transfer technology as a strategic material, and it is difficult to develop it independently, which is why only a few countries in the world have such technology.
Hyosung became the first South Korean company to develop its own carbon fiber "TANSOME®" in 2011 and has been producing products since 2013. It is the world's fourth development after Japan, the United States and Germany.
Carbon fiber is also considered a key material in the hydrogen economy era. In January, the government announced a roadmap to revitalize the hydrogen economy, saying it will use hydrogen, which has a major economic and industrial ripple effect, as its future growth engine.
"We have embarked on developing our own technologies by paying attention to the future value of carbon fiber. Since the carbon fiber rear industry has infinite possibilities, and the hydrogen economy has opened up a new market for carbon fiber, we will further foster carbon fiber and take a part in building material powerhouse Korea," said Hyosung Chairman Cho Hyun-joon.