Hyosung Advanced Materials Expands Carbon Fiber Factory in Jeonju with Additional 46.9 Billion KRW Investment
Expanding to a 9,000t Scale... "Preparing for Increased Demand for Eco-Friendly Products"
[Asia Economy Reporter Moon Chaeseok] Hyosung Advanced Materials is investing 46.9 billion KRW to expand its carbon fiber production line at its Jeonju plant in Jeollabuk-do. By April next year, the annual production capacity will be increased by 2,500 tons, expanding the total capacity to 9,000 tons. This marks the third expansion following those in 2020 and last year.
This expansion aims to prepare for the growing demand for eco-friendly products such as hydrogen vehicle fuel tanks, compressed natural gas (CNG) high-pressure vessels, and insulation materials for solar power. With the activation of the hydrogen economy, the demand for high-pressure vessels used in hydrogen storage and transportation, including hydrogen vehicles and hydrogen charging stations, is rapidly increasing. As various countries worldwide expand support policies for new and renewable energy to achieve carbon neutrality goals, the demand for carbon fiber used in solar power generation is also significantly rising.
Hyosung Advanced Materials developed the high-strength, medium-elasticity carbon fiber 'TANSOME®' based on proprietary technology in 2011, becoming the first in Korea to do so, and has been operating the Jeonju plant since 2013. Known as a dream material, carbon fiber is one-quarter the weight of steel but ten times stronger, making it a substitute material for various applications where steel is used, such as automobiles, wind power, aerospace, sports leisure, and construction reinforcement.
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In 2019, Hyosung Advanced Materials announced plans to invest 1 trillion KRW by 2028 to expand the Jeonju plant's carbon fiber production line to an annual capacity of 24,000 tons, aiming to enter the global 'Top 3' in the carbon fiber sector with a 10% share of the world market.
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