Hyosung Advanced Materials to Expand Global Carbon Fiber Production with 100 Billion Won Investment

Establishing a Carbon Fiber Corporation in Ba Ria-Vung Tau Province, Vietnam
to Secure Global Business Competitiveness

Carbon fiber from Hyosung Advanced Materials. Photo by Hyosung Advanced Materials

Hyosung Advanced Materials will invest over 100 billion KRW to expand carbon fiber production domestically and internationally.

Hyosung Advanced Materials has decided to establish a new corporation, 'Hyosung Vina Core Materials,' in Ba Ria-Vung Tau Province in southern Vietnam for carbon fiber production.

To enhance the global competitiveness of carbon fiber, Hyosung Advanced Materials plans to expand production facilities not only in Korea but also in China and Vietnam. It will invest 53.3 billion KRW for the establishment of the new Vietnam corporation, which is expected to be completed by the first half of 2025.

This investment aims to actively respond to the increasing global demand for carbon fiber. The global demand for carbon fiber is projected to grow annually by 17%, from 150,000 tons last year to 240,000 tons by 2025. In particular, demand for new aircraft such as Urban Air Mobility (UAM) is increasing. Additionally, demand is expected to rise in various fields including CNG (Compressed Natural Gas) and hydrogen high-pressure tanks, as well as wind power blades.

Domestically, 52.8 billion KRW will be invested in the Jeonju plant in Jeollabuk-do to further expand the carbon fiber production line by the end of July next year. Hyosung Advanced Materials explained, "This expansion is to respond to the increasing demand in various areas such as hydrogen vehicle fuel tanks, compressed natural gas high-pressure tanks, and solar materials due to the adoption of renewable energy, driven by domestic and international eco-friendly policies."

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 and to enter the 'Global Top 3' in the carbon fiber sector.

This content was produced with the assistance of AI translation services.