Hyosung to Invest KRW 1 Trillion in Its Carbon Fiber Business

August 02 2019

Hyosung seeks to be among global top three producers of carbon fiber through heavy investment. Hyosung Chairman Cho Hyun-Joon will invest a total of KRW 1 trillion in its carbon fiber business by 2028 to expand its production capacity from the current 2,000 metric tons a year (one line) to 24,000 metric tons (10 lines). That will be the world’s single-largest factory. Works for the first round of installation extension are underway. In January 2020 when the first round will be done, a carbon fiber factory with an annual capacity of 2,000 metric tons will be completed. It will churn out carbon fibers in earnest from February.

If 10 more lines are installed by 2028, Hyosung’s ranking in terms of global market share will rise from 11th (2 percent) as of 2019 to third (10 percent). Its employment will increase massively from current 400 employees. More than 2,300 new jobs are expected to be created by 2028.

Hyosung signed an investment agreement with South Jeolla Province and Jeonju City regarding the installation and extension of production facilities and investment support. Hyosung also concluded an “alliance MOU” with the Ministry of Trade, Industry and Energy and two other carbon fiber companies -- Iljin Composites Co. and KAI -- to strengthen cooperation through joint tests.

For identifying growth opportunities in the global Carbon Fiber Market, please visit
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