Hyosung intends to increase carbon fiber investment

Carbon fiber, fibers which are nearly 5–10 micrometers in diameter and made up of carbon atoms mostly. The numerous advantages that carbon fibers have include high temperature tolerance, high chemical resistance, high tensile strength, low thermal expansion, low weight, etc.

Considering how advantageous it is, the material is set to take steel’s place eventually. Having acknowledged all these benefits, countries around the globe have begun competing to generate carbon fiber.

Korea was among the last members to arrive to the carbon-fiber sector. This is the reason why Korea is a little behind in the race to manufacture carbon fiber.

However, one company in particular has made great progress in manufacturing carbon fiber. It is the South Korea-based Hyosung Group, whose factory in Jeonju, North Jeolla Province, generates advanced material.

In 2011, the company managed to find success in the local manufacture of carbon fiber. Two years after that, it began mass manufacture.

Carbon fiber’s demand is continuously rising. It is utilized in wind-power generation, the defense sector, and various other industries. It has been reported how carbon fiber’s exports are increasing by more than 20% every year.

On Tuesday, the firm stated how Hyosung Group intends to invest 1 trillion won ($828 million) over the next 10 years so as to expand its carbon fiber business in Jeonju.

According to the company, the additional lines will allow the plant to generate 24,000 tons from the present 2,000 tons, every year. The factory has only a single production line presently. By 2028, the investment is expected to create nearly 2,300 jobs.

Hyosung, the Chairman Cho Hyun-joon, stated how the expansion will make the company the No. 3 carbon fiber manufacturer in the world with a 10 percent market share by year 2028.