$600 million! Hyosung builds new carbon fiber project in Jiangsu

On February 3, the Jiangsu Xinyi Natural Resources and Planning Bureau issued the Hyosung Carbon Materials (Jiangsu) Co., Ltd. annual output of 26,400 tons of carbon materials project construction project land pre-examination and site selection opinions.

It is understood that in November 2022, at the comprehensive investment promotion meeting of the 25th Xuzhou Investment Fair, the carbon fiber new material project invested by Hyosung Group in Xinyi City was signed. South Korea’s Hyosung Carbon Fiber with an investment of 600 million US dollars is the largest single foreign investment project in Xuzhou in recent years.

Park Jinjin, chairman of Hyosung Group (China) Carbon Fiber Company, said that investing in Xuzhou is a decision made by the group after many investigations and deliberation, mainly based on Xuzhou’s unique location advantages, complete infrastructure and excellent business environment. , Let the company firmly believe that with the in-depth implementation of the project, the carbon fiber industry will quickly become bigger and stronger, and Hyosung Group will also achieve leapfrog development in Xuzhou.

Hyosung Carbon Fiber’s Expansion Road

Since Hyosung started developing carbon fiber in 2007, it successfully developed and launched the high-performance carbon fiber brand carbon fiber (TANSOME®) for the first time in Korea in 2011 within the shortest period of time.

Since May 2013, it has operated a carbon fiber factory in Jeonju Eco-Friendly Complex Industrial Park, Jeonbuk.

In February 2019, Hyosung announced that it will invest 46.8 billion won to build an additional carbon fiber production plant at its Jeonju plant in Jeollabuk-do. Add a production line on the existing factory land, and increase the annual output from 2,000 tons/year to 4,000 tons/year. The new production line will be completed in 2020.

In 2019, Hyosung announced a strategic plan of “US$820 million in ten years”. According to the company’s plan, 9 new carbon fiber production lines will be built before 2028, with a total production capacity of 24,000 tons per year, making it the third largest carbon fiber producer in the world. enterprises, occupying 10% of the global market share. The plan will cost 1 trillion won, or about $825 million.

In 2021, Hyosung announced that it will invest 75.8 billion won to expand the carbon fiber production line at its factory in Jeonju, Jeollabuk-do, South Korea. When it is completed and put into production in July 2022, the company’s annual carbon fiber production capacity will reach 6,500 tons per year.

In March 2022, Hyosung Advanced Materials announced that it will invest 38.5 million US dollars to build a fourth PAN-based carbon fiber production line at the Jeonju base, with an additional production capacity of 2,500 tons per year. The new production line is expected to be completed and put into operation in April 2023, which will bring the company’s total carbon fiber production capacity to 9,000 tons per year.

Hyosung Group plans to spend 1 trillion won (approximately 5.25 billion yuan) to expand the annual carbon fiber production scale of Hyosung Advanced Materials to 24,000 tons by 2028. After the expansion is completed, the company will become the third largest manufacturer in the world, with a global market share expected to reach 10%.