South Korea-based Hyosung will invest a total of KRW 1 trillion (US$840 million) in its carbon fiber business by 2028 and expand its annual production capacity at the carbon fiber plant of Hyosung Advanced Materials in Jeonju from the current 2,000 tons (1 line) to 24,000 tons (10 lines).
This would be the largest capacity of a single plant in the world.
With the first expansion underway, the company plans to complete a carbon fiber plant with an annual capacity of 2,000 tons in January 2020 and begin full-scale production in February.
When the addition of 10 lines is completed by 2028, Hyosung’s global market share will rise from 11th (2 %) as of 2019 to 3rd (10 %) in the world, according to company projections.
Hyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles.