South Korea-based Hyosung has announced it will invest a total of 1 trillion Korean Won (approximately $835 million) by 2028 to grow its carbon fiber business. Current capacity on its one existing line is 2,000 metric tons per year. The investment aims to increase capacity to 24,000 metric tons per year on 10 lines, which would raise Hyosung’s market share from 11th in the world to third, according to the company. A carbon fiber factory with capacity of 2,000 metric tons is expected to come online in February 2020. More than 2,300 new jobs are expected to be created by 2028.
“We took notice of the future value of carbon fiber and decided to develop our own technology,” said Hyosung Chairman Hyun-Joon Cho. “We will play a major role in turning Korea into a materials powerhouse through a further development of carbon fiber because possibilities of its downstream industries are endless and the material has opened new markets in the hydrogen economy.”