Various stories of activities brought to you by Hyosung Heavy Industries
Hyosung is taking a big step to become a global top three carbon fiber company through large-scale investment.□ Plans to increase its annual output to 24,000 tons by 2028 with a total investment of KRW 1 trillion by 2028Hyosung laid out this vision at an “agreement ceremony for a new investment in carbon fiber” at the carbon fiber plant of Hyosung Advanced Materials in Jeonju on August 20.Under the agreement, Hyosung will invest a total of KRW 1 trillion in the carbon fiber business by 2028 and expand its annual production capacity 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. Employment is also expected to increase significantly from the current 400 to more than 2,300 new jobs by 2028.The event included △ an “agreement ceremony for facility expansion and investment support” between Hyosung and the government and local municipalities, including Jeollabuk-do and Jeonju and △ an “alliance MOU ceremony” aimed at strengthening cooperation including joint testing between the Ministry of Trade, Industry and Energy, Hyosung, and relevant companies, such as Iljin Materials, and Korea Aerospace Industries (KAI).□ Carbon fiber, which is lighter but 10 times stronger than steel, is a “staple of future industries”Carbon fiber is a “new dream material” that can be applied to all industries where iron is used, from internal and external materials for automobiles and building reinforcements to sports and leisure sectors and advanced future industries such as space aviation. Carbon fiber weighs one-fourth the weight of steel but is 10 times stronger and 7 times more elastic. It is called a “staple of future industries” because of its superior corrosion resistance, conductivity and heat resistance.As a strategic material used in aviation, space, and defense, it is difficult to transfer technology as well as develop it independently, which is why only a few countries have such technology. Hyosung became the first Korean company to develop carbon fiber "TANSOME®" based on its own technology in collaboration with Jeollabuk-do, Jeonju and the Korea Institute of Carbon Convergence Technology in 2011 and has been manufacturing products since 2013. It marked the world's fourth development after Japan, the U.S., and Germany.□ Infinite expandability of upstream industries including the hydrogen sectorCarbon fiber is also regarded as a key material in the hydrogen economy.The government announced a roadmap to revitalize the hydrogen economy in January and said that it will use hydrogen, which has wide-ranging economic and industrial impacts, as its future growth engine.To this end, the company plans to expand the number of hydrogen cars from around 1,800 in 2018 to about 81,000 by 2022 and around 6.2 million by 2040. Hydrogen cars are gaining attention as future eco-friendly vehicles that reduce carbon dioxide emissions thanks to their lightweight.Carbon fiber is a key material for hydrogen vehicle's fuel tanks and is essential for the safe storage, transportation and utilization of hydrogen energy. The hydrogen fuel tank is a cylindrical container made of plastic, which is wrapped with carbon fiber to increase its strength and stability. Carbon fiber is a core material for hydrogen fuel tanks that are light but must withstand hundreds of times higher pressure than normal air.The carbon fiber market for hydrogen fuel tanks is expected to grow more than 120 times by 2030.□ Chairman Hyun-Joon Cho said, “We will play a pivotal role in making Korea a ‘material powerhouse’ by growing carbon fiber”Chairman Hyun-Joon Cho said during the event, “We took note of the future value of carbon fiber and started to develop our own technology. The potential for the upstream industry of carbon fiber is limitless. As the hydrogen economy has opened a new market of carbon fiber, we will play a pivotal role in making Korea a ‘material powerhouse’.”“We were able to become the world’s No.1 in many areas including spandex and tire cords because we were fully committed to staying ahead of our competitors by developing our own technologies from material to production. We will continue our challenges to plant seeds for another material business.” stressed the chairman.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
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Hyosung has been running the “Future Technology Talent Cultivation” program for natural sciences or engineering students of Korea’s top universities for 9 years.Hyosung announced on September 18 that it opened an industry-academic cooperation course for 110 undergraduate, graduate, and doctoral students of the Chemical and Biological Engineering Department at Korea University for the second semester of 2019.The industry-academic cooperation course is a project Hyosung has been carrying out since 2011 to foster future technology talent. So far, more than 1,000 undergraduate, graduate, and doctoral students in science and engineering at Korea’s top universities, including Seoul National University, KAIST, Yonsei University, and Sungkyunkwan University, have taken the course.This program follows the philosophy of technological management of Chairman Hyun-Joon Cho. Chairman Cho has emphasized that “in order for Korea to become a materials powerhouse, we should expand investment in R&D as well as secure professionals with expertise.”In this semester, for the Knowledge Management course of the Chemical and Biological Engineering Department at Korea University, 20 executives and team leaders in charge of research in high-performance fiber, petrochemical, optical film, and environmental energy materials at Hyosung R&DB Labs, including Doo-won Jang, head of the Chemical and Biological Hyosung R&DB Labs, will lecture on technology trends and outlooks in the industrial field.In particular, students will gain a better understanding of Hyosung's global No.1 products, such as spandex and tire cords, and at the same time, learn the latest technology and trends related to new-generation materials based on the global market, such as carbon fiber which is called the "staple of future industries and a new dream material."Hyosung plans to select outstanding students as industry-academic scholarship beneficiaries in an effort to nurture them into new materials experts with professional knowledge and practical skills. Selected students will be granted scholarships as well as employment for their stable study.Professor Hyun Wook Jung of the Chemical and Biological Engineering Department of Korea University said, “We expect students to grow into tailored R&D talent that will provide practical help to companies as they experience the theories that become basis of the technological competitiveness of enterprises.” *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Chairman Hyun-Joon Cho is emphasizing that the company should also “hear the voice of competitors” beyond the Voice of Customers (VOC), which is needed for customer-oriented management. Since May of this year, Hyosung has teamed up with the global consulting firm A.T. Kearney for the “C-Cube Project” which establishes the digital VOC platform and operating system. Hyosung plans to finish the project by February next year and apply it to the entire company. The C-Cube project will establish a customer response process based on big data with the aim to listen to the Voice of Customers (VOC), the Voice of Customer`s Customer (VOCC), and the Voice of Competitors (VOCO).First, Hyosung has built a digital VOC platform in four performance units, such as spandex and tire cord, and began its operation on September 2. Hyosung, which is now able to check the VOC, including market and technical information as well as customer complaints and response status, in real-time, is expected to maximize synergies such as profitability improvement and new sales increase.Seung-yong Cho, the CEO of A.T. Kearney who is in charge of this project, said, “This is the first case in the industry that a B2B company like Hyosung reflects customer insights into the overall management for innovation using a digital VOC platform. I firmly believe that the customer-centered management philosophy of Chairman Hyun-Joon Cho, who aims to satisfy end users beyond the company’s customers, will lead to profit generation and enhanced competitiveness.”Meanwhile, Chairman Cho, who stressed in his New Year’s address that “The answer lies in customers. The VOC is the starting point for everything,” is spearheading Hyosung’s VOC efforts, such as attending the Interfiliere Paris exhibition held in Paris, France, in July. *Cho Hyun-Joon is born in Seoul in 1968 and graduated from Saint Paul’s School in the U.S. He studied in the School of Political Science at Yale University and graduated with a master degree at Keio University, Graduate School of Law in Japan. He worked at Mitsubishi Corporation in Tokyo and Morgan Stanley Tokyo branch. In 1997, he joined Hyosung and was inaugurated as the Chairman of Hyosung Group in 2017.
Co-organized by Hyosung and the Ministry of Culture, Sports and Tourism, the “Culture Connects: DMZ Peace Concert” was held at Dorasan Station inside the demilitarized zone (DMZ) in Paju on the afternoon of September 9.The DMZ Peace Concert was held as part of Hyosung's mecenat activity called “Yo-Yo Ma Bach Project.” The Bach Project consists of the “Park Concert” held on the 8th and the DMZ Peace Concert (9th) held as a “Day of Action.” Yo-Yo Ma has previously addressed immigration policy, local community culture, and homeless issues through Day of Action events in Mexico, the United States, and Greece.At the DMZ Peace Concert, Yo-Yo Ma delivered the message of peace on the Korean Peninsula by playing with Okdal, Korean traditional musicians Kim Deok-soo and Ahn Suk-seon, and North Korean pianist Kim Cheol-woong. Yo-Yo Ma prayed for peace on the Korean Peninsula by performing with two young North Korean musicians as well as playing “Bach’s unaccompanied cello suites,” which were presented at the Park Concert. The event was also attended by diplomats such as Park Yang-woo, Minister of Culture, Sports and Tourism, Foreign Minister Kang Kyung-hwa, Vice Minister of Unification Seo Ho, Paju Mayor Choi Jong-hwan, and British Ambassador to South Korea Simon Smith. Attendees and citizens alike wished to heal the broken wounds of the two Koreas through a ribbon-tying ceremony.In his opening speech, Yo-Yo Ma introduced the Bach Project, through which he has played Bach’s unaccompanied cello suites in 36 cities on six continents since August last year, and explained the purpose of this visit, “I wanted to play like the same moon that families in the South and the North look at, and my old friend Cho Hyun-sang, Hyosung’s president, gladly responded to my desire to play Bach at the border between the two Koreas. I would like to express my sincere gratitude to the Ministry of Culture, Sports and Tourism and Hyosung for jointly organizing and sponsoring the Bach Project successfully.”The Bach Project and the DMZ Concert were held as the Ministry of Culture, Sports and Tourism and Hyosung sympathized with Yo-Yo Ma’s commitment to peace and played an active role in making them happen. A Hyosung official said, “I am pleased to sponsor these meaningful events. I believe that the DMZ concert held as a Day of Action will contribute to the peace, harmony, and coexistence of mankind. I pray that the warmth of peace will also widely spread on the Korean Peninsula.”Meanwhile, Hyosung has performed various activities in the fields of culture, arts, and sports, including the “Hyosung Culture Series,” which has supported the socially marginalized since 2010, with the proposal by President Cho, who has actively engaged in many activities for the socially underprivileged. In particular, some of the members of the “Onnuri Love Chamber,” a disabled children’s orchestra who were taught at the “Yo-Yo Ma Teaching Class,” entering a musical university made headlines. In addition, Hyosung is carrying out various cultural and art social contribution activities such as supporting artists with disabilities, palace restoration projects, sponsoring theater troupes at Daehangno, Changdeokgung Palace clean-up activities, and supporting barrier-free film production.
Hyosung is actively promoting its carbon fiber in the global market following Korea.Hyosung announced its carbon fiber brand “TANSOME®” at the “China Composites Expo 2019” held in Shanghai, China from September 3 to 5.At this exhibition, Hyosung introduced products made of TANSOME®, such as wire core materials and high-pressure vessels for hydrogen cars, promoting its technology and quality as well as raising awareness of the TANSOME® brand in Asia. At the same time, the company attracted customers’ attention by presenting a trend in the carbon fiber composite material market and meeting customers to seek business opportunities. Chairman Hyun-Joon Cho said, “We will play a pivotal role in building a ‘material powerhouse Korea’ by growing carbon fiber further as the material has infinite possibilities in the upstream industries and the hydrogen economy has opened a new chapter in the carbon fiber market.”The China Composites Expo is Asia’s largest international composite materials industry fair held in Shanghai every year with the active participation of the world's leading carbon fiber manufacturers and major composites and equipment makers.Carbon fiber weighs one-fourth the weight of steel but is 10 times stronger, and Hyosung became the first Korean company to develop carbon fiber with its own technology in 2011. The company established a carbon fiber plant with the annual production capacity of 2,000 tons in Jeonju, North Jeolla Province in 2013 and plans to expand its annual production capacity to 24,000 tons by 2028 with a total investment of KRW 1 trillion in the carbon fiber industry.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
At the 20th Preview in Seoul (PIS) held in Seoul, South Korea for three days from August 28 to 30, Hyosung has presented yarns that are differentiated in everyday life. PIS, which started in 2000 and celebrates its 20th anniversary this year, is an international textile exhibition that has contributed to expanding the exports of Korean textile and fashion companies as well as promoting domestic trade.Hyosung is participating in this exhibition with garments developed in collaboration with SKULLPIG, Korea’s rising yoga apparel brand. This collaboration is designed to promote various ways of using Hyosung’s functional yarns and boost sales in the fashion market where the boundary between sportswear and everyday clothes is disappearing. At PIS, Hyosung is presenting leggings and t-shirt items that represent the athleisure look. It focused on providing the functionality of sportswear, such as yoga and fitness clothes, as well as highlighting their style as a fashion item in everyday life.The yoga apparel market best demonstrates the “crossover” fashion trend, a mix of different genres and styles. Recently, a single item tends to be used in various ways, such as clothes for sports and outdoor activities, casual wear, lingerie, and swimwear. According to Technavio, a global market research firm headquartered in the UK, the global yoga population was estimated to be around 300 million as of November 2018, and the global yoga wear market will grow at an annual average rate of more than 6% from 2019 to 2023.Hyosung is also introducing eco-friendly yarns, such as polyester regen® which recycled plastic bottles and nylon MIPAN regen® which recycled waste generated in the manufacturing process, in line with the PIS's theme “Good-Circle,” which is also the biggest topic in today's fashion industry. Spandex creora® ActiFit for extreme sports, which has been introduced to the Korean market for the first time, is a product with enhanced spandex's characteristics of elastic extension and recovery. While centering on ActiFit, which is durable against UV rays and chlorine, Hyosung is also exhibiting nylon MIPAN aqua X®, which gives a cooling sensation to the fabric, polyester askin, and creora® Fresh that neutralizes the smell of sweat.Hyosung Chairman Hyun-Joon Cho said, “Listening to the voice of customers at sites is the starting point and indicator of Hyosung’s technology development and quality innovation. Beyond supplying good products to customers, we will proactively identify their needs more accurately and concentrate all our capabilities to solidify our position as the world’s number one company.”This PIS is joined by a total of 420 companies, including 215 Korean and 209 overseas businesses. Considering the recent trends of customers that value the functionality and sustainability of materials, Hyosung’s distinctive multi-functional, eco-friendly yarns are expected to attract more attention in the future. *About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung is taking a big step to become a global top three carbon fiber company through large-scale investment.□ Plans to increase its annual output to 24,000 tons by 2028 with a total investment of KRW 1 trillion by 2028Hyosung laid out this vision at an “agreement ceremony for a new investment in carbon fiber” at the carbon fiber plant of Hyosung Advanced Materials in Jeonju on August 20.Under the agreement, Hyosung will invest a total of KRW 1 trillion in the carbon fiber business by 2028 and expand its annual production capacity 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. Employment is also expected to increase significantly from the current 400 to more than 2,300 new jobs by 2028.The event included △ an “agreement ceremony for facility expansion and investment support” between Hyosung and the government and local municipalities, including Jeollabuk-do and Jeonju and △ an “alliance MOU ceremony” aimed at strengthening cooperation including joint testing between the Ministry of Trade, Industry and Energy, Hyosung, and relevant companies, such as Iljin Materials, and Korea Aerospace Industries (KAI).□ Carbon fiber, which is lighter but 10 times stronger than steel, is a “staple of future industries”Carbon fiber is a “new dream material” that can be applied to all industries where iron is used, from internal and external materials for automobiles and building reinforcements to sports and leisure sectors and advanced future industries such as space aviation. Carbon fiber weighs one-fourth the weight of steel but is 10 times stronger and 7 times more elastic. It is called a “staple of future industries” because of its superior corrosion resistance, conductivity and heat resistance.As a strategic material used in aviation, space, and defense, it is difficult to transfer technology as well as develop it independently, which is why only a few countries have such technology. Hyosung became the first Korean company to develop carbon fiber "TANSOME®" based on its own technology in collaboration with Jeollabuk-do, Jeonju and the Korea Institute of Carbon Convergence Technology in 2011 and has been manufacturing products since 2013. It marked the world's fourth development after Japan, the U.S., and Germany.□ Infinite expandability of upstream industries including the hydrogen sectorCarbon fiber is also regarded as a key material in the hydrogen economy.The government announced a roadmap to revitalize the hydrogen economy in January and said that it will use hydrogen, which has wide-ranging economic and industrial impacts, as its future growth engine.To this end, the company plans to expand the number of hydrogen cars from around 1,800 in 2018 to about 81,000 by 2022 and around 6.2 million by 2040. Hydrogen cars are gaining attention as future eco-friendly vehicles that reduce carbon dioxide emissions thanks to their lightweight.Carbon fiber is a key material for hydrogen vehicle's fuel tanks and is essential for the safe storage, transportation and utilization of hydrogen energy. The hydrogen fuel tank is a cylindrical container made of plastic, which is wrapped with carbon fiber to increase its strength and stability. Carbon fiber is a core material for hydrogen fuel tanks that are light but must withstand hundreds of times higher pressure than normal air.The carbon fiber market for hydrogen fuel tanks is expected to grow more than 120 times by 2030.□ Chairman Hyun-Joon Cho said, “We will play a pivotal role in making Korea a ‘material powerhouse’ by growing carbon fiber”Chairman Hyun-Joon Cho said during the event, “We took note of the future value of carbon fiber and started to develop our own technology. The potential for the upstream industry of carbon fiber is limitless. As the hydrogen economy has opened a new market of carbon fiber, we will play a pivotal role in making Korea a ‘material powerhouse’.”“We were able to become the world’s No.1 in many areas including spandex and tire cords because we were fully committed to staying ahead of our competitors by developing our own technologies from material to production. We will continue our challenges to plant seeds for another material business.” stressed the chairman.*About HyosungHyosung is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
