Hyosung rolls out new line of carbon fiber, TansomeHyosung Corporation, a leading textile and heavy machinery maker, said yesterday it will start operating a carbon fiber plant in Jeonju, North Jeolla, next month.
The plant will produce 2,000 tons of the cutting-edge material, which is about 10 times stronger than steel, a year. The material weighs only a quarter of what steel weighs.
The company also launched a new carbon fiber brand called Tansome.
Hyosung said it will make a 1.2 trillion won ($1.1 billion) investment in the plant to bring annual production to 17,000 tons by 2020. The launch of Tansome is expected to heat up competition in the $2 billion market. Market share of more than 60 percent is dominated by Japanese players including Toray Industries and Mitsubishi Rayon. It is predicted to grow to $5 billion in 2020, according to market watchers.
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