Kolon Industries invests $18 million in resin factory for EV tires

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Kolon Industries invests $18 million in resin factory for EV tires

Published: 15 May. 2023, 14:50 Updated: 15 May. 2023, 15:02

Kolon Industries' plant in Yeosu, South Jeolla [KOLON INDUSTRIES]

Kolon Industries will invest 24 billion won ($18 million) to expand its capacity at its petrochemical resin production factory in Yeosu, South Jeolla, upping its bet on tires for electric vehicles (EVs).

The Korean company will double its capacity for pure monomer resin (PMR), from the current 11,000 tons to 21,000 tons per year.

PMR is a type of highly reactive resin that contain fewer toxins and has superior thermal resistance and durability, making it suitable for a wide range of industrial uses from automobiles to construction. It is often used in high-performance tires and electric cables.

PMR can increase the braking power and safety of EVs, which weigh around 30 percent more than internal combustion engine cars.

BY SARAH CHEA [chea.sarah@joongang.co.kr]