Hyosung Corp., a local textile and chemical giant, has developed carbon fiber material making Korea one of the few countries to have the technology for the advanced substance, dubbed dream material.
The Seoul-based firm plans to invest up to 250 billion won ($231 million) by 2013 to establish carbon fiber factories in Jeonju, around 200 kilometers south of Seoul, with an annual capacity of 2,000 tons.Hyosung Corp., a local textile and chemical giant, has developed carbon fiber material making Korea one of the few countries to have the technology for the advanced substance, dubbed dream #
Toward that end, Hyusung signed a contract with North Jeolla Province, Tuesday, which has tried to attract plants to its eco-friendly industrial complex in the provincial capital.
``A small number of manufacturers have the technology to make carbon fibers such as Toray of Japan and Hexcel of the U.S. Based on more than three years of research, we have now joined their ranks,'' Hyosung spokesman Han Chang-suk said.
``In order to carve out a substantial part of the rocketing demand for carbon fiber, we are poised to channel a total of 1.2 trillion won by 2020 with the aim of churning out 17,000 tons by then.''
Han said that Hyosung's carbon fibers are more advanced than widely used general-purpose products, which are adopted in such industries as aerospace, robotics, wind turbines and sports equipment.
``The functionality of our products just falls short of the world's most advanced ones currently available. We will maintain our efforts to come up with the best products,'' Han said.
The Korean government is also upbeat about the achievements.
``Carbon fibers are 10 times stronger than steel while five times lighter. The market will continue to expand both at home and abroad,'' an official at the Ministry of Knowledge Economy (MKE) said.
``Up until now, we have fully depended on imports for carbon fibers. But the feat of Hyosung will help local companies procure the material within the country down the road. Along the way, Hyosung plants will also create jobs.''
Thanks to its good traits including stiffness, strength and lightness, its uses are expected to jump by double-digit percentages per annum from today's $2 billion to $5 billion in 2020.
Currently, some 10 companies carve out the vast majority of the carbon fiber markets with Japan's big three ? Toray, Toho and Mitsubishi ? accounting for 60 percent.
Carbon fibers are also in line with the world's initiative of going green because they can increase energy efficiency with their lightness and strength when they are used as building materials.
The MKE, which is in charge of boosting industries like textiles, expects that the envisioned Hyosung investments will create approximately 10,000 new jobs in the next decade.
The Korea Times
marketing@alchempro.com
