South Korea’s Hyosung Advanced Materials Corp. is expanding its carbon fiber production by adding a third line to meet the growing demand for the material used to make hydrogen tank cylinders.
Hyosung Group Expands Carbon Fiber Production
Key Points:
Investment: Hyosung Group will invest 46.9 billion won to expand its carbon fiber production capacity.
Expansion: Annual production capacity will increase from 6,500 tons to 9,000 tons at the Jeonju plant.
Product: Hyosung produces high-intensity, high-strain carbon fiber used for industrial applications like CNG and hydrogen tanks.
Future Plans: Aims to increase annual capacity to 24,000 tons by 2028, becoming the world's third-largest carbon fiber maker.
Stock Performance: Hyosung shares rose 4.6% on the news, outperforming the broader market.
Market Outlook: Analysts predict further growth in Hyosung's stock due to the potential for hydrogen as an alternative energy source.
Hydrogen and Composites: South Korea's focus on hydrogen mobility presents opportunities for composites technology in high-pressure vessels and charging infrastructure.