Hyosung Advanced of South Korea recently announced that it will invest 75.8 billion won to expand its carbon fiber production line at its plant in Jeonju, North Jeolla Province, South Korea. When it is completed and put into production in July next year, the company's annual carbon fiber production capacity will reach 6,500 tons. In 2020, the company has expanded its annual carbon fiber production capacity from 2,000 tons to 4,000 tons.
The purpose of increasing production facilities is to meet the growing demand for carbon fiber used in future environmentally friendly car hydrogen car fuel tanks and compressed natural gas (CNG) high-pressure vessels.
The plant expansion is part of a large-scale carbon fiber investment plan announced in 2019. The company expects to invest another 1 trillion won by 2028 to add carbon fiber production lines at the Jeonju plant, with an annual production capacity of 24,000 tons.