Hyosung Carbon Fiber Xinyi Industrial Base started construction

On February 18, South Korea's Hyosung High-performance Carbon Fiber Xinyi Industrial Base started construction and a major industrial project in Xinyi City started a concentrated activity.

The base is the largest single foreign investment project in Xuzhou in recent years. The total investment of the project is 614 million US dollars, and it has been included in the list of major projects in Jiangsu Province in 2023. It is an important part of South Korea's Hyosung Group's global carbon fiber market layout. After the project is completed and reaches production capacity, it is expected to achieve an annual output of 9,600 tons of high-performance carbon fiber and 16,800 tons of carbon fiber composite materials, and achieve annual sales of over 10 billion yuan.

It is reported that South Korea's Hyosung Group plans to spend 1 trillion won by 2028 to expand its annual carbon fiber production to 24,000 tons. After the expansion is completed, the company will become the third largest manufacturer in the world, with a global market share expected to reach 10%.