Hyosung Group has sought to improve people’s lives by developing products with its own technology in its core businesses ranging from fiber to industrial material and power distribution equipment.
Hyosung’s best known product is Creora, the firm’s spandex brand. Spandex is a synthetic fiber used for a variety of end-user products based on its exceptional elasticity, including women’s lingerie and stockings, and baby diapers.
Few textile companies in the world have created their own spandex brand like Hyosung. The nation’s textile giant in 1992 became the fourth in the world to develop its own spandex brand manufacturing process. The firm has grown to be the world’s largest spandex producer in 20 years with a 30 percent global market share.
It currently runs spandex production lines in Korea, China, Vietnam, Turkey and Brazil.
“Hyosung will speed up tapping new overseas markets and seeking product innovation to meet customer demand as part of efforts to maintain its market position,” Hyosung Group president Cho Hyun-jun said.
Hyosung’s other globally competitive products are polyester and tire cords, which currently have a share of at least 40 percent in the world market. Tire cords maintain a tire’s shape and offer riding comfort and support. Since producing the country’s first nylon tire cord in 1968, Hyosung has made substantial advancements in quality and technology, eventually taking the lead position in the global polyester tire cord market.
By entering into exclusive supply contracts with leading tire makers, such as Michelin and Goodyear, the group consolidated its position as a world leader in the category.
Hyosung is also a significant supplier of fabrics used for air bags and safety belts. Since acquiring Germany-based Global Safety Textiles in 2011, the group has gained footholds in the North American and European markets and upped its global market share to at least 13 percent. It also holds some 30 percent share of the world’s safety belt thread market, according to officials.
Beyond the textile and industrial material sectors, Hyosung is increasing its influence in the power distribution sector through its heavy industry business division.
The key power distribution equipment that Hyosung manufactures are the most crucial parts in controlling and carrying power, such as ultra-high-voltage transformers, which are used in substations and gas insulated switchgears.
Furthermore, Hyosung is capitalizing on smart grids, the next step in intelligent power distribution systems, it said.
By Bae Hyun-jung (firstname.lastname@example.org