Hyosung Group, a South Korean conglomerate, is setting its sights on India for the expansion of its tire cord business. This move is strategically aligned with India’s recent emergence as the world’s third-largest automobile market. Vice Chairman Cho Hyun-sang, in a statement at the World Economic Forum in Davos, Switzerland, highlighted the shift of global production bases for tire cords from China and Vietnam to India.
Tire cords, known for their role in maintaining tire shape and enhancing durability, are a flagship product for Hyosung. The decision to expand into India comes as the country surpassed Japan in 2022, positioning itself behind only China and the U.S. in the global car market. This growth has not gone unnoticed by Hyosung, which sees India as a promising market for its tire cord business.
Hyosung Advanced Materials Corp., a subsidiary of the group and a leader in the polyethylene terephthalate (PET) tire cord sector with a 50% market share, is set to play a pivotal role in this expansion. The plan includes a significant increase in tire cord production facilities in India, aiming to use the country as a springboard for global market expansion.
Additionally, Hyosung Group is responding to investment requests from emerging Asian countries, including building factories for tire cords, spandex, and polypropylene. Cho also emphasized the importance of shifting towards eco-friendly materials in textile production. Hyosung TNC, another group subsidiary, has been a leader in this area, launching the world’s first bio-based spandex products derived from corn.
As Hyosung prepares to face intense competition, particularly from Chinese companies in the global spandex market, Cho remains confident. This expansion reflects Hyosung’s commitment to innovation and sustainability, positioning the conglomerate as a forward-thinking player in the global textile and chemical industries.
