HS Hyosung Advanced Materials said on the 12th that it will invest $30 million (about 43 billion won) to establish a new entity, "Hyosung India Private Limited," to produce tire cord in Maharashtra in west-central India. The investment aims to proactively respond to rising global demand for polyester tire cord and diversify production locations. In addition to Ulsan in Korea, the company operates tire cord plants in Vietnam, China, and the United States.
India is rapidly growing into the world's third-largest auto market, and tire demand is rising quickly on the back of government-led infrastructure expansion and logistics industry development. As a result, local sourcing demand for tire cord is also steadily increasing. HS Hyosung Advanced Materials plans to use this investment to build a stable supply chain in India and expand its market share, laying the groundwork to respond swiftly to a fast-changing market.
HS Hyosung Advanced Materials has secured a production site of about 70,000 pyeong in the Maharashtra Nagpur industrial complex and plans to complete a tire cord plant in 2027 to begin production. The company will also gradually review expanding production lines for its core product groups, such as airbag fabric.
Tire cord is a key reinforcement material placed inside tires to enhance vehicle tire safety, durability, and drivability. HS Hyosung Advanced Materials has maintained a market share of about 50% and has held the No. 1 position globally for more than 20 years.