Hyosung Advanced Materials recently announced the establishment of the Future Strategy Office through an internal bulletin board, according to industry sources on March 19.
Industry insiders speculate that Hyosung Group will expand new businesses such as new materials, bio materials, and secondary batteries through the establishment of the Future Strategy Office. There are also industry observations that many of the secondary battery researchers have been transferred to the Future Strategy Office from the Hyosung Group Technology Commercialization Center.
In the field of new materials, Hyosung Advanced Materials are expected to secure new growth engines mainly in aramid and carbon fibers known as super fibers. These materials are considered to be future growth drivers used in materials for electric vehicles, aircraft and spaceships. However, carbon fiber and aramid still account for only 10 percent of Hyosung Advanced Materials’ sales.
As Hyosung Advanced Materials has recently focused on discovering eco-friendly materials, the company will dial up its investment in the field, some experts forecast. The company is investing in biotech-based companies Bertis and Redgene from 2021.