Hyosung Advanced Materials, a subsidiary of the Hyosung Group, announced on August 6 that its tire cord market share in India, Indonesia, Thailand, and Vietnam expanded from 22% in 2016 to 40% this year. The number of its corporate customers in these regions has risen from two to 12. A tire cord is a fiber-based reinforced material that goes into tire rubber to improve the life and stability of tires and drivers’ comfort.
"We could expand the market share in Southeast Asia by providing customized products tailored to regional characteristics and production technology based on our advanced technology and know-how in global markets," a Hyosung official said. "We satisfied customers with high-strength tire cords in the Indian market which wanted high-durability products. A company had problems separating rubber and tire cords. We successfully addressed the problems by suggesting changes in materials and tire design through our know-how.”
Hyosung's Technical Marketing Team established in 2014 took the initiative in the development of the tire cord market in Asia. The team improved tire performance effectively while solving corporate customers’ difficulties by directly communicating with the customer's technology and production parts.