Hyosung will build a tire cord factory in India

Korean HS Hyosung Advanced Materials is investing around $30 million in the construction of a tire cord production plant in Maharashtra - an Indian state with the highest GDP and a major industrial hub located in the central-western part of the country. To implement the project, a new subsidiary, HS Hyosung India, was established, and its launch is linked to the growing demand for polyester cord in the global market.

India is currently the world's third-largest automotive market, and Hyosung notes that the industry in the country is experiencing rapid growth, driven by the development of infrastructure and the logistics sector with government support, which in turn is increasing demand for tires. For this reason, the needs of local manufacturers for tire cord are also growing, and the new investment is expected to enable the company to create a stable supply chain and increase its share of the Indian market, as well as respond more quickly to the rapidly changing situation in the industry.

The new plant will be located in the industrial zone of the city of Nagpur, and it is planned to be completed by 2027. For Hyosung, the enterprise will become the main production site for serving the Indian market, and in the future, it is planned to add other types of products, such as fabrics for airbags.

Cord is a key reinforcing material in the construction of automotive tires, directly affecting their strength and safety level, and Hyosung has maintained its status as the world's leading supplier of polyester cord for over 20 years, with the company's share of the global market currently standing at around 50%. In response to new trends in the automotive industry, such as the growing popularity of electric vehicles, Hyosung is also carrying out research projects in conjunction with major tire manufacturers and developing new products, such as high-strength cord with reduced weight, high-modulus cord, and so on.