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Get a closer >Hyosung TNC Hyosung TNC Invests $1 Billion in Future “Bio” Business 2024.04.03 Hyosung TNC to Invest $1 Billion in Vietnam, Establishing a 200,000 Tons-a-Year Bio-BDO Plant On March 30th, Hyosung TNC received investment approval for the "Hyosung BDO Project" from the Ba Ria-Vung Tau Provincial Government at the "Ba Ria-Vung Tau Province Vision Declaration and Investment Approval Ceremony" held in Phu My 2 Industrial Park in southern Vietnam. Hyosung TNC plans to proactively respond to the global materials market's reorganization around sustainable products by investing $1 billion to establish multiple Bio-BDO production plants capable of producing 200,000 tons annually. BDO (Butanediol) is a chemical used as a raw material for PTMG, which is used to make spandex fiber. In addition to spandex (PTMG) fiber, BDO applications have expanded to include engineering plastics, biodegradable packaging, footwear soles, industrial compounds, and many other industries. Bio-BDO is manufactured by fermenting sugars derived from sugarcane, replacing traditional fossil raw materials such as coal by 100%. It is expected to attract a significant attention in the sustainable materials market. Geno’s proven technology enables Hyosung TNC to fast track their project and unlocks the production and selling of Bio-BDO with an annual capacity of 50,000 tons in the first half of 2026. From Raw Material to Fiber, Hyosung TNC Establishes the World’s First Fully-Integrated Production System for Bio-Spandex With this investment, Hyosung TNC has secured the largest bio-spandex factory in Vietnam. Notably, it is the first in the world to establish a vertically integrated production system for bio-spandex, from raw material to fiber. Hyosung TNC will produce Bio-BDO at its factory in southern Ba Ria-Vung Tau Province, manufacture PTMG at a nearby factory in Dong Nai, in the south of Ho Chi Minh City, and then use this to mass-produce regenTM BIO spandex at the Dong Nai Spandex factory. The integrated production system for bio-spandex is optimized for customers in the global sustainable textiles market, including brands and retailers in Asia, Europe and the United States. This system enhances production efficiency through a stable raw material supply and allows for swift responses to market needs by speeding up production system operations. Additionally, it ensures cost competitiveness through reduced transportation costs and alleviates environmental impact by saving the fuel used for transportation. Powered by Geno, The Sustainable Source™ and the GENOTM BDO™ technology, accelerating the Materials Transition in partnership with Geno’s already proven at commercial scale technology Hyosung TNC recently formed a technology partnership with Geno, a US sustainable materials and technology leader, whereby it has taken licenses to the GENOTM BDO technology. Geno is a biotechnology leader of the Materials Transition and their technology enables greater supply chain resilience, performance, and sustainability impact for many of the world’s largest brands and suppliers. For more than two decades, Geno has been scaling technology to enable the production of sustainable materials derived from plant- or waste-based feedstocks instead of fossil fuels. They have already commercialized sustainable alternatives to commonly used ingredients and materials across several industries including beauty, apparel, automotive, home care including lululemon, Unilever, Kao and L’Oréal. Geno BDO™ technology was commercialized in 2016. Since then, Geno has continued to scale its technology across EU, US, and now Asia markets. This fully proven and transformative process technology offers an estimated 90% carbon avoidance (which is the order of magnitude of avoiding 10 tons/Co2 for every 1 ton of Co2) and competitive economics compared to conventional coal based BDO in the market. Globally, more than 2.5 million tons of BDO are produced annually. If all BDO was produced using GenoTM BDO technology, over 14 million tons of greenhouse gases per year would be avoided, the equivalent of taking 3 million cars off the road. Hyosung TNC anticipates contributing to the expansion of the white biotechnology market by transforming key raw materials in the chemical industry into sustainable alternatives based on its Bio-BDO business. Recognizing the sustainability of regenTM BIO spandex, Hyosung TNC secured the ISCC+ international certification, a global sustainability and carbon certification system, in 2023. In 2022, it also obtained the SGS certification, verifying that it manufactured bio-spandex partly using renewable raw materials to replace petroleum-based ingredients. Chairman Hyun-Joon Cho: "Targeting the Global Market with Sustainable Bio Materials" Hyun-Joon Cho, chairman of Hyosung, stated, "The bio business, which transforms conventional fossil raw materials into eco-friendly ones, will become a core pillar of Hyosung for the next 100 years. We will enhance Hyosung's premium brand status by strengthening our global sustainable market penetration based on our consistent production system of Bio-BDO and Bio Spandex.” Since the late 2000s, Chairman Cho has been closely monitoring the rapid reorganization of the global textile market, especially in Europe and the Americas, towards sustainable products and has consistently directed Hyosung TNC to respond in an agile manner. As environmental regulations, including carbon taxes, become stricter in global markets in such areas as Europe and the Americas, the textile and fashion market is evolving, and survival without certified sustainable products is becoming virtually impossible. As the value consumption of sustainable products increases, especially among Millennials and GenZers, chemical companies' marketing efforts to promote a sustainable brand image are expanding significantly. To achieve this, the company plans to lead the sustainable market by continuing to collaborate with major global customers and chemical brands to introduce functional, sustainable products utilizing Bio-BDO. Hyosung TNC to expand sustainable textile sales to over 20% by 2030 regenTM BIO has been recognized as an innovative product that is changing the trend of the sustainable fashion and textile industry by using natural resources as raw materials, minimizing resource consumption and environmental pollution. As of this year, the global sustainable textile and fashion market is valued at approximately $23 billion, with an average annual growth rate exceeding 12.5%. It is expected to grow about $75 billion by 2030, including upstream and downstream businesses. Hyosung TNC plans to increase the sales volume of sustainable spandex, which currently accounts for 4% of its total spandex sales, to about 20% by 2030, more than fivefold from now. About Hyosung TNC Hyosung TNC is a complete sustainable textile solutions provider that produces world-class products, providing continuous innovation to the textile industry. Hyosung TNC is the world’s largest manufacturer of spandex supplying the broadest range of stretch fiber offerings supported by exceptional technology and quality under its CREORA® Spandex and regenTM brands. Hyosung’s specialty nylon and polyester provide functional and sustainable fiber solutions that are essential to today’s dynamic textile market. Hyosung is a proud Textile Exchange Partner-level Member and Ocean Protection member. Visit our blog at blog.hyosungtnc.com for all the latest trend, event, and product updates. Hyosung TNC can also be found on Instagram @hyosung_textiles and on LinkedIn at Hyosung Performance Textiles. About Geno Geno (Genomatica, Inc.) is harnessing biology to remake everyday products and accelerate the sustainable materials transition. In response to the urgent climate crisis, Geno is developing and scaling sustainable materials derived from plant- or waste-based feedstocks instead of fossil fuels. Geno’s technology, built over the last 20 years, now commercializes and scales sustainable alternatives to commonly used ingredients and materials across several industries including beauty, apparel, automotive, home and personal care, packaging and functional foods and beverages. Geno is partnering with world-leading brands including lululemon, Unilever, Kao and L’Oréal. -
Get a closer >Hyosung Chemical Co., Ltd Hyosung Chemical win awards in CDP evaluation 2024.03.13 Hyosung Chemical and Hyosung Advanced Materials had their ESG management-related efforts recognized by the Carbon Disclosure Project (CDP) by winning in the 2023 CDP Korea Awards. At the 2023 CDP Korea Awards ceremony held at the Glad Hotel Yeouido Seoul on March 13, 2024, Hyosung Chemical won Carbon Management Honors in the Climate Change sector, having been selected as the best one among the raw material businesses by garnering an A- grade. Hyosung Advanced Materials also won a special prize in the Water Security sector. Hyosung Chemical received a high mark for the exploration of carbon emission reduction methods through its task force team and efficient management of carbon emission by setting the relevant KPI. The Company has taken part in CDP since 2021, winning said honor for the first time. “It is meaningful that our effort made so far in ESG management has been recognized. In 2024, we’ll take part even in water security management, expand the scope of disclosure of environmental information, and continue to carry out activities aimed at making a sustainable society,” Hyosung Chemical CEO LEE Geonjong said. As for Hyosung Advanced Materials, it took part in the water security sector for the first time in 2023. The Company won a special prize for getting a good evaluation (“B” in management) as a result of disclosing its activities for the management of water quality and waste. It has taken part in CDP since 2018, winning carbon management honors in the Climate Change sector in 2020. CDP is a project concerning global climate change carried out in a total of 91 countries. At present, more than 7,000 businesses all over the world disclose their climate change-related crisis, opportunity and carbon management strategy, and GHG amount through CDP. Along with DJSI (Dow Jones Sustainability Index), the CDP evaluation is recognized as the most reliable index evaluating businesses’ sustainability. -
Get a closer >Hyosung Advanced Materials Hyosung Advanced Materials win awards in CDP evaluation 2024.03.13 Hyosung Chemical and Hyosung Advanced Materials had their ESG management-related efforts recognized by the Carbon Disclosure Project (CDP) by winning in the 2023 CDP Korea Awards. At the 2023 CDP Korea Awards ceremony held at the Glad Hotel Yeouido Seoul on March 13, 2024, Hyosung Chemical won Carbon Management Honors in the Climate Change sector, having been selected as the best one among the raw material businesses by garnering an A- grade. Hyosung Advanced Materials also won a special prize in the Water Security sector. Hyosung Chemical received a high mark for the exploration of carbon emission reduction methods through its task force team and efficient management of carbon emission by setting the relevant KPI. The Company has taken part in CDP since 2021, winning said honor for the first time. “It is meaningful that our effort made so far in ESG management has been recognized. In 2024, we’ll take part even in water security management, expand the scope of disclosure of environmental information, and continue to carry out activities aimed at making a sustainable society,” Hyosung Chemical CEO LEE Geonjong said. As for Hyosung Advanced Materials, it took part in the water security sector for the first time in 2023. The Company won a special prize for getting a good evaluation (“B” in management) as a result of disclosing its activities for the management of water quality and waste. It has taken part in CDP since 2018, winning carbon management honors in the Climate Change sector in 2020. CDP is a project concerning global climate change carried out in a total of 91 countries. At present, more than 7,000 businesses all over the world disclose their climate change-related crisis, opportunity and carbon management strategy, and GHG amount through CDP. Along with DJSI (Dow Jones Sustainability Index), the CDP evaluation is recognized as the most reliable index evaluating businesses’ sustainability. -
Get a closer >Hyosung Advanced Materials South Korea's First Chemically Recycled PET Tire Commercialized 2024.03.05 To reduce carbon emissions, the South Korean industrial sector has developed and commercialized the country’s first tire using chemically recycled PET. SK chemicals (CEO Ahn Jae-hyun), Hyosung Advanced Materials Co., Ltd. (CEO Cho Yong-soo), and Hankook Tire & Technology Co., Ltd. (CEO Lee Soo-il, hereafter Hankook Tire) announced on the 5th that they have successfully developed the electric vehicle-exclusive tire “iON” applying “circular recycled PET (polyester) fiber tire cords.” Circular recycling is an exclusive chemical recycling technology of SK chemicals that breaks down discarded plastics through chemical reactions into molecular units and then uses these raw materials to produce recycled plastics. Before the commercialization phase, there were instances where chemical recycling technology was applied to concept tires or prototypes, but the release of a tire product to the market using chemically recycled PET-based tire cords through to commercialization is a first in South Korea. SK chemicals, Hyosung Advanced Materials, and Hankook Tire have collaboratively developed this tire over a period of about two years. SK chemicals has reliably supplied the circular recycled PET “SKYPET CR”, and Hyosung Advanced Materials developed the high-strength recycled PET-based tire cords using this as a raw material. The developed tire cords were applied to Hankook Tire’s premium electric vehicle tire brand, iON. The iON tire, with a 45% sustainable material content, has recently passed the stringent reliability verification by a European automotive manufacturer, securing final approval for use and being mounted as tires for new vehicles. Tire cords are fiber reinforcement materials that help maintain the shape of the tire and withstand the load and impact applied during driving, enhancing the tire’s durability, driving performance, and ride comfort. Electric vehicles, especially, require lightweight and durable tire cord materials with high strength to support the weight exceeding 400 kg of batteries. SK chemicals’ “SKYPET CR” has the advantage of maintaining high-quality properties and safety even after infinite recycling, compared to the physical recycling method of washing discarded plastics or cutting them into flakes for reuse, and it can achieve properties equivalent to petrochemical-based materials. This tire development is significant in the industry in that it represents a collaborative effort focused on “sustainability” between the chemical supplier providing raw materials, the material company processing such materials into fibers, and the manufacturer producing the finished product. In the automotive industry, efforts are being made to find sustainable materials derived from recycled or bio-based resources in conjunction with the sustainability of fuel, including electric vehicles. Hyosung Advanced Materials, leading the market trend with the highest market share worldwide for PET tire cords, reflects the needs of the finished vehicle industry by actively pursuing the expansion of recycled material applications. In 2022, they became the first in the tire cord industry to acquire an international eco-friendly certification, the “International Sustainability & Carbon Certification (ISCC) PLUS,” for their recycled polyester tire cord production process. ISCC PLUS is an international certification system for sustainability and low-carbon products that aligns with the EU’s Renewable Energy Directives (RED). Certification requires verification throughout the lifecycle, including raw materials, production processes, and distribution. The iON model developed by Hankook Tire incorporates 45% sustainable materials, including bio-based, circular, and bio-circular polymers, bio-based silica along with Hyosung Advanced Materials’ tire cords, and the model is the first tire to bear the ISCC PLUS certification logo. Bonhee Ku, Executive Vice President, Chief Technology Officer at Hankook Tire, stated, “Hankook Tire is continuously conducting R&D to use 100% sustainable materials in all tires by 2050,” and “We plan to lead the global tire industry’s sustainable management by expanding the application of eco-friendly materials centered around the electric vehicle-exclusive tire, iON.” Taejung Lee, Vice President, Sales Director of Tire Reinforcement Materials PU at Hyosung Advanced Materials, said, “With the recent increase in social awareness regarding sustainability, domestic and international automotive companies are increasing their application of sustainable materials, and tire companies are also experiencing an increase in demand for eco-friendly products, acquiring ISCC PLUS certification. We plan to lead the eco-friendly product market through collaboration with domestic and international clients.” Hyunsuk Kim, the Head of the Business Development Division at SK chemicals, said, “This joint development is significant because it represents the achievement of collaboration towards building a circular economy connecting material producers, intermediate goods manufacturers, and final product production, aimed at reducing greenhouse gas emissions and ensuring the sustainability of materials and products,” and “We will continue to expand the use of recycled materials and strengthen cooperation with brand owners and various industries to ensure that such cases continue to emerge across different industries.” -
Get a closer >HYOSUNG GOODSPRINGS The first pump business in Asia-Pacific to acquire ISO certification 2024.02.19 □ Acquiring ISO 19443 (nuclear-specific quality management standard) certification Pump specialist Hyosung Good Springs said on December 19 that it acquired ISO 19443 certification, becoming the first pump business in Asia-Pacific to accomplish the feat. ISO 19443 is designed to adopt stricter standards placing top priority on nuclear safety and ensure higher safety in devices/equipment used for NPPs. In the relevant appraisal, Hyosung Good Springs got high scores in the following areas: △ leadership in the establishment of nuclear safety-related culture, △ products/parts Important to Nuclear Safety (ITNS), and relevant business management system, etc. □ Effect of occupying markets such as Europe/Middle East where meeting the ISO 19443 standard is a must Said certification is meaningful for Hyosung Good Springs as it will put the company in an advantageous position in the global markets for NPPs where meeting the ISO 19443 standard is a must. Businesses operating NPPs in the UK, France, Poland, Saudi Arabia, etc. require those supplying the relevant materials/equipment to acquire said certification. □ CEO KIM Taehyung: “We’ll step up efforts to make forays into the market for pumps for NPPs.” “Said feat has provided us with the momentum for securing firmer brand power in global markets by having our technological prowess and safety-related capability recognized as a business manufacturing pumps for NPPs. We’ll take stronger steps to make forays into markets,” Hyosung Good Springs CEO KIM Taehyung said. In 2016, Hyosung Good Springs became the first business in the country to acquire the qualification as an institution that can inspect pumps for NPPs from the Korea Foundation of Nuclear Safety. The following year, it acquired the qualification as a first-class manufacturer of pumps for NPPs ahead of other businesses in the country.