In response to growing global demand, South Korea’s HS Hyosung Advanced Materials (HAM) has announced plans to build its first polyester tyre cord production plant in India by 2027. It will invest US$30 million to establish a new facility in Maharashtra state in west-central India.
The investment aims to proactively respond to rising global demand for polyester tyre cord and diversify production locations. In addition to Ulsan in Korea, the company operates tyre cord plants in Vietnam, China, and the US.
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 tyre cords is also steadily increasing.
Hyosung says it is also gradually review expanding production lines for its core product groups, such as airbag fabric.
Tyre cord is a key reinforcement material placed inside tyres to enhance vehicle tyre safety, durability, and drivability.
HS Hyosung Advanced Materials says it has maintained a market share of about 50% and has held the No. 1 position globally for more than 20 years.