Tire-cord major Hyosung claims market-share gains

Seoul – Hyosung Advanced Materials Corp. (HAMC) has increased its share of tire cord markets in India, Indonesia, Thailand, and Vietnam to 40% from 22% in 2016, the company has recently announced.

HAMC linked the progress – including a six-fold rise in its number of major customer-companies to 12 – to its provision of products tailored to local needs as well as technical know-how.

For example, it said, in India the market requires highly durable products with high-strength tire cords due to the poor road conditions. Optimised sub-materials and tire design are, therefore, needed to avoid separation of rubber from tire cords.

HAMC established a technical marketing team in 2014 to communicate with customer technical and production departments and resolve the issues impacting tire-performance.

The company went on to note steadily increasing production of cars and tires in Asia. In particular, it said growth in Indonesia the largest car market in southeast Asia and India, where demand of new car is expected to grow by 7.5% in 2018.

HAMC supplies steel, polyamide and polyester products to major tire makers from production facilities in Korea, China, the US, Vietnam and Europe, according to its 13 Aug statement. It claims to be the world’s No. 1 supplier of polyester tire cord.