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Kumho Petrochemical Group has been seeking a breakthrough strategy to turn the crisis into an opportunity as the petrochemical industry’s growth slowdown has become visible since last year. In addition, it is establishing a stable and sustainable management strategy by checking the long-term direction of the company.
In the future, it is determined to pay attention to the market environment so that it can actively respond to the shift in the global economy and the resulting imbalance in supply and demand in the petrochemical industry.
In addition, it plans to maintain the company’s physical strength to cope with uncertainty and take stable management steps. Kumho Petrochemical Group is focusing on strengthening profitability, focusing on businesses and products that are expected to recover demand, and continues to challenge new growth engines such as next-generation products.
Kumho Petrochemical maintains its unrivaled position in the market by continuing its research and quality improvement efforts in industry-leading fields. The company has recently observed a gradual recovery in demand in front markets such as automobiles and tires, and is actively implementing strategies to improve profitability in its main synthetic rubber business for tires.
NB Latex, which has the world’s largest production capacity, will observe the restructuring of supply and demand by large manufacturers in the latex glove market in front and will diversify the quality and technology of the existing medical glove business.
Kumho P&B Chemical plans to complete the expansion of 60,000 tons of epoxy resin, which is a raw material such as wind turbine blades and paints, within the second quarter to prepare for an increase in demand. It is also paying attention to the polycarbonate and epoxy raw material business in collaboration with Kumho Petrochemical by expanding its business portfolio with various joint projects.
D&K Chemtech, which was jointly established with Dongsung Chemical, will complete the acquisition of various environmental certifications of phenolic foam used for insulation and expand the market.
OCI Geumho, a joint venture with OCI, has established a bio-based production facility for epichlorohydrin (ECH), an epoxy resin raw material, and is preparing for future eco-friendly market expansion.
Kumho Mitsui Chemical is keeping pace with global market demand by expanding 200,000 tons of methylene diphenyl diisocyanate (MDI) and expanding its sustainable product line. The project to expand 200,000 tons of MDI, which is aimed at completing in the third quarter of this year, includes the introduction of eco-friendly raw material regeneration technology. In the field of expanding sustainable product lines, efforts to develop polyurethane system technology based on plant-based raw materials and obtain bioplastic certification are continuing. MDI is the main raw material of polyurethane used in insulation materials, building panels, synthetic wood, and synthetic leather.
Kumho Polychem plans to complete the construction of 70,000 tons of double synthetic rubber (EPDM) production capacity by the end of this year. It is also continuing research on eco-friendly automotive materials to respond to changes in the future mobility market by developing a high functional product line to enter the lubricant viscosity modifier market.
Kumho Resort is improving its quality by supplementing course landscaping by its golf business unit, which operates golf courses such as Asiana CC. Various facilities such as club houses have been replaced and improved to welcome golfers in a pleasant environment. As an eco-friendly golf course, considerations are also underway on the use of materials. The resort division is considering synergy through the combination of accommodation and auxiliary facilities as it has various businesses such as hot springs, caravan and glamping as well as condos nationwide.
The project to create a complex marine leisure tourism city centered on new resorts announced with Tongyeong City, Gyeongsangnam-do, last year will also be carried out as a mid- to long-term goal.
Kumho Petrochemical is trying to secure new business capabilities in line with changes in the global energy paradigm. At the end of last year, Yeosu, Jeollanam-do, conducted business cooperation to produce liquefied carbonic acid based on carbon capture, utilization, and storage (CCUS) technology. The strategy is to prepare for the growth of related markets again this year.
In addition, it is determined to advance environmental, responsibility, and transparent management (ESG) values in all affiliates through recycling and renewable energy businesses, bio-material businesses, and product life cycle evaluation.
Kumho Petrochemical is also rapidly promoting the growing carbon nanotube (CNT) business along with the secondary battery market.
This year, we will build a CNT family that can increase profitability while increasing market share and solidify strategic partnerships with other companies.
In addition, the goal is to target the CNT market in various ways by steadily increasing capabilities in existing major sectors such as synthetic rubber and CNT application products based on material characteristics with excellent tensile strength even in a small amount.
In terms of social contribution, Kumho Petrochemical has established its own culture through various activities that have been going on for more than a decade.
A typical example is a project to select one facility to protect the disabled every winter since 2008 and replace the windows of old and deteriorated insulation performance. Kumho Petrochemical’s building material brand “Huggreen” will be used for the window support project.
In addition, it is contributing to coexistence with the socially underprivileged by creating and supporting customized wheelchairs to help the severely disabled in life, and distributing wands to the visually impaired. In particular, Kumho Petrochemical is introducing a new method to encourage the participation of many executives and employees who do not have professional nursing knowledge while maintaining existing social contribution activities in which facilities for the disabled are the main targets.
[Reporter Kim Heesoo]
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