MOSCOW (MRC) -- South Korea-based Hanwha Total Petrochemical Co. is expanding its business into the global high value-added ethylene vinyl acetate (EVA) market by commercial production using the tubular reactor polymerization process for the first time in the world, and investing in facilities, including the expansion of the second EVA plant, as per BusinessKorea.
Hanwha Total has established EVA production facilities of 320,000 tpa. The company expects to turn over 1.5 trillion won (USD1.28 billion) in solar EVA products alone in the next five years.
The company achieved a 35% share in the global solar encapsulment EVA market amounting to 350,000 tons, being ranked first.
As MRC reported earlier, in July 2015, Hanwha Chemical merged two of its chemical compounds businesses - Hanwha Next and Hanwha Compound. The combined entity, named Hanwha Compound, will produce polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and acrylonitrile butadiene styrene (ABS). The company will operate manufacturing plants in Yeosu and Suncheon, with an annual capacity of 100,000 tons. The company expects the merger to improve management efficiency across its petrochemical affiliates and related businesses.
Hanwha Group is one of the largest business conglomerate in South Korea. Founded in 1952 as Korea Explosives Inc., the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives, their original business, to retail to financial services.
MRC