SEOUL, South Korea--(BUSINESS WIRE)--#ChairmanChoHyunJoon--Hyosung TNC (KRX:298020) is accelerating entry to the global eco-friendly fiber market by supplying an eco-friendly material to Osprey, the world’s No. 1 outdoor backpack brand.
MIPAN®regen robic developed by Hyosung TNC is the world’s first eco-friendly high-strength nylon yarn brand. This eco-friendly material is created by recycling byproducts generated from the fiber production stage. Lightweight with excellent tearing strength (resistance against tearing) and wear resistance, MIPAN®regen robic is suitable for outdoor products, such as backpacks, working clothes, and swimsuits. When 1kg of reclaimed nylon yarn is produced, an effect to reduce greenhouse gas emission in an amount equivalent to 6 – 7kg of CO2 is created. Therefore, this product is known as an eco-friendly yarn.
In the first quarter of this year, Hyosung TNC started supplying MIPAN®regen robic, a high-strength reclaimed nylon yarn, to Osprey of the U.S.
Osprey will release ‘Talon/Tempest Series,’ a flagship backpack line created with MIPAN®regen robic, for the spring season next year.
At the ISPO (a global trade fair for sporting goods and sportswear), one of the world’s three trade fairs for sports and outdoor businesses, held in Munich, Germany in February, Hyosung TNC was directly requested by Osprey to supply an ‘eco-friendly and high-strength product.’ Having won recognition for its technological power and supply capacity by supplying ‘robic,’ a general version of MIPAN®regen robic, to Osprey for several years, Hyosung TNC released MIPAN®regen robic, a customized and eco-friendly nylon yarn, after a development process of around one year.
Meanwhile, the demand for eco-friendly products is rising among businesses to increase their enterprise values as of late especially in the premium markets, such as the Americas and Europe. This is because the European Union plans to introduce the Carbon Border Adjustment next year and, when this system is put into effect, carbon tax will be imposed on imported goods that emit a large amount of greenhouse gas.
The global eco-friendly fiber market is growing on an average of approximately 10% per year. The market scale is expected to reach around $70 billion (approx. KRW 83 trillion) by 2025.1
In line with this trend, the annual sales of Hyosung TNC’s eco-friendly yarn division have been more than doubling since 2017. Hyosung TNC has established a policy to strengthen entry to the global market with its eco-friendly products, such as MIPAN regen (nylon), regen (polyester), and creora regen (spandex).
“Customers have started demanding businesses to have a high level of awareness of and responsibility for the environment,” said Chairman Cho Hyun-joon of Hyosung Group. Chairman Cho added, “Based on the Green Management Vision 2030, Hyosung will continue expanding products, materials and business models with which to realize the eco-friendly values.”
Osprey is global No. 1 brand with approximately 43% share in the global outdoor backpack market. Famous for lightweight and highly durable backpacks, this company has secured differentiated competitive power based on its high-speed development and high-efficiency production of innovative and eco-friendly materials.
1.Source: September 2019 Report of Global research and consulting firm Grand View Research https://www.grandviewresearch.com/press-release/global-eco-fiber-market
Minjung Cho, +82-2-707-7079