KOREA (SOUTH): Kumho Petrochemical to focus on core business
Kumho Petrochemical said it will concentrate on its core business to ensure internal stability amid prolonged uncertainty due to growing tension between key players and the spread of protectionism in the global oil market. The chemical company's main business is manufacturing synthetic rubber and resins and this year it plans to solidify its leading position in the market by continuing to grow.
"The company will respond sensitively to changes and outside factors and maximize profits by making good use of all possible opportunities," a Kumho Petrochemical official said. Kumho Petrochemical's latex gloves manufacturing business is expected to be highly lucrative this year as it plans to maximize profits by satisfying demand in Southeast Asian markets. The company had previously provided the raw material for medical gloves and now it is expanding into the production of industrial gloves. Last year, Kumho Petrochemical stabilized sales of solid synthetic rubber used in making car tires.
The chemical company will increase sales by strengthening partnerships with global tire makers supplying them with solution-styrene butadiene and ultra high-cis polybutadiene rubber. Synthetic resins is a new market opportunity for Kumho Petrochemical. New generation plastic technology is lowering the weight of automobile parts and electric apparatus, and the chemical company plans to seek new customers with its polystyrene, acrylonitrile butadiene styrene and an alloy of their mixes. The three technologies offer light but strong hardware with excellent durability.
Kumho Petrochemical's advanced material carbon nanotube will not only continue to create synergy with rubber and resins products but it will also seek to develop products to meet demand in the secondary battery market. Kumho P&B Chemicals will establish a profit strategy focusing on anchor products such as bisphenol-A and epoxy. Last year, the company moved its research center to Gimpo, Gyeonggi Province, and it has begun developing high-value epoxy products there while regularly meeting with customers. It is also keeping an eye on the Asian market for increasing polycarbonate demand to exploit bisphenol-A. China is one of Kumho P&B Chemical's major markets and as competition for construction rises, the company plans to capture new customers through aggressive and diverse tactics.
Source: Daily “The Korea Times”, Seoul; 5 Apr 2020
(Syed Rashid Ali, Karachi, Pakistan)