Hanwha Solutions is eyeing an expansion of its presence in global markets with its own high-voltage cable materials amid increasing demand for electricity worldwide.
The firm said Thursday it recently became the first Korean company to develop cross-linked polyethylene (XLPE) for cables with a capacity of up to 400 kilovolts.
XLPE is a synthetic plastic variant made from polyethylene resin used in building services piping, hydronic radiant heating and cooling systems as well as insulation for high voltage electrical cables. It is a key material in improving efficacy and longevity.
Hanwha Solutions said it also succeeded in developing XLPE for submarine cables whose quality has been approved by various global cable companies.
The company’s sales of high-voltage cable materials jumped 61 percent last year compared to the previous year.
The global XLPE market, which was valued at $6 billion last year, and is expected to hit $12 billion by the end of 2032.
“Cable materials are a key future growth engine of [our] chemical business,” said Won Jae-sik, head of Hanwha’s polyolefin business. “Hanwha will cultivate markets around the world with various high-voltage cables and technology-based high-value materials.”
BY SARAH CHEA [chea.sarah@joongang.co.kr]