Masan High-Tech Materials was named as ‘Top 10 Most Innovative Enterprises Vietnam 2023’ (VIE10) at the ‘Top 50 Most Innovative Enterprises Vietnam 2023’ (VIE50) award ceremony on Wednesday by VIR and Vietnam Business Research.
The company, part of Vietnamese private conglomerate Masan Group, is a global leader in providing advanced tungsten materials used in key industry sectors such as electronics, chemicals, automotive, aviation, and aerospace.
The award recognized the company’s cutting-edge technology and remarkable achievements in producing sustainable advanced materials that serve key industries globally.
Sustainability through innovation
As the largest manufacturer of tungsten powders and tungsten carbide products (mid-stream tungsten products), Masan High-Tech Materials operates state-of-the-art production facilities in Vietnam, Germany, Canada and China, servicing the world with two R&D centers in Germany and Vietnam.
Committed to embracing innovation and customer solutions focus, Masan High-Tech Materials has developed innovative processes, breakthrough solutions, and eco-friendly products to meet unmet needs in the global market, earning 95 new patents worldwide and 50 patents that are still in the application stage.
In February 2023, Masan High-Tech Materials officially launched new advanced tungsten powders under its trademark ‘starck2charge’, used specifically in manufacturing safe and fast-charging Li-ion batteries. This type of battery is expected to help solve new problems and establish a comprehensive clean energy ecosystem, especially playing an important role in global electromobility.
At the end of March 2023, Masan High-Tech Materials, through its Germany-headquartered subsidiary H.C. Starck Tungsten Powders (H.C. Starck), continued to launch the trademark ‘starck2print’, special tungsten powders and complementary innovation services for 3D printing with high chemical purity and stability, and great significance in the medical and pharmaceutical industries.
The two trademarks are the continuation of Masan High-Tech Materials’ advanced product portfolio expansion to meet the needs of advanced technology companies and global industries.
Through research and simulation experiments, Masan High-Tech Materials has developed and refined a recycling process that recovers lithium, nickel, copper, cobalt and manganese from waste battery products. It also develops unique refining formulas to achieve higher tungsten recovery efficiency.
These remarkable technological achievements will help Masan High-Tech Materials reduce its dependence on raw materials extracted from mining activities.
They will also enable the company to adopt a circular business model through urban mining, from production waste collection and scrap recycling to raw material reclamation. End-of-life assets can then be repurposed and used as raw material resources for creating new materials and products.
Outstanding business results
In 2022, despite the challenging global and domestic economic situation, the company achieved a record of VND15,550 billion (more than $660 million), up 15% year-on-year. Tungsten trioxide revenue increased by 13%, with midstream products (tungsten carbides and powders) produced by H.C. Starck, accounting for 70% of that growth. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased 5% to VND3,203 billion (more than $136 million) compared to 2021; the second-highest EBITDA ever achieved.
The company contributed VND1,192 billion (over $50.6 million) to the state budget in 2022, a year-on-year increase of VND50 billion ($2.12 million).
Masan High-Tech Materials has successfully expanded its global market presence, with 45% of its products sold in Europe, 22% in North America, 18% in China (manufactured in China and for the Chinese market), and 15% in the rest of the world.
The company has built a strong customer network, serving over 300 customers across 30 countries. Tungsten, fluorspar, and bismuth have been classified as essential materials by major industrial economies like the US, Europe, and Japan, emphasizing the need for a long-term supply strategy.
Masan High-Tech Materials is a global leader in providing advanced tungsten materials used in key industries such as electronics, chemical, automotive, aviation and aerospace, energy and pharmaceuticals with production facilities in Vietnam, Germany, Canada and China, servicing the world. As the largest manufacturer of mid-stream tungsten products outside of China, the company has two research and development centers in Germany and Vietnam, and it is currently operating the Nui Phao polymetallic mine and a state-of-the art processing plant in Thai Nguyen province. Masan High-Tech Materials is also a globally significant producer of fluorspar and bismuth.