What INICS does

INICS Co., Ltd. (ticker: 256840 KOSDAQ) is a South Korean specialty materials manufacturer founded in 1984 that supplies fire-resistant and thermal management components, primarily to electric vehicle battery programs. The company is the first mover in Korea for EV battery fireproof barriers, producing MICA-based partitions, ceramic wool, 3D molded thermal barriers, bus bar tapes, cell bonding tapes, and battery cell pads under its "EV" product line. Battery cell pads alone accounted for approximately half of total revenue in 2023, with total revenue of 1,140 billion KRW. INICS also produces automotive interior/exterior materials (sound-absorbing materials, Dual Lock fasteners, flocking tapes, acrylic foam tapes) and industrial products (anaerobic adhesives, filtration systems, abrasives, PVC electrical tapes, glass bubbles), serving refineries, petrochemical, steel, shipbuilding, and semiconductor customers.

The company operates four production sites in South Korea (Busan headquarters, Busan factory, Gimhae factory, Asan factory) and wholly-owned international subsidiaries in China (INICS Kunshan, 2004), the United States (IBS Corp., 2023, with a new factory completed in 2024), and Europe (Czech Republic, acquired 2024). INICS sells directly to automotive OEMs and Tier 1 suppliers through dedicated enterprise sales teams per product category, with named customers including Hyundai Motor Group (Hyundai, Kia), Volkswagen, and Ford for EV battery components. The company is IATF 16949, ISO 9001, ISO 14001, and ISO 45001 certified, holds an Innovation Premier Company designation, and is the recipient of Korea's Silver Tower Industrial Medal (2023) and a $20 Million Export Tower Award (2024). Following its KOSDAQ IPO in February 2024, INICS has pursued a strategic MOU with Goode Inc. for clad metal next-generation battery projects and continues to expand globally alongside its founder-Chairman Dongho Kang and President Jeongdeuk Kim.

Name

INICS

Legal name

주식회사 이닉스 (INICS Co., Ltd.)

Website

https://inics.kr

Company type

Public

Founded year

1984

Operating status

Operating

Short description

INICS is a South Korean KOSDAQ-listed manufacturer of fire-resistant and thermal management materials for EV battery programs, supplying battery cell pads, MICA molded barriers, and bus bar tapes to Hyundai, Kia, Volkswagen, and Ford across facilities in Korea, China, the US, and Europe.

Ownership category

akta.pro rank

Product category

EV Battery Thermal Management & Fire Protection Components

NAICS

Battery Manufacturing (33591)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Thermal Management & Safety Components for Battery Packs (EUAFABAL)

Keywords

• EV battery components
• Fire-resistant materials
• Thermal barrier products
• Automotive interior materials
• Industrial adhesive products

Headquarters

HQ city

Haeundae

HQ country

South Korea

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure

Revenue model

1. EV Battery Components: Sale of fire-resistant materials and thermal barrier solutions for electric vehicle batteries, including battery cell pads, fireproof partitions, mica molded products, ceramic wool, and bus bar tapes. This is the primary growth driver, with battery cell pads alone accounting for half of total revenue (570 billion KRW of 1,140 billion KRW total in 2023).
2. Automotive Interior/Exterior Materials: Sale of automotive interior and exterior components including sound-absorbing materials, Dual Lock fasteners, flocking tapes, and acrylic foam tapes for vehicle assembly.
3. Industrial Products: Sale of industrial adhesives (anaerobic, general purpose), single/double-sided tapes, and industrial filters for refineries, petrochemical, automotive, steel, semiconductor, and shipbuilding industries.
4. Other Products: Filter assemblies, air filters, filter housings, PVC electrical tapes, glass bubbles for plastic injection molding, and grinding/abrasive products.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

INICS manufactures and sells fire-resistant materials and thermal barrier solutions for electric vehicle battery systems, including battery cell pads, fire retardant partitions, ceramic wool, multilayer fire-resistant parts, 3D molded thermal barriers, bus bar tapes, and cell bonding tapes. The company also supplies automotive interior and exterior materials (sound-absorbing materials, Dual Lock fasteners, flocking tapes, acrylic foam tapes) and industrial products such as anaerobic adhesives, single/double-sided tapes, precision abrasives, filter housings, and air filters. Manufacturing is conducted at three company-owned facilities in South Korea (Busan, Gimhae, Asan) with supporting production in China, the United States, and the Czech Republic.

Product overview

INICS is a manufacturer with three main product categories: EV (electrification) products for electric vehicle batteries including thermal barriers, fire retardant partitions, battery cell pads, and bus bar tapes; Auto products for automotive interiors and exteriors including sound-absorbing materials, dual lock fasteners, flocking tapes, and acrylic foam tapes; and Industrial products including anaerobic adhesives, various tapes, precision abrasives, cutting/grinding stones, brushes, and filter products. The company also produces other items like PVC electrical tape and glass bubbles. All products are manufactured in South Korea at company facilities in Busan, Gimhae, and Asan.

Differentiator

Problem solved

Functional benefit

Products and services

• Battery Cell Pad Cell-level cushion pad that prevents thermal runaway in EV battery cells by managing contraction and expansion during charging/discharging cycles, extending battery life and mitigating thermal synergy effects. Sold to global EV OEMs including Hyundai Motor Group, Volkswagen, and Ford, representing 570 billion KRW of revenue in 2023 (~50% of company sales).
• Fire Retardant Partition (MICA Molded) Fireproof partition between EV Battery Packs providing 3D flame retardant performance with thermal insulation between modules and packs. Produced using INICS's proprietary MICA molding process and used by EV OEMs for battery safety architecture.
• Ceramic Wool Fire resistance enhancement material for EV battery module covers offering high insulation and flame retardant properties, supplied to EV battery pack manufacturers as a thermal barrier component.
• Soft Thermal Barrier Soft MICA-based thermal barrier for EV battery modules combining fire resistance, thermal insulation, and lightweight performance for use inside EV battery packs.
• 3D Molded Thermal Barrier Products Three-dimensional formable fire-resistant products for EV battery module and pack cover applications, providing assembly convenience and 3D thermal insulation performance for EV OEMs.
• Multilayer Fire-resistant Parts Laminated combination of fire stop fabric and soft MICA components providing lightweight, high insulation, and fire resistance for EV battery module and pack applications.
• Bus Bar Tape Three-layer integrated fire-resistant tape for EV battery busbar applications that wraps around busbars for fire protection and assembly convenience.
• Cell Bonding Tape Adhesive tape for bonding EV battery cells, designed for automation processes with required adhesive strength and reliability during BMA assembly and driving; certain variants offer flame-retardant performance.
• UPPER BPC (Upper Battery Protection Component) Upper Battery Protection Component for EV battery pack cases delivering enhanced flame retardant and insulation performance with low density, supporting light-weighting and efficiency goals of EV manufacturers.
• Sound-absorbing Material (Thinsulate) Lightweight thermal insulation and sound absorption material for automotive interior applications such as headliners and trim, supplied to automotive OEM and Tier 1 assembly lines.
• Dual Lock Reusable fastening system for automotive sunroof and headliner (H/Lining) applications, providing high fastening strength with easy attach and detach functionality for OEM interior assembly.
• Flocking Tape Automotive exterior material applied to exterior moldings that provides glass up/down slip properties and reduces noise, used by automotive OEMs and Tier 1 suppliers.
• Acrylic Foam Tape Special double-sided acrylic foam tape for bonding moldings, emblems, and vehicle displays in automotive exterior applications.
• Anaerobic Adhesive Thread locker and sealant for industrial screw fixation, pipe sealing, and retainer applications; cures in the absence of air when in contact with metal surfaces. Sold to industrial customers across manufacturing sectors.
• Adhesive (Multi-material) Multi-material adhesive suitable for metals, rubber, wood, leather, glass, plastics, and textiles, offering oil, heat, and flame resistance for industrial assembly operations.
• Double-Sided Tape Carrier-free double-sided tape for membrane switches, EMI/EMC applications, and screen printing laminations, offering excellent adhesion for electronics and industrial uses.
• Single-Sided Tape Versatile single-sided tape for floor marking, safety signage, machine roller protection, high-temperature masking up to 200°C, powder coating, and PCB applications.
• Cutting and Grinding Stone (Cubitron II) Combined cutting and grinding abrasive stone for shipbuilding block assembly, pipework, and similar heavy industrial applications, with high cutting power and durability.
• Ultra-Precision Abrasives Ultra-precision grinding materials for crankshafts, camshafts, and high-speed rotating components that prevent wear and noise in demanding industrial applications.
• Sand Paper and Compound Abrasive papers and compounds used for automotive paint correction, burr removal, and hand sanding, featuring uniform particle coating across various mesh sizes.
• Industrial Brush Industrial brushes with varying hardness for PCB surface treatment, coil surface treatment, oxide removal, and finishing including hairline and satin surface finishes.
• Filter Housing (Clamp Type) Clamp-type filter housing with manhole opening for liquid filtration in refineries, petrochemical plants, automotive, steel, semiconductor, and shipbuilding operations.
• Air Filter Gas filtration air filter for HVAC units, fuel cells, dust collectors, and paint booth dryers, offering five-major-gas removal capability and electrostatic dust collection.
• Household Filter Assembly NSF-certified household filter assembly for residential water and consumer filtration applications.
• General Industrial Liquid Filtration Filter High-efficiency liquid filtration filter for refineries, petrochemical, food and beverage, pharmaceutical, water treatment, and electronics industries.
• PVC Electrical Tape Electrical insulation PVC tape for all cable types with low-voltage insulation, weather resistance, and corrosion resistance for industrial and electrical use.
• Glass Bubbles Hollow glass microspheres used as a lightweight additive in plastic injection molding, delivering lightweight properties and high dimensional stability to plastic components.

Quantifiable outcome

• Battery cell pads account for half of total revenue (570 billion KRW of 1,140 billion KRW in 2023)
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Goode Inc.coreStrategic or Co-development Partner · 20 March 2024INICS signed a strategic MOU with Goode Inc. on March 20, 2024, for technical collaboration on clad metal projects aimed at enhancing the efficiency of secondary batteries. This partnership focuses on developing advanced materials for next-generation battery technology.
• Samsung SecuritiesminorOthersSamsung Securities was contracted to manage the electronic voting system for INICS' shareholder meetings, as disclosed in the 42nd Annual General Meeting notice. This is a service provider relationship for corporate governance purposes.
• Busan Technopark (부산TP)coreStrategic or Co-development PartnerBusan Technopark supported INICS' selection in the 2025 Jump-Up Program by Ministry of SMEs and Startups. Busan TP provides monitoring, support, and regional SME development initiatives that benefit INICS as a local company.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Regional players

• SKC: Korean advanced materials company with growing EV battery materials business (copper foil, battery components, thermal solutions). Closely comparable as a Korea-based peer supplying EV battery-related materials to global OEMs and Korean cell makers.

Broad incumbents

• 3M: Global diversified conglomerate with significant EV battery thermal management, adhesive, and tape offerings serving automotive and industrial customers. Overlaps with INICS' EV and industrial product lines but as part of a much broader portfolio.
• Henkel: Global leader in industrial adhesives, sealants, and functional coatings, with a growing portfolio of EV battery thermal interface materials and bonding solutions. Comparable to INICS' anaerobic adhesives, double-sided tapes, and battery thermal products.
• Saint-Gobain: Global building and high-performance materials company with a mobility segment producing thermal and acoustic insulation for EVs. Comparable to INICS' thermal barriers and automotive interior insulation products as part of a much larger materials portfolio.

Direct peers

• Hanwha Advanced Materials: Korean advanced materials company supplying EV battery components, composites, and thermal management materials to OEMs. Directly comparable as a Korean-headquartered peer serving Hyundai/Kia and global EV battery programs with battery-related materials.
• Nitto Denko: Japanese diversified materials manufacturer producing industrial tapes, adhesive products, and EV battery components. Closely comparable to INICS' cell bonding tapes, bus bar tapes, and automotive adhesive/tape offerings.
• Rogers Corporation: US-listed specialty materials company producing thermal management and EV battery safety materials, including silicone-based gap pads and thermal interface materials. Closely comparable in EV battery thermal management technology and customer base.
• Morgan Advanced Materials: Global manufacturer of technical ceramics and thermal insulation products, including fire protection for EV battery packs. Comparable in ceramic/MICA-based fire-resistant components for EV battery safety applications.
• Lydall Performance Materials: Supplier of thermal/acoustic and filtration solutions for transportation (including EVs) and industrial markets. Comparable to INICS' thermal barrier and automotive interior materials portfolio, serving similar automotive Tier 1/OEM customers.
• Unifrax (Alkegen): Global manufacturer of high-performance specialty materials, including fire protection and thermal management solutions for EV battery packs. Most directly comparable to INICS in fire-resistant thermal barriers and battery safety materials, with a comparable product portfolio targeting the same OEMs.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INICS