Dongsung Finetec
Dongsung Finetec is a South Korean specialty chemicals manufacturer and the global No. 1 supplier of cryogenic insulation panels and membranes for LNG carrier cargo containment systems, serving major shipbuilders including HD Hyundai, Samsung Heavy Industries, and Hanwha Ocean through multi-year B2B contracts.
- Company typePublic
- Founded1985
- HeadquartersBusan, South Korea
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Dongsung Finetec does
Dongsung Finetec Co., Ltd. (주식회사 동성화인텍) is a South Korea-based, KOSDAQ-listed (ticker 033500) specialty chemicals manufacturer founded in 1985 and operating as a subsidiary of Dongsung Chemical. The company is the global No. 1 supplier of cryogenic insulation materials for Mark-III type LNG carriers, with the world's largest production capacity for LNG carrier insulation panels at 30 vessels per year (174,000 CBM class) following a KRW 250 billion capacity expansion completed in 2023. Its core product line includes LNG carrier cargo containment system (CCS) insulation panels and membranes, LNG fuel tank insulation, LNG plant insulation, and ultra-large ethane carrier insulation — leveraging proprietary polyurethane formulations (R-PUF, PIR, Spray), multilayer insulation technology, and what the company claims is the world's only integrated production chain from Polyol raw materials through to finished insulation panels and membrane products. The company holds world-first GTT certification for a Boil-off Rate (BOR) of 0.085% and has delivered 287 LNG carrier insulation orders cumulatively.
The company serves a concentrated base of major global shipbuilders including HD Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Hanwha Ocean, alongside international customers such as Hudong-Zhonghua (China), SAREN B.V. (Arctic LNG2, Russia), and Land Coast (Louisiana, USA). Revenue is generated primarily through contract-based B2B enterprise sales with multi-year supply agreements tied to specific shipbuilding programs; FY2024 consolidated revenue was KRW 597.4 billion (≈USD 420 million) with operating profit of KRW 53.99 billion. Secondary revenue streams include polyurethane systems for construction and appliances, refrigerant recycling services (720 tons/year capacity at Yeongnam plant), and refrigerant regeneration products (R22, R134a, R410a).
Dongsung Finetec is actively expanding into next-generation energy applications beyond conventional LNG carriers, with cryogenic insulation systems under development for liquid hydrogen cargo holds (selected as a national project by the Ministry of Trade, Industry and Energy), ammonia fuel tanks for alternative-fuel vessels (DNV AIP received December 2024), and Type-C LNG cargo tanks for liquefied CO2 carriers (Korean Register AIP received May 2024). Its US subsidiary, Dongsung Finetec America (founded 2017), operates a Louisiana production facility serving North American LNG and shale gas infrastructure projects. The company shares R&D and product overlap with affiliate D&K Chemtech (Hugreen quasi-non-combustible PF boards) and is part of the Dongsung Group alongside Dongsung Chemical and Genewel.
Dongsung Finetec firmographics
Firmographics- Name
- Dongsung Finetec
- Legal name
- 주식회사 동성화인텍 (Dongsung Finetec Co., Ltd.)
- Website
- https://dsfinetec.co.kr
- Company type
- Public
- Founded year
- 1985
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Dongsung Finetec is a South Korean specialty chemicals manufacturer and the global No. 1 supplier of cryogenic insulation panels and membranes for LNG carrier cargo containment systems, serving major shipbuilders including HD Hyundai, Samsung Heavy Industries, and Hanwha Ocean through multi-year B2B contracts.
- Ownership category
- akta.pro rank
Dongsung Finetec industry classification
Industry- Product category
- Cryogenic Insulation Materials
- NAICS
- Urethane and Other Foam Product (except Polystyrene) Manufacturing (32615)
- SIC
- Plastics Foam Products (3086), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Unsupported Plastics Film & Sheet (3081)
- akta.pro primary industry
- Polyurethane (PU) Rigid Foam Manufacturing (IMANAIAD)
- akta.pro secondary industries
- Structural Insulated Panels (SIP) & Foam-Core Composite Panel Manufacturing (IMANAIAK), Insulation & Air/Vapor Barrier Systems (Thermal, Acoustic, WRB/AVB) (IMAFAMAD)
Keywords
Where Dongsung Finetec is headquartered
LocationHeadquarters
- HQ city
- Busan
- HQ country
- South Korea
- HQ region
- Asia
Offices8 records
Markets served
Dongsung Finetec business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Technology or R&D, Supply Chain, Personnel, Marketing or Sales, Infrastructure
Revenue model
- LNG Cryogenic Insulation Materials: Primary revenue stream from manufacturing and supplying cryogenic insulation panels and membrane systems for LNG carriers. Major contracts include 410.9 billion KRW (2024), 1.1 trillion KRW cumulative orders (2023), and historic 441 billion KRW single contract with Samsung Heavy Industries. Revenue from LNG insulation reached 597.4 billion KRW in FY2024.
- Industrial Polyurethane Materials: Foam and Non-foam PU system products for construction, home appliances, and industrial applications. Includes PU System formulations customized for customer requirements and building insulation materials like Hugreen quasi-non-combustible PF boards.
- Refrigerant Products and Recycling: Refrigerant trading and recycling business producing R22, R134a, R410a products from recovered refrigerants. Facility capacity of 720 tons/year at Yeongnam plant plus 120 tons/year for fire extinguishing agent refrigerant recovery.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Enterprise contract-based pricing for cryogenic insulation materials |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels8 records
Dongsung Finetec product offering
Product offeringCore offering
Dongsung Finetec manufactures and supplies cryogenic insulation panels and membrane systems for LNG carriers, LNG fuel tanks, LNG plants, and ultra-large ethane carriers. The company is the world's only supplier with fully integrated production from Polyol raw material to finished insulation panel and membrane products. It also produces polyurethane (PU) system formulations for industrial applications, building insulation materials, and operates a refrigerant recovery and recycling business producing regenerated R22, R134a, and R410a refrigerants.
Product overview
Dongsung Finetec is a Global Energy Solutions Company offering a comprehensive portfolio of cryogenic insulation products and polyurethane-based industrial materials. The core product lines include Energy Insulation (LNG Carrier CCS Insulation, LNG Fuel Tank Insulation, LNG PLANT Insulation, Ethane Carrier Insulation) and Industrial Materials (PU System, Building Materials). The company has expanded into next-generation energy solutions including LCO2 Carrier Cargo Tanks, Ammonia Fuel Tanks, and Liquid Hydrogen Insulation. Additionally, the company offers Refrigerant Recycling services. The portfolio centers on cryogenic insulation technology with integrated production from Polyol (raw material) through to finished Insulation Panel and Membrane products, making Dongsung Finetec the world's only supplier with fully integrated cryogenic insulation production capabilities.
Differentiator
Problem solved
Functional benefit
Brands
- ECOTECO: Eco-friendly technology brand representing the company's commitment to climate change response and environmental sustainability technologies
Products and services
- LNG Carrier CCS (Cargo Containment System) Insulation Multi-layer insulation technology and structural analysis system for LNG carrier cargo holds. Combines Insulation Panel and Membrane products to minimize boil-off gas loss and ensure operational stability at -163°C.
- LNG Fuel Tank Insulation High-durability, high-stability insulation technology for LNG fuel tanks used in vessel operations. Includes the LNG BRICK membrane-type fuel tank and spray insulation systems for Type-B and Mark-III fuel tank applications.
- LNG Plant Insulation High-performance insulation materials optimized for onshore and offshore LNG plants covering collection, purification, liquefaction, storage, and transportation facilities.
- Ultra-Large Ethane Carrier (ULEC) Cryogenic Insulation Cryogenic insulation materials for ultra-large ethane carriers (ULEC) requiring maintenance of minus 94 degrees Celsius within cargo containment systems.
- LCO2 Carrier Cargo Tank (Type C) Stand-alone Type C cargo tank for liquefied CO2 carriers capable of withstanding 19 barg pressure, enabling safe CO2 transportation for carbon capture and storage applications.
- Ammonia Fuel Tank for Suezmax Vessels
Quantifiable outcome
- 33% lower carbon footprint across product lifecycle compared to existing products (per DNV verification)
- +6 more outcomes
Companies that use Dongsung Finetec
Customer profileNamed customers12 records
Segments4 records
Ideal customer profiles4 records
Dongsung Finetec technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature9 records
Dongsung Finetec partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and notable.
- DNV (Norwegian Classification Society)coreWorld's largest classification society. Certified Dongsung Finetec's low-carbon high-efficiency cryogenic insulation products (33% lower carbon footprint verified). Also granted AIP for Suezmax ammonia fuel tanks. 18% of global operating vessels and 25% of Korean annual vessel certifications.
- Daehan ShipbuildingcoreJoint development of Suezmax ammonia-fueled vessels. Daehan Shipbuilding leads system research and layout for eco-friendly fuel propulsion regulations. Dongsung Finetec developing ammonia fuel tanks. Project received AIP from DNV in December 2024.
- PANASIAcoreJoint development partner for Suezmax ammonia-fueled vessels. PANASIA designing ammonia fuel supply system. Project received AIP from DNV in December 2024.
- K Shipbuilding (케이조선)coreJoint development of 12K CBM LCO2 carrier. K Shipbuilding leading LCO2 carrier design and development optimization. MOU signed at GasTech 2023 Singapore.
- Sunbo Industries (선보공업)coreJoint development partner for 12K CBM LCO2 carrier. Sunbo Industries developing cargo handling and fuel supply systems. MOU signed at GasTech 2023 Singapore.
- Korean Register (한국선급, KR)coreClassification society partner for LCO2 carrier development. Verifying safety and suitability per classification rules and international conventions. Granted AIP for 12K CBM LCO2 cargo tank design.
- GTT (Gaztransport & Technigaz, France)coreTechnology licensing partner for LNG tank technology. Dongsung Finetec manufactures LNG BRICK membrane-type fuel tanks under GTT license. GTT monopoly on LNG transport tank technology worldwide.
- CERN (European Organization for Nuclear Research)notableExclusive insulation panel supply for CERN's GST project. GTT engineering the entire project with Dongsung Finetec as panel supplier. First European supply contract following US market entry.
- Hanwha OceancoreMajor Korean shipbuilder. LOI signed for approximately KRW 900 billion LNG carrier cryogenic insulation supply. Dongsung Finetec to supply NO96 LO3+ type insulation by 2027.
- EY Han Young (EY한영회계법인)coreExternal auditor appointed for 3-year contract (January 2025 - December 2027). Financial audit and compliance services per Korean external audit law.
- D&K ChemtechcoreAffiliate company producing high-performance quasi-non-combustible PF board Hugreen. Dongsung Finetec supplies building insulation materials including Hugreen products through this relationship.
Scale indicators17 records
Recent moves14 records
Expansion highlights6 records
Dongsung Finetec competitors and assessment
Company assessmentMarket position
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Dongsung Finetec social profiles
Digital presenceDongsung Finetec compliance and trust
Trust signalCompliance12 records
Dongsung Finetec financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dongsung Finetec leadership team
Management profileNumber of profiles
Profiles6 records
Dongsung Finetec subsidiaries and ownership
Company hierarchySubsidiaries2 records
Dongsung Finetec funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dongsung Finetec M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dongsung Finetec
What does Dongsung Finetec do?
Dongsung Finetec manufactures and supplies cryogenic insulation panels and membrane systems for LNG carriers, LNG fuel tanks, LNG plants, and ultra-large ethane carriers. The company is the world's only supplier with fully integrated production from Polyol raw material to finished insulation panel and membrane products. It also produces polyurethane (PU) system formulations for industrial applications, building insulation materials, and operates a refrigerant recovery and recycling business producing regenerated R22, R134a, and R410a refrigerants.
Is Dongsung Finetec a public or private company?
Dongsung Finetec is a public company. It is classified as public and is currently operating.
When was Dongsung Finetec founded?
Dongsung Finetec was founded in 1985. It employs 251 to 500 people.
Where is Dongsung Finetec based?
Dongsung Finetec is headquartered in Busan, South Korea, in the Asia region.
How does Dongsung Finetec make money?
Three revenue lines are on record. LNG Cryogenic Insulation Materials are the primary driver. The others are industrial Polyurethane Materials and refrigerant Products and Recycling.
Does Dongsung Finetec have an API?
No public API is recorded for Dongsung Finetec.
What industry is Dongsung Finetec in?
Dongsung Finetec's product category is Cryogenic Insulation Materials. Its primary akta.pro industry code is IMANAIAD, Polyurethane (PU) Rigid Foam Manufacturing, with a secondary code of IMANAIAK, Structural Insulated Panels (SIP) & Foam-Core Composite Panel Manufacturing. Its NAICS code is 32615 and its SIC code is 3086.