For more than 60 years, has
grown steadily and evolved by anticipating changes and embracing challenges.
In times when others have sought cost reductions, we looked for opportunities and innovated. In so doing, we did more than stay afloat, we stood out and excelled. At the heart of our success was our belief that we were doing the right thing—improving the life for everyone whose lives we touched. We continue believing in this mission and it’s what inspires us to build for all, including the generations today and the generations to come. It’s why we’re continuing to foster trust and loyalty. But after 60 years, we’re facing a landscape that has also evolved and where competition is fierce and change is rapid. The Fourth Industrial Revolution is upon us; uncertainty looms ahead. But for us, we remain steadfast to what we’ve always done and what we must do. We must find opportunities in the midst of change and in spite of challenges. Hanwha's key affiliates anticipate changes in the traditional value chain in all business areas. In preparation, we’ve been innovating and adapting our business models to match the needs of customers and that align to the trends in the industry. We’ve expanded our businesses and improved our infrastructure to support our growth. And we’ve been very successful. In 2017, we achieved a revenue of USD 56.9 billion, a sales record for our company.
This past year, Hanwha’s chemical business was highly responsive to the increase in global demand. The results of its efforts drove the Group's overall performance to unprecedented levels. This achievement was due, in part, to the successful execution of a strategy to diversify our product portfolios while also focusing on developing high-value-added products. Our general-purpose products have also been highly competitive in the market, furthering our success. Our high-value-added basic products, segue into specialized products, and diversification of our supply of raw materials have been key to our steady growth.
Hanwha Advanced Materials has contributed to the Group’s overall performance. Last year in 2017, the company’s lightweight composite materials for automobiles captured and held 70 percent of the global market. This can be attributed to the importance we’ve been placing on investing for the future. For the last 10 years, we've been securing proprietary technologies and increasing our investments in R&D to continue improving our capabilities.
In aerospace, we are concentrating efforts in the international markets with our world-class advanced aircraft engine technology. To strengthen our competitiveness in the advanced aircraft engine business, we reorganized our business structure in 2018. We also changed the company name to Hanwha Aerospace. Back in 2017, we signed an agreement with GE, a global manufacturer of aircraft engines, to supply engine parts worth USD 229 million. And for the last three years, we have secured contracts valued at USD 6.3 billion.
In mechatronics, we are partnering with manufacturing companies in Asia and Europe. Our laser focus is on innovations. Like our joint venture in Singapore, it is a local partnership that leverages our unmanned industrial robot technology that we first commercialized in South Korea.
Our vertically integrated solar energy business is leading the change in the energy paradigm for the future. Our steel frame modules that utilize Hanwha Q CELLS core technology were recognized by EuPD Research for its innovation for the fifth time in a row in Europe as the Top Brand PV Seal 2018. In 2016, we led the markets in the US, South Korea, Turkey, and Australia. Last year, in 2017, we held the No.1 market share in the US and South Korea. We’re continuing to increase sales in the US and Japan and in emerging markets, such as India and Turkey. And with a production capacity of 8GW, we are already the largest manufacturer of solar cells and one of the biggest module manufacturers in the world. By 2020, we expect to be a clear leader in the global solar energy market.
In financial services, Hanwha is accelerating innovations for the future. Using digital technology, we have built an advanced customer management system utilizing Big Data. We are also promoting Fintech-based business models in a range of fields to maintain our leadership in this fast-paced financial market. We’re currently building a blockchain-based platform and using artificial intelligence to advance our customer service.
Our services & leisure affiliates are also harnessing Big Data to better understand our shoppers—the latest fashions, trends, and preferences through various social media outlets. Using this data, we’re customizing our products to cater to their needs, and developing better marketing programs for our customer segments. Product customizations and tailored marketing programs will allow us to offer differentiated experiences to shoppers and tourists domestically or abroad while also contributing to the local economies. In 2018, we will open a premium marina resort complex with high-end recreational facilities.
At Hanwha, we reciprocate the loyalty of our customers. We do this by maintaining high-quality products, rewarding customers, and developing products that solve problems. And when faced with the choice, we choose legal, ethical, and economic responsibilities over any short-term gains.
As good corporate citizens, our mission is to help people thrive. We donate solar energy equipment to welfare facilities, schools, and public facilities at home and abroad. This helps people in need and at the same time has the added benefit of helping our planet. We sponsor and promote social contribution activities in culture, arts, and sports. In 2018, we were an official sponsor of the PyeongChang 2018 Olympic and Paralympic Winter Games.
Helping people also means helping our employees, our most valuable assets. We cultivate future talents and foster an organizational culture because we believe that when the business grows, jobs should get better and talents must be nurtured. After all, in the world today, the clearest solution to the greatest challenges, is people.
The people at Hanwha are our answer to a world of uncertainty where rapid advancements in digital technology are accelerated by emerging technologies and infrastructure changes. Our people understand that because change is constant, we too must change. Innovations and ideas are not enough to address these challenges of tomorrow; we must look beyond maximizing profits and seek long-term value and sustainable social developments, today. The answer isn’t simple but with the right cause and the right people, we can Go Further Together and continue our success. We hope you agree and join us on this important journey ahead.
Seung Youn Kim