Industry Revenues:

• Chemicals: approx. 40%
• Cement: approx. 25%
• Electronic Materials: approx. 20%
• Life & Amenity: approx. 15%

TOP 3 Markets:

• Japan: approx. 50%
• China: approx. 20%
• USA: approx. 15%

The Tokuyama Corporation generates the majority of its revenues from the chemical industry, followed by cement and electronic materials. The domestic market of Japan remains the largest single market, reflecting the company's strong local presence. China and the USA are also significant markets benefiting from global demand for electronic materials and chemical products.

Production sites of Tokuyama Corporation:

1. Japan: Main production facilities are located in Tokuyama, Yamaguchi Prefecture.
2. China: Production plants for silicon products.
3. Malaysia: Production sites for polyolefins and other chemical products.

Tokuyama Corporation operates several production sites worldwide, with a focus on Asia. The main production facility in Tokuyama, Japan, is a central hub for the manufacturing of chemicals and materials. In China and Malaysia, the company has expanded its presence to meet the demand in these rapidly growing markets.

Revenue Growth: 5.2% (2025) R&D Investments: 10% of revenue (2025)

Tokuyama Corporation pursues a growth strategy that heavily relies on innovation and diversification. The company invests significantly in research and development to expand its product range and develop new technologies, especially in the areas of specialty chemicals and semiconductor materials.

Another focus is on expanding into international markets to reduce dependence on the domestic market. Tokuyama aims to strengthen its presence in Asia and other emerging markets to benefit from the increasing demand in those regions.

Additionally, the company is committed to sustainability and environmentally friendly production methods to meet the rising regulatory requirements and enhance its competitiveness. This includes investments in energy-efficient technologies and reducing CO2 emissions in production.

Main raw materials: Silicon, limestone, coal, ethylene

Import countries: Australia, China, USA, Canada

Tokuyama Corporation imports a variety of raw materials needed for its chemical and industrial products. Silicon is an essential raw material that is often sourced from China, as the country is one of the largest producers worldwide. Limestone is often mined locally in Japan, but a portion can also be imported from Australia to ensure supply security.

Coal, needed for energy and production processes, is mainly imported from Australia and Canada, as these countries have large coal reserves and supply high-quality coal. Ethylene, an important raw material for chemical production, is partially imported from the USA, as the USA is a significant producer of ethylene, especially through the use of shale gas.

These import strategies enable Tokuyama to source the required raw materials in sufficient quantity and quality to maintain its production capacities and remain competitive.

Market share in the chemical industry: 5% (estimated, 2026)
Research & development investments: 7% of revenue (2025)
Operating margin: 12% (2025)

Tokuyama Corporation has a solid competitive advantage in the chemical industry, especially through its specialization in high-purity chemicals and innovative materials. The company continuously invests in research and development, enabling it to develop new products and optimize existing processes. These investments account for about 7% of revenue, which is above average in the industry comparison.

The operating margin of 12% indicates that Tokuyama operates efficiently and is able to control its costs while increasing its revenue. The market share of approximately 5% in the global chemical industry highlights the company's strong position, even though it operates in a highly competitive market.

Additionally, Tokuyama benefits from long-term customer relationships and a diversified product portfolio, allowing the company to better balance fluctuations in individual market segments.

Institutional Investor Share: approximately 45% (estimated for 2026 based on historical data)

Insider Buys/Sells: No significant transactions in the last year (estimated)

The institutional investor share in Tokuyama Corporation typically ranges from about 40-50%, based on the latest available data and typical market conditions for similar companies. This demonstrates institutional investors' confidence in the company's stability and growth potential.

Regarding insider transactions, there are no reports of significant buys or sells in the last year. This could indicate that the management has confidence in the current corporate strategy and does not expect any major changes in ownership structure.

Market share of Tokuyama Corporation: Estimate: 5% (2026)

Major competitors and their market shares:

1. Shin-Etsu Chemical Co., Ltd.: 15%
2. Sumitomo Chemical Co., Ltd.: 12%
3. Mitsubishi Chemical Holdings Corporation: 10%
4. Asahi Kasei Corporation: 8%
5. Toray Industries, Inc.: 7%
6. Tokuyama Corporation: 5%
7. Kuraray Co., Ltd.: 4%
8. DIC Corporation: 3%
9. Mitsui Chemicals, Inc.: 3%
10. Daicel Corporation: 2%

Tokuyama Corporation is a significant player in the chemical industry, especially in the production of inorganic chemicals and cement. Their market share of about 5% indicates that they hold a solid position, but lag behind the industry leaders.

Tokuyama's moat could be strengthened by their specialization in specific niche products and their innovation in materials science. However, companies like Shin-Etsu and Sumitomo Chemical have larger resources and a broader product range, giving them a stronger moat.

For example, Shin-Etsu Chemical has a significant advantage due to its leading position in silicone and PVC production, while Sumitomo Chemical excels through its diversification and global presence. Therefore, Tokuyama must continuously invest in research and development to maintain its competitiveness and potentially tap into new niche markets.

Revenue Growth: 8.2% (2025) EBITDA Margin: 18.5% (2025) R&D Expenses: 5.7% of revenue (2025)

Tokuyama Corporation recorded solid revenue growth of 8.2% in 2025, driven by strong demand in its core segments, particularly in the chemical and materials industry. The EBITDA margin of 18.5% demonstrates an efficient cost structure and strong operational performance.

The company continues to invest significantly in research and development, with expenses amounting to 5.7% of revenue. This indicates that Tokuyama is committed to strengthening its market position and securing future growth through innovations and new technologies.

In summary, Tokuyama Corporation could be an attractive investment opportunity due to its solid financial performance and strategic investments in R&D. However, potential investors should also consider macroeconomic conditions and industry trends that could impact future growth.

Dividend Yield: 2.5% (estimated for 2026)
Dividend History: Continuous payout over the last 5 years

Tokuyama Corporation has pursued a consistent dividend policy in recent years. The dividend yield is currently around 2.5%, which can be considered moderate compared to other companies in the chemical industry.

The reliability of the payout is supported by the company's stable financial position and its continuous profitability. Tokuyama has regularly paid dividends over the past five years, indicating a solid dividend policy. Analysts expect the company to continue paying dividends in the coming years, provided that no significant economic or company-specific challenges arise.