Global PVA and EVAL leader · optical film · PFAS activated carbon
Kuraray
A Japanese high-performance materials company with FY2025 sales of JPY808.4 billion. Vinyl Acetate supplies half of revenue, while optical PVA film, EVAL resin and Calgon Carbon activated carbon connect display, packaging and water-treatment chains.
Business categories Diversified & Specialty Chemicals · Industrial Materials & Chemicals · primary
- Diversified & Specialty Chemicals: Asahi Kasei · Dow Inc. · The Sherwin-Williams Company · International Flavors & Fragrances · CF Industries Holdings, Inc.
3405.T Updated Oct 18, 2026 5 AI consumers· 5 recurring
Per the valuechain.wiki graph, Kuraray is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 3 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-10-18).
Financials & Segments
- Total revenue · JPY808.4B (FY2025)
- Customer concentration · Vinyl Acetate 50.0%
- Segments · Vinyl Acetate · Functional Materials · Isoprene · Fibers and Textiles · Trading
Revenue from
- Nitto Denko High confidence· Market share 65% · 2025 · PVA and TAC film share of polarizer raw-material cost
Supplies optical-use PVA film to polarizer manufacturers. Read together with Nitto Denko’s existing procurement evidence and Kuraray’s FY2025 disclosure, the core LCD polarizer input flows from Kuraray to Nitto Denko. - American Water Works High confidence
Wholly owned Calgon Carbon exclusively supplies granular activated carbon, equipment and reactivation services for PFAS treatment at more than 50 American Water sites in 10 states under a nine-year agreement through 2033.Confirms EN Bluefield Research Published Jan 16, 2025: Calgon Carbon Lands Expansive Deal with American WaterConfirms EN American Water Published Jan 15, 2025: American Water and Calgon Carbon Finalize PFAS Treatment Supply Agreement in 10 States
Pays to
- Petrochemical feedstock, fuel and utility suppliers (undisclosed) High confidence· Amount ¥561.9B · FY2025 · Consolidated cost of sales
Procures feedstocks, fuel and external utilities for integrated production of PVOH, EVAL and related products. FY2025 Vinyl Acetate profit was hurt by higher raw-material and fuel prices and a suspension of externally purchased utilities at a U.S. plant. - Bituminous coal and coconut-shell suppliers (undisclosed) High confidence
Procures carbon feedstocks including bituminous coal and coconut shells for Calgon Carbon’s activated-carbon production. Supplier-level spending is not disclosed.Confirms EN Kuraray Published Mar 2, 2026: Kuraray to Expand Reactivated Carbon Production Capacity in the United States
Investments
- Calgon Carbon Columbus plant expansion High confidence· Amount $100M · 2026-2028 · Columbus reactivated-carbon expansion investment
Invests about $100 million at the Columbus, Ohio plant to add 12,300 tonnes per year of reactivated-carbon capacity for drinking water, targeting first-quarter 2028 startup.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| LG Display | lead2 | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -21.8 |
| American Water Works | lead1 | +24.8 | -17.9 | -11.7 | -3.5 | +7.4 | +10.1 |
| Nitto Denko | lead1 | -4.3 | -2.9 | +51.3 | +14.7 | +26 | +1.3 |
| Kuraray | node | -4.9 | +8.7 | +50.1 | +51 | -24.7 | +15.5 |
YTD as of 2026-10-16 · source: Yahoo Finance
Kuraray’s materials layer ran first at +50.1% in 2023 and +51.0% in 2024, then reversed 24.7% in 2025. Nitto Denko gained 26.0% that year, so optical-film demand did not propagate uniformly into supplier shares. Kuraray partly recovered to +15.5% in 2026, while American Water’s +10.1% points to defensive PFAS-treatment demand. The lagging leg is not the optical customer but relief from feedstock and fuel pressure and profit conversion from Calgon Carbon capacity. The exception is company-specific portfolio damage, such as the Isoprene impairment, overwhelming demand recovery.
Analysis generated from returns as of 2026-10-16← All companiesMarkdown · JSON · Customers · Suppliers · Ripple