{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","ticker":"MRK.DE","updated_at":"2026-07-12T03:55:46.547541+00:00","canonical":"https://valuechain.wiki/merck-kgaa","same_as":["https://finance.yahoo.com/quote/MRK.DE"],"citable":"밸류체인 그래프 기준 Merck KGaA의 직접 연결 기업은 5곳(관계 기준 공급 0·매출 5)이고, 사슬을 2차까지 넓히면 13곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Merck KGaA (EMD) is directly linked to 5 companies (0 supply, 5 revenue relationships) and reaches 13 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"반도체 소재(박막·CMP·가스)","kicker_en":"Semiconductor materials","lead":"독일 머크의 일렉트로닉스(EMD) 부문. 박막(전구체)·CMP·특수가스·포토레지스트 등 반도체 소재를 공급한다. AI 칩 미세화로 배선 저항을 낮추는 몰리브덴을 한국에서 생산해 삼성·SK하이닉스에 대응하고, 인텔·마이크론과도 협력한다. 차세대 소재에 2025년까지 €30억+ 투자.","lead_en":"The Electronics (EMD) arm of Germany’s Merck. It supplies thin-film precursors, CMP, specialty gases and photoresists. It is producing molybdenum (to cut wiring resistance as AI chips scale) in Korea for Samsung and SK Hynix, and works with Intel and Micron. It is investing €3B+ by 2025 in next-gen materials.","segments":{"parts":[{"desc":"AI 칩 미세화가 채택을 늘리는 소모성 소재 — 배선 저항을 낮추는 몰리브덴 등 전구체가 노드 미세화마다 수요 증가","name":"박막(전구체)"},{"desc":"팹 가동률에 연동되는 평탄화 소모품 — 장비와 달리 반복 매출","name":"CMP·평탄화"},{"desc":"미세공정 필수 소모재 — 노광·식각 단계마다 반복 소비","name":"특수가스·포토레지스트"}],"total":"차세대 소재 €3B+ 투자","concentration":"삼성·SK·인텔·마이크론 소재 공급."},"segments_en":{"parts":[{"desc":"Consumable materials whose adoption grows with AI-chip scaling — precursors like resistance-cutting molybdenum see demand rise at each node shrink","name":"Thin films"},{"desc":"Planarization consumables tied to fab utilization — recurring, unlike equipment","name":"CMP/planarization"},{"desc":"Essential process consumables — repeatedly consumed at each litho/etch step","name":"Specialty gases/PR"}],"total":"€3B+ next-gen materials investment","concentration":"Materials to Samsung, SK, Intel, 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precursors, CMP, specialty gases, photoresists) — unlike equipment, this is consumable revenue that tracks fab utilization steadily. The thesis is miniaturization itself: new materials like molybdenum, which cut wiring resistance in AI chips, get adopted as nodes shrink, expanding the range and volume of materials. Customers are spread across Samsung, SK Hynix, Intel and Micron, lowering single-fab risk, and Korean local production keeps it close to the memory trio. In graph terms, customer expansion and utilization transmit into consumable-materials demand.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":null,"note":"SK하이닉스 HBM·D램 공정에 소모성 소재 공급 — 미세화·적층이 진행될수록 소재 소비가 증가하는 구조.","note_en":"Supplies consumable materials into SK Hynix's HBM/DRAM processes — consumption rises as scaling and stacking advance.","sources":[{"stance":"confirms","publisher":"Merck KGaA","publisher_en":"Merck KGaA","kind":"filing","lang":"en","published_at":"2026-03-06","url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/fundamental-information-about-the-group/company-profile-and-structure/electronics.html","title":"Merck KGaA 일렉트로닉스 연차보고서 2025","title_en":"Merck KGaA Electronics annual report 2025","excerpt":"SK하이닉스에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to SK hynix."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2026-02-11","url":"https://www.e4ds.com/sub_view.asp?ch=115&t=0&idx=21934","title":"머크, 몰리브덴 반도체 소재 한국 생산(삼성·SK 대응)","title_en":"Merck makes molybdenum chip material in Korea for Samsung/SK","excerpt":"SK하이닉스에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to SK hynix."},{"stance":"confirms","publisher":"머니투데이","publisher_en":"MoneyToday","kind":"news","lang":"ko","published_at":"2026-02-11","url":"https://www.mt.co.kr/industry/2026/02/11/2026021110410268366","title":"머크, 한국서 몰리브덴 생산…삼성·SK 수요 대응","title_en":"Merck to produce molybdenum in Korea for Samsung and SK demand","excerpt":"충북 음성에서 몰리브덴 생산을 결정, 올해 안에 한국 고객사 공급 준비. 삼성전자와 SK하이닉스 등을 주요 고객사로 두고 있다. 한국 누적 투자 2억2천만유로+, 2021년 추가 6억유로 계획 진행 중.","excerpt_en":"Molybdenum production at Eumseong to supply Korean customers within 2026; Samsung Electronics and SK hynix are key customers. Korea investment above EUR 220M plus a EUR 600M plan underway."},{"stance":"confirms","publisher":"Merck KGaA","publisher_en":"Merck KGaA","kind":"ir","lang":"en","published_at":"2025-03-06","url":"https://www.reports.merckgroup.com/en/annualreport/2024/management-report/fundamental-information-about-the-group/company-profile-and-structure/electronics.html","title":"머크 연차보고서 2024: Electronics 부문","title_en":"Merck Annual Report 2024: Electronics","excerpt":"Electronics 부문 FY2024 매출 약 26억유로(+7.8% 유기), 반도체 솔루션이 69%, 아시아태평양이 68%.","excerpt_en":"Electronics FY2024 sales ~EUR 2.6bn (+7.8% organic); Semiconductor Solutions 69% of the segment; Asia-Pacific 68% of net sales."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":null,"note":"삼성전자 D램·파운드리 미세화에 박막·CMP·가스·몰리브덴 소재를 공급 — 공정이 미세해질수록 소재 종류·수요가 늘어 장비보다 안정적인 소모성 매출축이다.","note_en":"Supplies thin-film, CMP, gas and molybdenum materials into Samsung's DRAM/foundry scaling — as processes shrink, material variety and demand grow, a steadier consumable axis than equipment.","sources":[{"stance":"confirms","publisher":"Merck KGaA","publisher_en":"Merck KGaA","kind":"filing","lang":"en","published_at":"2026-03-06","url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/fundamental-information-about-the-group/company-profile-and-structure/electronics.html","title":"Merck KGaA 일렉트로닉스 연차보고서 2025","title_en":"Merck KGaA Electronics annual report 2025","excerpt":"삼성전자에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to Samsung Electronics."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2026-02-11","url":"https://www.e4ds.com/sub_view.asp?ch=115&t=0&idx=21934","title":"머크, 몰리브덴 반도체 소재 한국 생산(삼성·SK 대응)","title_en":"Merck makes molybdenum chip material in Korea for Samsung/SK","excerpt":"삼성전자에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to Samsung Electronics."},{"stance":"confirms","publisher":"머니투데이","publisher_en":"MoneyToday","kind":"news","lang":"ko","published_at":"2026-02-11","url":"https://www.mt.co.kr/industry/2026/02/11/2026021110410268366","title":"머크, 한국서 몰리브덴 생산…삼성·SK 수요 대응","title_en":"Merck to produce molybdenum in Korea for Samsung and SK demand","excerpt":"충북 음성에서 몰리브덴 생산을 결정, 올해 안에 한국 고객사 공급 준비. 삼성전자와 SK하이닉스 등을 주요 고객사로 두고 있다. 한국 누적 투자 2억2천만유로+, 2021년 추가 6억유로 계획 진행 중.","excerpt_en":"Molybdenum production at Eumseong to supply Korean customers within 2026; Samsung Electronics and SK hynix are key customers. Korea investment above EUR 220M plus a EUR 600M plan underway."},{"stance":"confirms","publisher":"Merck KGaA","publisher_en":"Merck KGaA","kind":"ir","lang":"en","published_at":"2025-03-06","url":"https://www.reports.merckgroup.com/en/annualreport/2024/management-report/fundamental-information-about-the-group/company-profile-and-structure/electronics.html","title":"머크 연차보고서 2024: Electronics 부문","title_en":"Merck Annual Report 2024: Electronics","excerpt":"Electronics 부문 FY2024 매출 약 26억유로(+7.8% 유기), 반도체 솔루션이 69%, 아시아태평양이 68%.","excerpt_en":"Electronics FY2024 sales ~EUR 2.6bn (+7.8% organic); Semiconductor Solutions 69% of the segment; Asia-Pacific 68% of net sales."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":null,"note":"인텔 로직 공정에 박막·CMP·가스 소재 공급 — 첨단 노드 전환의 소재 수요처.","note_en":"Supplies thin-film/CMP/gas materials into Intel's logic processes — a materials demand point for advanced-node transitions.","sources":[{"stance":"confirms","publisher":"Merck KGaA","publisher_en":"Merck KGaA","kind":"filing","lang":"en","published_at":"2026-03-06","url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/fundamental-information-about-the-group/company-profile-and-structure/electronics.html","title":"Merck KGaA 일렉트로닉스 연차보고서 2025","title_en":"Merck KGaA Electronics annual report 2025","excerpt":"Intel에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to Intel."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2026-02-11","url":"https://www.e4ds.com/sub_view.asp?ch=115&t=0&idx=21934","title":"머크, 몰리브덴 반도체 소재 한국 생산(삼성·SK 대응)","title_en":"Merck makes molybdenum chip material in Korea for Samsung/SK","excerpt":"Intel에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to Intel."}]},{"direction":"revenue","counterparty":"Micron Technology","counterparty_slug":"micron","confidence":"mid","metric":null,"note":"마이크론 D램·낸드에 소모성 소재 공급 — 팹 가동률에 연동되는 반복 매출.","note_en":"Supplies consumable materials to Micron DRAM/NAND — recurring revenue tied to fab utilization.","sources":[{"stance":"confirms","publisher":"Merck KGaA","publisher_en":"Merck KGaA","kind":"filing","lang":"en","published_at":"2026-03-06","url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/fundamental-information-about-the-group/company-profile-and-structure/electronics.html","title":"Merck KGaA 일렉트로닉스 연차보고서 2025","title_en":"Merck KGaA Electronics annual report 2025","excerpt":"Micron Technology에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to Micron Technology."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2026-02-11","url":"https://www.e4ds.com/sub_view.asp?ch=115&t=0&idx=21934","title":"머크, 몰리브덴 반도체 소재 한국 생산(삼성·SK 대응)","title_en":"Merck makes molybdenum chip material in Korea for Samsung/SK","excerpt":"Micron Technology에 박막·CMP·가스 등 반도체 소재 공급.","excerpt_en":"Supplies thin-film/CMP/gas materials to Micron Technology."}]},{"direction":"revenue","counterparty":"LG디스플레이","counterparty_slug":"lg-display","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"OLED 유기재료(HTL·인광 호스트) 판매.","note_en":"OLED organic materials (HTL, phosphorescent hosts) sales.","sources":[{"stance":"mentions","publisher":"디지털투데이","publisher_en":"Digital Today","kind":"news","lang":"ko","published_at":"2021-06-01","url":"https://www.digitaltoday.co.kr/news/articleView.html?idxno=106495","title":"LG디스플레이 OLED 유기재료 조달 구조","title_en":"LG Display's OLED organic-material sourcing","excerpt":"머크, LGD에 HTL·인광 호스트 공급.","excerpt_en":"Merck supplies HTL and phosphorescent hosts to LGD."}]},{"direction":"cost","counterparty":"생산·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"EUR","as_of":"2025-12","basis":"박막·특수가스 캠퍼스(2025.12 개소)","value":500000000,"period":"가오슝 메가사이트","basis_en":"thin films & specialty gases campus (opened Dec 2025)"},"note":"소재 생산기지·증설(한국 음성 몰리브덴 등).","note_en":"Materials production sites and capacity (e.g., Korea molybdenum).","sources":[{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2026-02-11","url":"https://www.e4ds.com/sub_view.asp?ch=115&t=0&idx=21934","title":"머크, 몰리브덴 반도체 소재 한국 생산(삼성·SK 대응)","title_en":"Merck makes molybdenum chip material in Korea for Samsung/SK","excerpt":"충북 음성 몰리브덴 생산기지.","excerpt_en":"Molybdenum production site in Korea."},{"stance":"confirms","publisher":"Merck KGaA (EMD)","publisher_en":"Merck KGaA (EMD)","kind":"ir","lang":"en","published_at":"2025-12-01","url":"https://www.emdgroup.com/en/news/inauguration-kaohsiung-megasite.html","title":"머크, 대만 가오슝 반도체 소재 메가사이트 개소","title_en":"Merck inaugurates Kaohsiung semiconductor materials megasite","excerpt":"가오슝 사이트는 머크 최대 반도체 소재 캠퍼스(15만㎡, 5억유로 투자) — 박막·포뮬레이션·특수가스.","excerpt_en":"Kaohsiung is Merck's largest semiconductor-materials campus (150,000 sqm, EUR 500M) - thin films, formulation materials, specialty gases."},{"stance":"confirms","publisher":"The Korea Times","publisher_en":"The Korea Times","kind":"news","lang":"en","published_at":"2022-08-18","url":"https://www.koreatimes.co.kr/business/tech-science/20220818/merck-acquires-chemical-business-of-korean-firm-mecaro","title":"머크, 메카로 화학사업 인수","title_en":"Merck acquires chemical business of Korean firm Mecaro","excerpt":"메카로 화학사업 인수(1억1천만유로: 선급 7,500만+마일스톤 3,500만) — 음성 생산시설·대전 R&D 확보. 이 음성 사이트가 몰리브덴 생산기지.","excerpt_en":"Acquired Mecaro's chemicals business for EUR 110M (75M upfront + 35M milestones), securing the Eumseong plant and Daejeon R&D - the same Eumseong site now producing molybdenum."}]},{"direction":"cost","counterparty":"화학원료·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"화학 원료·전구체·R&D.","note_en":"Chemical feedstock, precursors and R&D.","sources":[{"stance":"confirms","publisher":"Merck KGaA","publisher_en":"Merck KGaA","kind":"filing","lang":"en","published_at":"2026-03-06","url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/fundamental-information-about-the-group/company-profile-and-structure/electronics.html","title":"Merck KGaA 일렉트로닉스 연차보고서 2025","title_en":"Merck KGaA Electronics annual report 2025","excerpt":"박막·CMP·가스 소재 제조.","excerpt_en":"Makes thin-film, CMP and gas materials."}]}]}