Nikkei 225 · 300mm silicon wafers · world #1 substrate material
Shin-Etsu Chemical
The world’s No.1 silicon-wafer maker with about 30% of 300mm supply. Shin-Etsu and SUMCO together cover more than half of 300mm volume. Supplies polished wafers under long-term agreements to TSMC, Samsung, SK hynix, Micron and Intel; ultra-flat wafers for HBM4 and hybrid bonding have become a key bottleneck.
4063.T Updated Jul 12, 2026 6 AI consumers· 2 recurring
Per the valuechain.wiki graph, Shin-Etsu Chemical is directly linked to 6 companies (0 supply, 6 revenue relationships) and reaches 31 companies within two hops; the links are backed by 10 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · About 30% of global 300mm wafer supply (world No.1)
- Customer concentration · Customers TSMC, Samsung, SK, Micron, Intel under LTAs. HBM4 ultra-flat wafer supply is critical.
- Segments · Semiconductor silicon (300mm/200mm wafers)(~30% of 300mm) · Other chemicals/materials
Revenue from
- Samsung Electronics High confidence· Market share 30% · 2023~2025 · global 300mm wafer share
Supplies 300mm polished wafers to Samsung Electronics under long-term agreements.Confirms EN Shin-Etsu Chemical Published Jul 31, 2025: Annual Report 2025 — Financial Section (audited consolidated statements)Confirms KO BizWatch Published May 23, 2025: SK Siltron, the hidden wafer champion, takes on Japan’s leadMentions EN Semiecosystem (Mark LaPedus) Published May 19, 2025: Taiwan Firm Boosts U.S. Silicon Wafer IndustryConfirms EN Market Growth Reports Published Jan 1, 2025: 300mm Silicon Wafers Market (top five ~85%) - SK hynix High confidence
Supplies 300mm polished wafers to SK Hynix under a long-term agreement (LTA).Confirms EN Shin-Etsu Chemical Published Apr 28, 2026: Shin-Etsu Chemical FY2026 (year ended March 2026) Consolidated ResultsConfirms KO BizWatch Published May 23, 2025: SK Siltron, the hidden wafer champion, takes on Japan’s leadMentions EN Semiecosystem (Mark LaPedus) Published May 19, 2025: Taiwan Firm Boosts U.S. Silicon Wafer Industry - TSMC High confidence
Supplies 300mm polished wafers to TSMC under long-term agreements.Confirms KO BizWatch Published May 23, 2025: SK Siltron, the hidden wafer champion, takes on Japan’s leadMentions EN Semiecosystem (Mark LaPedus) Published May 19, 2025: Taiwan Firm Boosts U.S. Silicon Wafer Industry - Micron Technology High confidence
Supplies 300mm polished wafers to Micron Technology under long-term agreements.Confirms EN Shin-Etsu Chemical Published Apr 28, 2026: Shin-Etsu Chemical FY2026 (year ended March 2026) Consolidated ResultsConfirms KO BizWatch Published May 23, 2025: SK Siltron, the hidden wafer champion, takes on Japan’s leadMentions EN Semiecosystem (Mark LaPedus) Published May 19, 2025: Taiwan Firm Boosts U.S. Silicon Wafer Industry - Kioxia Medium confidence
Supplies NAND production equipment and wafers to Kioxia. - Intel Medium confidence
Supplies 300mm polished wafers to Intel under long-term agreements.Mentions EN Analyst consensus Published May 1, 2026: Shin-Etsu Chemical — analyst outlook (firm electronics materials/wafers; JPY 500bn buyback)Confirms EN Shin-Etsu Chemical Published Apr 28, 2026: Shin-Etsu Chemical FY2026 (year ended March 2026) Consolidated ResultsConfirms KO BizWatch Published May 23, 2025: SK Siltron, the hidden wafer champion, takes on Japan’s leadMentions EN Semiecosystem (Mark LaPedus) Published May 19, 2025: Taiwan Firm Boosts U.S. Silicon Wafer Industry
Pays to
- polysilicon, quartz crucibles & energy (undisclosed) Low confidence
Polysilicon, quartz crucibles and energy for crystal growth (suppliers undisclosed). - crystal-growth & polishing equipment (undisclosed) Low confidence
Crystal pullers and polishing/cleaning equipment (undisclosed).
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 |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| Kioxia | lead1 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Shin-Etsu Chemical | node | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
YTD as of 2026-07-10 · source: Yahoo Finance
The world's No.1 in 300mm silicon wafers (~30% share) and the apex of an oligopoly in which two Japanese makers — with SUMCO — cover more than half of 300mm volume. Because every chip is built on a wafer, TSMC, Samsung, SK hynix, Micron and Intel all secure volume under long-term agreements (LTAs), and ultra-flat wafers for HBM4 and hybrid bonding have become a supply bottleneck that strengthens its pricing power. The growth case is AI/HBM capex lifting wafer demand; risks are ingot-growth costs (polysilicon, quartz crucibles, energy) and the capacity cycle. On the graph, this node is the common materials upstream of every chipmaker, so rising advanced-lithography and HBM volume propagates demand into it.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥8,233 · Price ¥7,320 (07-10) · Upside +12%