World No.1 carbon fiber · Nikkei 225
Toray Industries
A Japanese materials group that holds the world No.1 position in polyacrylonitrile (PAN) based TORAYCA carbon fiber. It supplies carbon fiber composites for primary aircraft structures such as the Boeing 787 and Airbus A350 under long-term contracts. The business runs across five segments: Fibers & Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, and Life Science, with apparel and industrial fibers plus films and resins as the largest revenue base. Its feedstocks are petrochemical inputs such as acrylonitrile and naphtha, so earnings are sensitive to oil and energy prices. Toray is also the co-development partner behind Uniqlo HEATTECH and AIRism. Nikkei 225 constituent.
3402.T Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Toray Industries is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 7 companies within two hops; the links are backed by 12 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ~¥2,563.3B (FY ended Mar 2025)
- Segments · Fibers & Textiles · Performance Chemicals · Carbon Fiber Composite Materials · Environment & Engineering · Life Science
Revenue from
- Boeing High confidence· Contract value $3B · multi-year · Boeing 787/777X prepreg comprehensive LTA (reported)
Supplies TORAYCA carbon fiber prepreg for the 787 wing and fuselage primary structure, under a comprehensive long-term agreement extended by 10+ years through the 777X (reported at about $3 billion).Confirms EN Toray Industries Published May 12, 2026: Toray FY2026 (year ended March 2026) Consolidated Financial Results (IFRS)Mentions EN Earnings briefing Published May 12, 2026: Toray FY2026: revenue JPY 2,585.1bn (+0.9%), operating profit JPY 97.2bn (-23.7%, separator impairment); FY2027 revenue guided JPY 2,830bnConfirms EN Toray Industries, Inc. Published May 14, 2025: Announcement of Business Results for the Fiscal Year Ended March 31, 2025Confirms EN Toray Composite Materials America Published Nov 1, 2015: Toray Extends Comprehensive Agreement with Boeing to Supply Carbon Fiber TORAYCA PrepregMentions EN PlasticsToday Published Nov 1, 2015: Toray in $3 Billion Deal to Supply Carbon Fiber Composites to BoeingMentions KO Seoul Economic Daily Published Nov 1, 2015: Japan's Toray to supply ~JPY1 trillion of carbon fiber to Boeing - Airbus High confidence
A 15-year CFRP partnership supplying composites for the A350 and other programs, in an era where 50%+ of airframe weight is composite.Confirms EN Toray Industries, Inc. Published May 14, 2025: Announcement of Business Results for the Fiscal Year Ended March 31, 2025 - 유니클로(패스트리테일링) High confidence
A strategic partnership since 2006, co-developing and supplying functional innerwear materials such as HEATTECH and AIRism. A flagship large customer of the Fibers & Textiles segment.Mentions EN Toray Industries, Inc. Published May 14, 2025: Announcement of Business Results for the Fiscal Year Ended March 31, 2025Confirms EN Toray Industries, Inc. Published Jan 1, 2024: The Art and Science of LifeWear — UNIQLO Partnership - Mitsubishi Heavy Industries (carbon-fiber supply) High confidence
Supplies Toray T800 carbon-fiber prepreg to Mitsubishi Heavy Industries — the primary structural material MHI uses to build the Boeing 787 wing box.Mentions EN Mitsubishi Heavy Industries Published Jan 1, 2025: Mitsubishi Heavy Industries — Boeing 787 composite wing boxConfirms EN CompositesWorld Published Jan 1, 2024: Boeing 787 update — MHI wing box uses Toray T800 prepreg
Pays to
- 아크릴로니트릴·PAN 프리커서 원료 Medium confidence
Acrylonitrile (propylene-derived) is the key feedstock for the PAN carbon fiber precursor, and the precursor accounts for more than half of carbon fiber production cost.Mentions EN Nikkei Asia Published Mar 1, 2025: Japan carbon fiber makers aim higher as Chinese rivals close inConfirms EN AA Blocks Published Jun 1, 2023: Fabrication of low-cost carbon fibers using economical precursors - 나프타·석유화학 피드스톡 Medium confidence
Naphtha and other petrochemical feedstocks used for films, resins, and performance chemicals; cost moves with crude oil prices.Mentions EN AA Blocks Published Jun 1, 2023: Fabrication of low-cost carbon fibers using economical precursors - 에너지(전력·연료) Medium confidence
Electricity and fuel for energy-intensive processes such as fiber spinning, chemicals, and carbon fiber carbonization; a margin pressure when energy prices rise.Mentions EN Nikkei Asia Published Mar 1, 2025: Japan carbon fiber makers aim higher as Chinese rivals close in
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 |
|---|---|---|---|---|---|---|---|
| Viasat | lead2 | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +113.5 |
| Voyager Technologies | lead2 | · | · | · | · | · | +19.2 |
| SES S.A. | lead2 | +2.8 | +10.6 | -13 | -36 | +141.5 | +15.8 |
| Eutelsat Group | lead2 | +17.8 | -30.7 | -51.8 | -48.9 | +32.1 | +3.2 |
| Airbus | lead1 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Boeing | lead1 | -6 | -5.4 | +36.8 | -32.1 | +22.7 | +2.4 |
| Mitsubishi Heavy Industries | lead1 | +7.2 | +68.3 | +100.5 | +134.2 | +98.3 | -15.3 |
| Toray Industries | node | +8.3 | +12.5 | -4.8 | +49.2 | +7.5 | +1.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
The core of Toray is how its structural moat as the world No.1 in PAN carbon fiber balances between the aerospace cycle and petrochemical costs. It supplies carbon-fiber composites for the primary structures of the Boeing 787/777X (a ~$3bn long-term agreement) and Airbus A350 under long-term contracts, so a recovery in aircraft build rates pre-secures that segment's revenue. But its large fibers/films/resins base is tied to petrochemical feedstocks (acrylonitrile, naphtha), pressuring margins with oil and energy costs, and since the precursor is over half of carbon-fiber cost, feedstock is profitability. In graph terms Toray is a revenue node to Boeing, Airbus, Mitsubishi Heavy Industries (787 wing box) and Uniqlo, and a cost node to petrochemical feedstocks and energy — so results improve only when higher aircraft build rates and stable feedstock prices arrive together.
Analysis generated from returns as of 2026-07-10