KURARAY CO.,LTD.
3405・Prime Market・Chemicals
Vinyl Acetate
Kuraray's largest segment. Global deployment of functional resins and films
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (Q1 FY2026) | ¥101,930 million | ¥100,434 million (Q1 FY2025) | ↑ |
| Operating Income (Q1 FY2026) | ¥11,031 million | ¥15,917 million (Q1 FY2025) | ↓ |
| Operating Margin (Q1 FY2026) | 10.8% | 15.9% (Q1 FY2025) | ↓ |
| Net Sales (Full Year FY2025) | ¥404,495 million | — | — |
| Operating Income (Full Year FY2025) | ¥62,545 million | — | — |
Business Details
Kuraray's core segment, producing and selling functional resins and films such as PVA Resin & Film, PVB Film & High-Performance Interlayer Film, and EVOH Resin <EVAL>. With manufacturing sites in Japan, North America, Europe, and Asia, it supplies diverse applications including food packaging, automotive, construction, optical, and detergent packaging. It accounts for approximately 50% of consolidated net sales and is the largest contributing segment in terms of operating income as well.
Recent Overview
Net sales increased slightly, but operating income declined 30.7% year on year due to deteriorating operating rates and price adjustments
In Q1 FY2026, the Vinyl Acetate segment posted a slight increase in net sales to ¥101,930 million (up 1.5% year on year), while operating income fell sharply to ¥11,031 million (down 30.7% year on year). The main causes were deteriorating operating rates in some businesses and price adjustments. Optical-grade PVA film saw increased sales volume due to TV demand for international sporting events and inventory buildup in the supply chain. EVOH Resin <EVAL> also remained solid. On the other hand, PVA resin saw a decline in sales volume due to sluggish demand, PVB film saw sales volume decline in both architectural and automotive applications due to intensifying competition in Europe and Asia, and water-soluble PVA film also saw sales volume decline due to sluggish demand for unit-dose detergent.
Key Products
Growth Drivers
- Increased demand for optical-grade PVA film (TV demand for international sporting events and inventory buildup in the supply chain amid tight semiconductor memory supply)
- Continued solid sales of EVOH Resin <EVAL> in food packaging and automotive applications and demand capture leveraging the global supply structure
- Expected recovery in unit-dose detergent demand for water-soluble PVA film (MonoSol)
- Expansion of sales of the specialty ionomer sheet <SentryGlas>, mainly in the Americas
- Demand capture amid Middle East tensions leveraging the global supply structure
Risks
- Downward pressure on sales volume and prices due to intensifying competition in the PVB film market in Europe and Asia
- Increased fixed cost burden due to deteriorating operating rates in some businesses (materialized in Q1 FY2026)
- Risk of declining profit margins due to price adjustments (price reductions)
- Decline in sales volume of water-soluble PVA film due to continued sluggish demand for unit-dose detergent
- Risk of raw material and fuel procurement constraints and price spikes due to worsening Middle East conditions
- Risk of continued overall sluggish demand for PVA resin
- Risk of project delays for the specialty ionomer sheet <SentryGlas>
- Risk of demand fluctuations due to uncertainty in US tariff policy
Last updated: March 25, 2026