KUREHA CORPORATION
4023・Prime Market・Chemicals
Functional Products
Kureha's core growth segment, encompassing PPS Resin, Polyvinylidene Fluoride Resin, PGA, and carbon products.
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (FY2026, ending March 2026, full year) | ¥61,279 million | ¥57,372 million | ↑ |
| Operating income/loss (FY2026, ending March 2026, full year) | ¥2,134 million (operating income) | △¥1,991 million (operating loss) | ↑ |
| Impairment loss (FY2026, ending March 2026) | ¥33,996 million | － | ↓ |
Business Details
Main products include PPS Resin, Polyvinylidene Fluoride Resin, PGA (Polyglycolic Acid) Resin Processed Products, carbon fiber, and Spherical Activated Carbon. The segment offers Polyvinylidene Fluoride Resin for lithium-ion secondary battery binders, PGA Resin Processed Products for shale oil and gas drilling, and PPS Resin for automotive and electronic components, with manufacturing and sales bases both in Japan and overseas supplying globally. The EV and ESS markets are positioned as medium- to long-term growth drivers.
Recent Overview
Polyvinylidene Fluoride Resin declined due to the EV market slowdown, but PGA, PPS, and Spherical Activated Carbon drove increased revenue and a return to profitability.
Revenue for FY2026 (ending March 2026) increased 6.8% year on year to ¥61,279 million, and operating profit/loss turned positive, moving from a loss of ¥1,991 million in the prior period to income of ¥2,134 million. Sales of Polyvinylidene Fluoride Resin declined due to the continued slowdown in the EV market. On the other hand, increased sales of PGA Resin Processed Products and PPS Resin, together with lower raw material prices, contributed positively. The carbon products field also saw increased profit driven by higher sales of Spherical Activated Carbon. However, following a review of future earnings plans for the Polyvinylidene Fluoride Resin business, an impairment loss of ¥33,996 million on fixed assets was recorded (included in consolidated adjustments).
Key Products
Growth Drivers
- Expansion of the ESS (stationary energy storage system) market: the North American market is expected to grow due to the increase in AI data centers and the spread of renewable energy, raising expectations for medium- to long-term demand recovery in Polyvinylidene Fluoride Resin
- Sales expansion and profitability improvement for PGA Resin Processed Products, supported by the firm trend in the shale gas market
- Moderate growth in automotive demand for PPS Resin and expanding demand for optical communication components for data centers
- Continued stable sales growth of Spherical Activated Carbon
- Improved profitability in the functional resin field due to lower raw material prices
Risks
- Risk of delayed demand recovery for Polyvinylidene Fluoride Resin used in lithium-ion secondary battery binders (continued slowdown in the EV market)
- Risk that inventory adjustment phases will continue even after the impairment loss recognized for fixed assets related to the Polyvinylidene Fluoride Resin business
- PGA Resin Processed Products: risk of prolonged weakness in natural gas prices and stagnation in drilling activity
- Impact on demand and supply chains from the slowdown of the Chinese and European economies and changes in U.S. trade policy
- Risk of recurring inventory valuation losses (during production adjustments accompanying revisions to demand forecasts)
Last updated: June 22, 2026