Top 30 - Japan Fine Chemicals Manufacturers Ranking by Revenue 2024

Companies Overview:

In 2024, the top 30 Japanese fine chemical companies will have operating revenue of 41.73 trillion yen (approximately US$275.73 billion), a year-on-year increase of 4.8%. This ranking primarily features fine chemical and engineering plastics companies. Compared to the previous year, the list includes four new companies: Idemitsu Petrochemical, AGC Chemicals, Zeon, and Lion Corporation. The remaining four companies are: Nippon Shokubai, JSR, DENKA, and ADEKA Corporation.

The following is the revenue ranking of the top 30 Japanese fine chemical companies:

The following is an overview of the operations of leading enterprises:

1. Mitsubishi Chemical

Mitsubishi Chemical Holdings (Mitsubishi) is Japan’s largest integrated chemical company and has held the top position for many years. In 2024, its sales revenue reached ¥4.407 trillion, up 0.5% year-on-year. The group operates across five main business divisions: Specialty Materials, Industrial Gases, Pharmaceuticals, MMA Resins, and Basic Chemicals. The Specialty Materials division includes polymers and composites, advanced films, and mold materials. The Industrial Gases division includes Taiyo Nippon Sanso and hydrogen energy operations.

Mitsubishi Chemical has been actively reforming its business portfolio, expanding in semiconductor materials, lithium battery materials, industrial gases, carbon fiber, and pharmaceutical and healthcare sectors, while reducing its basic chemicals and bulk chemical operations. Last fiscal year, the company invested in electrolyte and hydrogen production capacities in India, North America, Korea, and Belgium, and shut down BPA, PTA, and acrylonitrile production units in Japan and other parts of Asia.

For the current fiscal year, Mitsubishi Chemical plans to expand capacities for photoresists, ion-exchange resins, lithium battery anode materials, and optical-grade PVOH films in Japan, while exiting food additive polysaccharides and triacetate fiber businesses. It will gradually reduce ammonia and derivatives production and transfer its coking subsidiary, Kansai Thermal Chemical. In early 2025, the company canceled plans to build a new MMA monomer plant in the U.S. In 2024, it shut down the ACH-process MMA monomer plant at Hiroshima, previously planned to maintain global MMA capacity leadership with advanced technology.

In China, Mitsubishi Chemical recorded sales revenue of ¥302.239 billion (¥14.36 billion), up 9.9% year-on-year in 2024.

2. FUJIFILM

FUJIFILM, the core enterprise of the Fuji Group, achieved a significant revenue increase of 7.9% in 2024, reaching ¥3.196 trillion, widening the gap with Sumitomo Chemicals to secure the second position. The Electronics Materials division contributed the most, with revenue growth of 20.7%.

FUJIFILM operates four main divisions: Healthcare, Electronics Materials, Commercial Innovation, and Imaging. The Healthcare division is subdivided into Medical Systems, Biopharmaceutical CDMO, and LS Solutions, covering medical equipment, biopharmaceutical manufacturing services, cell culture media, reagents, pharmaceuticals, cosmetics, and supplements. The Electronics Materials division produces semiconductor materials, display materials, industrial equipment, and fine chemicals. Commercial Innovation handles digital multifunction devices, solutions, and services. Imaging includes Consumer Imaging and Professional Imaging, offering instant photo systems, color film, photo printing materials, digital cameras, and optical devices.

In 2024, the Electronics Materials division generated ¥432.8 billion, accounting for 13.5% of group revenue. FUJIFILM expanded CMP slurry production in Belgium and reorganized display materials, industrial equipment, and fine chemicals into a new Advanced Functional Materials (AF) unit. In Asia outside Japan, sales revenue was ¥905 billion, up 13.3% year-on-year.

3. Asahi Kasei

Asahi Kasei, with 353 subsidiaries, saw its 2024 revenue rise 9.1% to ¥3.037 trillion, surpassing Sumitomo Chemicals to take third place. The group is actively reshaping its portfolio, investing in growth and restructuring operations, including divesting the blood purification business, exiting the acrylonitrile joint venture in Thailand, and pursuing greener ethylene production.

The company’s operations are organized into three divisions: Materials, Housing, and Healthcare. The Materials division has three units—Environmental Solutions, Mobility & Industrial, and Life Innovation—offering base chemicals (styrene, acrylonitrile, polyethylene, polystyrene, synthetic rubber), lithium-ion battery separators, lead-acid battery separators, hollow fiber membranes for water treatment, ion-exchange membranes, fibers, engineering resins, and coating materials. The Housing division includes housing and building materials, and the Healthcare division covers pharmaceuticals, medical, and critical care.

In 2025, the Materials division will be reorganized into six units: Electronics, Automotive Interiors, Energy & Infrastructure, Comfortable Living, Functional Chemicals, and Basic Chemicals. Electronics is a core growth area, Energy & Infrastructure is strategically cultivated, and Basic Chemicals are being optimized via collaborations, green technologies, and gradual exit from low-yield businesses. In 2024, the Materials division generated ¥1.369 trillion, up 8.5%, representing 45.1% of group revenue. In China, Asahi Kasei’s 2023 sales reached ¥285.57 billion (¥13.56 billion), up 14.5%, with ¥266.34 billion from materials.

4. Sumitomo Chemicals

Sumitomo Chemicals, a core enterprise of the Sumitomo Group, posted ¥2.606 trillion in sales revenue in 2024, up 6.5%. The group reorganized its five original divisions into six: Agriculture & Living Solutions, ICT & Mobility Solutions, Advanced Healthcare Solutions, Specialty & Green Materials, Sumitomo Pharma, and Other Businesses.

Agriculture & Living Solutions include pesticides, fertilizers, agricultural materials, household and epidemic control insecticides, tropical disease countermeasure materials, feed additives, active pharmaceutical ingredients, and intermediates. ICT & Mobility Solutions cover optical products, semiconductor process materials, compound semiconductors, touch sensor panels, high-purity aluminum, alumina, chemical products, additives, engineering plastics, and battery components. Advanced Healthcare Solutions focus on CDMO operations in low-molecular pharmaceuticals, oligonucleotide medicines, and regenerative cell therapy. Specialty & Green Materials include synthetic resins, synthetic fiber materials, industrial chemicals, methacrylic acid, resin processing products, ordinary aluminum, alumina, and synthetic rubber. Sumitomo Pharma manages low-molecular pharmaceuticals.

In 2024, ICT & Mobility Solutions benefited from expanded display materials demand, particularly high-purity chemicals and photoresists for semiconductors, generating ¥607 billion in sales (+3.3%) and ¥70.6 billion in core operating profit. Specialty & Green Materials rose 1.5% to ¥899 billion, accounting for 34.5% of group revenue. Sales in China reached ¥394.55 billion (¥18.74 billion), up 2.7%.

5. TORAY

Founded in 1926 as Toyo Rayon Co., TORAY, renamed in 1970, operates 266 subsidiaries and 42 affiliates, focusing on textile fibers, carbon fibers, and functional plastics. Its five divisions are Textile Fibers, Functional Chemicals, Carbon Fiber Composites, Environmental & Engineering, and Life Sciences.

Textile Fibers produce nylon, polyester, acrylic yarns and fabrics, nonwoven fabrics, artificial leather, and garments. Functional Chemicals cover nylon, ABS, PBT, PPS resins, molded parts, polyolefin foams, polyester, polyethylene, polypropylene films, synthetic fibers, fine chemicals, electronic materials, and printing materials. Carbon Fiber Composites produce carbon fiber materials and products. Environmental & Engineering offers water treatment membranes, equipment, and integrated engineering. Life Sciences includes pharmaceuticals and medical devices.

In 2024, Textile Fibers generated ¥1.0111 trillion (+3.7%), Functional Chemicals ¥944.9 billion (+6.6%), and Carbon Fiber Composites ¥300 billion (+3.3%). TORAY’s China sales were ¥494.24 billion (¥23.48 billion), up 6.3%, representing 19.3% of total revenue.

6. Shin-Etsu Chemical

Shin-Etsu Chemical, founded in 1926 (originally Shin-Etsu Nitrogen), has 135 subsidiaries and 12 affiliates. Its 2024 revenue reached ¥2.561 trillion, up 6.1%. The group operates four main divisions: Life & Environmental Basic Materials, Electronics Materials, Functional Materials, and Processing, Trading & Services.

Life & Environmental Basic Materials include vinyl chloride resins, caustic soda, methanol, and chloromethane. Electronics Materials cover semiconductor silicon, rare-earth magnets, sealing materials, LED packaging materials, photoresists, blank masks, and synthetic quartz products. Functional Materials include silicones, cellulose derivatives, metallic silicon, synthetic pheromones, vinyl chloride copolymers, liquid fluoroelastomers, and dustproof films. Processing, Trading & Services handle resin processing, turnkey equipment exports, and engineering design.

In 2024, Life & Environmental Basic Materials achieved ¥1.042 trillion (+3.1%), and Electronics Materials ¥934.3 billion (+9.9%). The U.S. is Shin-Etsu’s largest market (31.1% of revenue), with 2024 sales of ¥796.53 billion (+4.4%). China sales were not separately reported.

7. Mitsui Chemicals

Mitsui Chemicals originated from Toyo High-Pressure Industry Co., Ltd. in 1933. In 1997, Mitsui Petrochemical Industries merged with Mitsui Toatsu Chemicals to form the current group, and Mitsui Chemicals (Shanghai) Co., Ltd. was established in 1999 to enter the Chinese market. In 2024, the group reported sales revenue of ¥1.809 trillion, a 3.4% increase compared with the previous year, with 128 subsidiaries and affiliates. Overseas markets contributed 51.7% of revenue, including ¥223.28 billion (12.3%) from China.

The company’s operations are divided into four main business areas. Life & Health Solutions covers visual care, nonwoven fabrics, oral care, personal care, and agricultural chemicals. Mobility Solutions focuses on elastomers, functional composites, polypropylene composites, and automotive industrial product development. ICT Solutions handles semiconductors, electronic components, optical materials, lithium-ion and next-generation battery materials, and high-performance food packaging; nonwoven fabrics were transferred to this division in 2024. Basic & Green Materials includes ethylene, propylene, polyethylene, polypropylene, catalysts, phenols, high-purity terephthalic acid, PET resins, polyurethane, and industrial chemicals.

Mitsui Chemicals has been actively optimizing its portfolio through capacity adjustments in domestic plants, collaboration and restructuring of bulk chemicals, and expansion of high-performance products, while licensing olefin polymerization catalysts. The company follows a “growth market × differentiation” strategy, investing in elastomer and composite businesses in emerging markets, and may divest overseas joint ventures to improve capital efficiency. The Chairman highlighted the company’s focus on capital efficiency, green transformation, portfolio reconstruction, and global expansion to become a globally influential specialized company.

In 2024, Basic & Green Materials was the largest division with revenue of ¥710 billion (39% of total), followed by Mobility Solutions at ¥569.8 billion (32%), Life & Health Solutions at ¥295.8 billion, and ICT Solutions at ¥218.8 billion.

8. Nippon Paint

Founded in 1898 as Japan Paint Manufacturing Co., Ltd., Nippon Paint has consistently focused on coatings for automotive, general construction, industrial, specialty chemical, and other applications. The company was renamed Nippon Paint Holdings in 2014 and has grown into a global coatings group with 245 subsidiaries. In 2024, sales revenue reached ¥1.639 trillion, up 13.6% year-on-year, with China as its largest single market.

The group has expanded internationally through acquisitions, including Turkey’s Betek Boya ve Kimya Sanayi and Australia’s Dulux Group in 2019, Europe’s Cromology Holding SAS and DP JUB in 2022, Pento Automotive Coatings in China in 2022, N.P.T. s.r.l. in Europe in 2023, Kazakhstan’s Alina Group LLP in 2024, and AOC, LLC in 2025. Revenue is organized regionally rather than by product, with the NIPSEA Group contributing ¥914.4 billion (55.8%), Dulux Group ¥398.5 billion (24.3%), alongside Japan and Americas operations.

In China, Nippon Paint generated ¥572.92 billion in sales (27.21 billion CNY), up 13.1% from the previous year, driven mainly by automotive coatings, which offset weaker demand for general coatings. In Japan, sales were ¥171.19 billion, accounting for 10.4% of total revenue, a slight decline from the prior year.

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