Impact of the Global Automotive Market Slowdown on Demand for Capacitor Separators
First written in FY2020-Q1. 8 of 19 entries say "Mitigated", first in FY2021-Q3. Latest entry: FY2026-H1.
Nippon Kodoshi moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2019: 39 of 71 companies on the "Worse" side.
11 other companies' latest entry also says "Restated".
- FY2026-H1RestatedAnnual report
「In the electronics industry, one of the markets relevant to our Group, investment related to the development of society-wide digital infrastructure using generative AI technology continues to expand, although conditions remain lackluster in industrial equipment and certain automotive-related areas.」
The continued lack of strength in industrial equipment and certain automotive-related areas was noted, alongside expanding investment in generative AI-related digital infrastructure. - FY2025WorsenedAnnual report
「In the electronics industry, which is a related market for the Group, new digital technologies such as generative AI are spreading through society and daily life, and demand for servers and other products for data centers continues to increase. However, demand recovery was delayed due to prolonged inventory adjustments related to industrial equipment and a slowdown in the EV market.」
While indicating growth opportunities in automotive-related applications, the filing explicitly noted a slowdown in the EV market and stated that recovery in demand from industrial equipment, automotive, and other applications was delayed. - FY2025-H1MitigatedAnnual report
「Although the recovery in demand from industrial equipment applications was delayed, demand related to automotive applications and AI servers remained solid. As a result, sales of aluminum electrolytic capacitor separators for the six months ended the current interim consolidated accounting period were ¥6,318 million, up ¥275 million, or 4.6%, year on year.」
Although recovery in demand from industrial equipment applications remained delayed, demand for automotive applications remained solid, and sales of aluminum electrolytic capacitor separators increased 4.6% year on year. The previous impact of the slowdown in the automotive market was partially mitigated. - FY2024MitigatedAnnual report
「Under these circumstances, aluminum electrolytic capacitor separators remained stable in automotive applications, but sales in industrial equipment, consumer equipment, and other applications were weak. Sales for the current consolidated fiscal year were ¥11,525 million, down ¥1,923 million, or 14.3%, from the previous consolidated fiscal year.」
While demand from industrial and consumer equipment applications was weak, automotive applications remained stable, partially mitigating the previous impact of the slowdown in the automotive market. - FY2024-Q3MitigatedAnnual report
「In the electronics industry, one of the Group’s related markets, demand for electronic components has remained sluggish due to prolonged inventory adjustments in industrial-equipment-related component demand and the downturn in the Chinese market. Meanwhile, production recovery in the automotive industry and expanding demand related to generative AI are expected.」
While weak demand for electronic components continued, the filing indicated that automobile production was expected to recover and described an improving outlook for the impact on demand from the automotive market slowdown that had emerged in previous fiscal years. - FY2024-Q2RestatedAnnual report
「While demand for related components was beginning to increase against the backdrop of advancing vehicle electrification and decarbonization」
The filing reconfirmed the increase in demand for related components associated with vehicle electrification. Meanwhile, overall demand in the electronics industry was stated to be weak due to inventory adjustments and other factors. - FY2024-Q1MitigatedAnnual report
「Under these circumstances, inventory adjustments became particularly pronounced for aluminum electrolytic capacitor separators. Although automotive applications remained stable, weak demand from consumer and industrial equipment applications resulted in sales of ¥3,102 million for the three months ended the first quarter of the current consolidated fiscal year, down ¥580 million, or 15.8%, year on year.」
The filing stated that demand from consumer and industrial equipment applications remained weak, while automotive applications remained stable, indicating that the impact of the slowdown in the automotive market had been mitigated to some extent. - FY2023MitigatedAnnual report
「Demand for related components continued due to capital investment aimed at labor saving and environmental measures and the increasing electrification and electrification of vehicles.」
The filing stated that demand for related components driven by vehicle electrification continued, indicating that the impact of the automotive market slowdown that had emerged in previous fiscal years had been mitigated to some extent. - FY2023-Q3MitigatedAnnual report
「In the electronics industry, which is a related market for the Group, China's measures to address COVID-19 affected production activity, but demand for related components increased due to continued demand for capital investment aimed at labor saving and environmental measures, the increasing electrification and electrification of vehicles, and progress in easing semiconductor supply constraints.」
Demand for related components increased as vehicle electrification advanced, and semiconductor supply constraints eased, partially mitigating the previous impact on demand from the slowdown in the automotive market. - FY2022MaterialisedAnnual report
「In the electronics industry, which is a related market for the Group, prolonged global semiconductor shortages and other factors affected automobile production, but demand for related components increased as vehicle electrification continued to advance and capital investment recovered.」
While the impact of global semiconductor shortages continued to be observed in automobile production, demand for related components increased due to vehicle electrification and the recovery in capital investment. - FY2022-Q2MaterialisedAnnual report
「In the electronics industry, which is a related market for the Group, global semiconductor shortages and other factors affected automobile production, but demand for related components increased due to the increasing electrification and electrification of vehicles and the recovery in capital investment.」
The filing stated that the impact of global semiconductor shortages was actually observed in automobile production. Meanwhile, demand for related components increased due to the increasing electrification and electrification of vehicles and the recovery in capital investment. - FY2021MitigatedAnnual report
「Under these circumstances, capacitor separators performed well in automotive applications following the improvement in the automotive market from early autumn, as well as in industrial equipment applications such as machine tools, in addition to inventory-building by set manufacturers and others in anticipation of the spread of infections at the beginning of the period.」
Demand for automotive applications increased as the automotive market improved, and demand from industrial equipment applications such as machine tools also performed well. The impact on demand from the slowdown in the automotive market was mitigated from the previous fiscal year. - FY2021-Q3MitigatedAnnual report
「In addition to increased demand for automotive applications following the improvement in the automotive market from early autumn, demand from industrial equipment applications such as machine tools also began to increase.」
Demand for automotive applications increased as the automotive market improved, and demand from industrial equipment applications such as machine tools also began to increase. The impact on demand from the global slowdown in the automotive market was partially mitigated. - FY2021-Q2MaterialisedAnnual report
「Although demand for automotive applications and industrial equipment such as machine tools declined during the COVID-19 pandemic, capacitor separators benefited from inventory-building by set manufacturers and others in anticipation of the impact of the spread of infections at the beginning of the period, as well as demand for data centers and 5G-related applications. As a result, sales for the six months ended the second quarter of the current consolidated fiscal year were ¥5,046 million, up ¥72 million, or 1.5%, year on year.」
While demand for automotive and industrial equipment applications declined due to the COVID-19 pandemic, demand for inventory building, data centers, and 5G-related applications resulted in a 1.5% year-on-year increase in capacitor separator sales. - FY2021-Q1MaterialisedAnnual report
「In the electronics industry, which is a related market for the Group, new developments included increased demand in the ICT market due to the rise in remote work, despite weak demand related to industrial equipment resulting from the global decline in vehicle sales and stagnant corporate capital investment.」
The global decline in vehicle sales became an actual environmental factor affecting related markets, and the previously identified risk of a slowdown in the automotive market continued to materialize. - FY2020MaterialisedAnnual report
「Although the number of components installed in vehicles increased as vehicle electrification advanced, capacitor separators were significantly affected by the global decline in vehicle production. In addition, demand from industrial equipment applications such as machine tools remained weak, resulting in net sales of ¥10,034 million for the current consolidated fiscal year, down ¥1,741 million, or 14.8%, from the previous consolidated fiscal year.」
The impact of the global decline in vehicle production was reflected in capacitor separator sales, which fell 14.8% year on year. - FY2020-Q3MaterialisedAnnual report
「By product category, although the number of components installed per vehicle increased as vehicle electrification advanced, capacitor separators were significantly affected by the global decline in vehicle production. In addition, recovery in demand from industrial equipment applications such as machine tools was delayed, resulting in sales of ¥7,440 million for the nine months ended the third quarter of the current consolidated fiscal year, down ¥1,816 million, or 19.6%, year on year.」
While the number of components installed in vehicles increased, the global decline in vehicle production had a significant impact, and sales of capacitor separators fell 19.6% year on year. - FY2020-Q2MaterialisedAnnual report
「Although the number of components installed in vehicles increased as vehicle electrification advanced, capacitor separators were significantly affected by the global decline in vehicle production. In addition, demand from industrial equipment applications such as machine tools remained weak, resulting in sales of ¥4,974 million for the six months ended the second quarter of the current consolidated fiscal year, down ¥1,275 million, or 20.4%, year on year.」
The impact of the global decline in vehicle production was reflected in capacitor separator sales, which fell 20.4% year on year. - FY2020-Q1First statedAnnual report
「By product category, sales of capacitor separators were affected by weak demand from industrial equipment applications such as machine tools, as well as the global slowdown in the automotive market. Sales for the three months ended the first quarter of the current consolidated fiscal year were ¥2,562 million, down ¥541 million, or 17.4%, year on year.」
The global slowdown in the automotive market was explicitly identified for the first time as a factor behind the decline in capacitor separator sales, which fell 17.4% year on year.