Risk of Economic Deterioration in Major and Emerging Markets
First written in FY2016. 13 of 40 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-08-07.
Nippon Sheet Glass moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
66 other companies' latest entry also says "Restated".
- 2026-08-07RestatedFinancial Results Presentation
「Demand in North America may continue to decline amid an uncertain economic outlook. Monitor economic developments.」
The possibility of continued declines in North American demand was reiterated as an assumption underlying the earnings forecast. - FY2026WorsenedAnnual report
「During the fiscal year ending March 2026, the Group was significantly affected by the continued weakness of the European economy, higher labor and other costs associated with global inflation, and the impact of US tariff policy.」
Regarding the risk of economic deterioration in key and emerging markets, the weakness of the European economy, inflation-driven cost increases and the impact of US tariff policy became significant in the reported results. - FY2026-H1MaterialisedAnnual report
「Business conditions remained challenging in Japan, and sales volumes declined because demand for solar panel glass fell as a result of production adjustments by business partners in response to US tariff policy and other factors.」
Production adjustments by business partners in response to US tariff policy and other factors materialized as declines in demand and sales volumes for solar panel glass in Asia. - FY2025WorsenedAnnual report
「There is also uncertainty regarding the impact of US tariff policy, but because glass products are essentially produced and consumed locally, we expect the impact to be relatively limited. While closely monitoring policy developments, we intend to address tariffs and higher costs through measures including passing them on through prices.」
US tariff policy was added to the existing economic and geopolitical risks, and a policy of passing tariffs and higher costs through to prices was outlined. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, the business environment in the markets where the Group operates continued to face headwinds in many key markets. In particular, the European architectural glass market was significantly below the previous year's level, and markets in other regions also slowed. Meanwhile, solar panel glass remained firm. The automotive glass business also faced a challenging environment, with sales volumes flat in many regions. The high-performance glass business improved overall.」
Headwinds continued in key markets, with the European architectural glass market significantly below the previous year's level and other regions also slowing. In contrast, relative improvement was seen in solar panel glass and high-performance glass. - FY2024WorsenedAnnual report
「During the consolidated fiscal year, despite the tailwinds of a weaker yen against major foreign currencies and lower fuel prices, the Group was significantly affected by higher costs, including raw material and labor costs, resulting from global inflation, as well as by the economic slowdown in Europe and higher interest rates in Europe and the US, particularly in the second half.」
It was explained that the effects of Europe's economic slowdown and higher interest rates in Europe and the US became more significant in the second half. Recovery in the automotive market coexisted with deterioration in key markets. - FY2024-Q3Coexistence of deterioration in key markets and recovery in the automotive marketAnnual report
「During the third quarter, market conditions in the regions where the Group operates remained generally firm overall but deteriorated in some key markets. In the architectural glass market, demand for solar panel glass was strong, but demand softened in Europe and North America, the largest markets for this business. The automotive glass market continued to recover gradually, and sales volumes increased as constraints caused by supply-chain issues at business partners were further resolved. Although signs of improvement emerged in some high-performance glass markets, demand remained somewhat weak across many businesses.」
While market conditions were generally firm overall, demand for architectural glass in Europe and North America and demand for high-performance glass were weak, whereas automotive glass recovered as supply-chain constraints were resolved, indicating differences across markets. - FY2024-Q2Strength and weakness coexisting across marketsAnnual report
「During the six months ended the second quarter, market conditions in the regions where the Group operates were generally favorable. In the architectural glass market, signs of softer demand emerged in North America and Europe during the second quarter, while the market was strong in Japan and South America. Demand for solar panel glass also remained firm. The automotive glass market continued to recover gradually, and sales volumes increased as constraints caused by supply-chain issues at business partners were further resolved. Demand in the high-performance glass market was somewhat weak across many businesses.」
Overall market conditions were described as generally favorable, while signs of softer demand were noted for architectural glass in North America and Europe and demand in the high-performance glass market was weak. Architectural glass in Japan and South America, solar panel glass and automotive glass were described as improving or firm. - FY2024-Q1MitigatedAnnual report
「During the first quarter of the fiscal year ending March 2024, market conditions in the regions where the Group operates were generally favorable. Although the architectural glass market was relatively weak in Europe, strong demand was seen in Japan and the Americas. Demand for solar panel glass also remained firm. The automotive glass market continued to recover gradually, and sales volumes increased as constraints caused by supply-chain issues at business partners were further resolved.」
Overall market conditions were described as generally favorable, with strong demand for architectural glass in Japan and the Americas, firm demand for solar panel glass, and recovery in the automotive glass market. However, weakness remained in the European architectural glass market and the high-performance glass market. - FY2023Coexistence of stabilizing market conditions and higher interest-rate risksAnnual report
「However, market conditions remain uncertain because of the risk of a potential recession caused by higher interest rates. Although energy-related input costs declined, there is a risk that they will rise sharply again.」
It was summarized that, while market conditions had generally stabilized, the risks of a recession caused by higher interest rates and renewed sharp increases in energy costs remained. - FY2023-Q3Differences in recovery across markets and the impact of inflation and higher interest ratesAnnual report
「As inflation progressed and interest rates rose, business sentiment and consumer confidence deteriorated, and sales volumes declined slightly. Sales volumes were affected by shortages of automotive parts, including semiconductors, but the impact continued to ease gradually during the third quarter.」
In architectural glass, sales volumes declined slightly as business sentiment and consumer confidence deteriorated due to inflation and higher interest rates. In automotive glass, the impact of shortages of semiconductors and other parts continued to ease gradually during the third quarter. - FY2023-Q2Mixed market conditions and signs of easing parts shortagesAnnual report
「During the second quarter of the fiscal year ending March 2023, market conditions in the regions where the Group operates varied by business. Although demand declined slightly in some regions as economic headwinds began to emerge, the architectural glass market remained firm overall. Demand for solar panel glass also remained firm. The automotive glass market continued to be affected by shortages of automotive parts, particularly semiconductors, but signs of resolution emerged toward the end of the second quarter.」
It was explained that the architectural glass, solar panel glass and high-performance glass markets were generally firm, while regional differences in construction demand and automotive parts shortages remained. There were signs that the latter was beginning to ease. - FY2023-Q1Differences in recovery across marketsAnnual report
「During the first quarter of the fiscal year ending March 2023, market conditions in the regions where the Group operates varied by business. Demand in the architectural glass market was strong, and improved selling prices enabled the Group to absorb the impact of higher input costs. Demand for solar panel glass also remained firm. Although consumer demand remained strong in the automotive glass market, demand was weak because vehicle production continued to be constrained by shortages of automotive parts, particularly semiconductors. The high-performance glass market performed strongly as demand for the Group's products improved in many fields.」
The architectural glass, solar panel glass and high-performance glass markets were described as strong or performing well, while the automotive glass market remained weak because production was constrained by shortages of semiconductors and other parts, highlighting differences across markets. - FY2022WorsenedAnnual report
「Changes in the global economy, including currency inflation and higher energy prices; changes in customers' business environments around the world, including the effects of the COVID-19 pandemic; and geopolitical issues in various parts of the world, including disruptions to globally connected supply chains, the US-China trade war and Russia's invasion of Ukraine, may affect the Group's businesses.」
In addition to the existing market and economic risks, inflation, supply-chain disruptions and geopolitical factors such as Russia's invasion of Ukraine were explicitly identified. - FY2022-Q3Market recovery alongside weakness in the automotive marketAnnual report
「The architectural glass market was generally strong as construction and refurbishment activity recovered in many regions. Demand for solar panel glass also remained firm. The high-performance glass market benefited from strong consumer demand in many regions. In contrast, demand in the automotive glass market was weak because vehicle production was constrained by shortages of automotive parts, particularly semiconductors.」
Market conditions varied by business: the architectural glass, solar panel glass and high-performance glass markets recovered or performed strongly, while the automotive glass market remained weak because parts shortages constrained production. - FY2022-Q2MitigatedAnnual report
「The architectural glass market was generally strong as construction and renovation activity recovered in many regions. Demand for solar panel glass also remained firm. The high-performance glass market likewise benefited from strong consumer demand in many regions.」
Regarding the risk of economic deterioration in key markets, it was explained that the architectural glass, solar panel glass and high-performance glass markets recovered or performed strongly in many regions. Meanwhile, the automotive glass market was affected by parts shortages. - FY2022-Q1MitigatedAnnual report
「During the first quarter, the business environment in the key regions where the Group operates continued to recover from the effects of the COVID-19 pandemic. Although the speed and extent of recovery varied by region and business, market conditions improved in most regions compared with the same period of the previous year, which had been significantly affected by lockdown restrictions.」
It was explained that market conditions in key regions continued to recover from the significant impact of lockdowns in the same period of the previous year and improved in most regions. - FY2021MitigatedAnnual report
「Many of the key markets related to the Group's businesses have been recovering since late May 2020, but the spread of COVID-19 continued to affect economic activity in many regions and industries.」
It was explained that, while the deterioration of key markets caused by COVID-19 had begun to reverse since late May 2020, the impact on economic activity continued. - FY2021-Q3MitigatedAnnual report
「During the third quarter, the Group's business environment recovered further. Although the number of COVID-19 cases increased in many regions toward the end of the third quarter and economic activity continued to be significantly affected, the situation did not develop into lockdowns that restricted factory production, limiting the impact on demand for the Group's products.」
While the increase in infections and the impact on economic activity continued, the situation did not develop into lockdowns restricting factory operations. The impact on product demand was limited, and the business environment recovered further in the third quarter. - FY2021-Q2MitigatedAnnual report
「During the second quarter, the Group's business environment recovered significantly as demand increased following the easing of restrictions on movement associated with the spread of COVID-19. Market conditions in the architectural glass market improved, particularly in Europe and South America. Demand for solar panel glass remained firm with little impact from the COVID-19 pandemic. In the automotive glass market, market conditions improved as restrictions on movement were eased, although they had not yet returned to pre-pandemic levels. The high-performance glass market remained slightly below the previous year's level.」
Regarding the risk of deterioration in developed and emerging markets, it was explained that demand and market conditions recovered significantly in the second quarter as restrictions on movement were eased. However, the automotive glass market remained below pre-pandemic levels, and the high-performance glass market was also slightly below the previous year's level. - FY2021-Q1MaterialisedAnnual report
「During the first quarter, the Group's business environment was significantly affected by a decline in demand resulting from the spread of COVID-19.」
Regarding the risk of economic deterioration in developed and emerging markets, the decline in demand caused by COVID-19 became evident in the business environment during the first quarter. - FY2020MaterialisedAnnual report
「With the spread of COVID-19, the high-performance glass business was significantly affected from January 2020, while the automotive and architectural glass businesses were significantly affected from March 2020.」
In addition to the existing risk of market deterioration, the effects of the COVID-19 pandemic on demand, production and shipments actually materialized during the fiscal year. - FY2020-Q3WorsenedAnnual report
「During the third quarter, market conditions became even more challenging as demand weakened in the Group's main operating regions, while the Group was also affected mainly in Europe by declining passenger-car production and increased supply of architectural glass.」
It was stated that demand weakened in key regions and that market conditions deteriorated as a result of declining European passenger-car production and increased architectural glass supply. - FY2020-Q2WorsenedAnnual report
「During the second quarter, demand weakened in many regions of the Group, and market conditions became increasingly challenging.」
It was stated that demand weakened in many regions and market conditions became increasingly challenging. Adverse factors became apparent in areas including the European architectural and automotive markets and the US architectural market. - FY2020-Q1WorsenedAnnual report
「In Europe, the architectural glass market remained stable, but the automotive glass market for new vehicles was affected by declining passenger-car sales. Volumes also declined in the automotive glass replacement market.」
In Europe, the architectural glass market remained stable, while sales volumes declined in the new-vehicle and replacement automotive glass markets. - FY2019WorsenedAnnual report
「From the third quarter onward, affected by the softening European automotive market, higher energy-related costs and the depreciation of South American currencies, revenue declined while profit increased year on year.」
The softening European automotive market, higher energy costs and the depreciation of South American currencies emerged as factors affecting performance in the second half of the year. - FY2019-Q3WorsenedAnnual report
「During the third quarter, the European automotive market deteriorated sharply, while markets in Asia and the Americas remained generally stable.」
The European automotive market was reported to have deteriorated sharply, against a backdrop of declining intra-European passenger-car sales and sluggishness in some export markets. - FY2019-Q2WorsenedAnnual report
「In South America, automobile sales declined in Argentina during the second quarter, while recovery continued gradually in Brazil.」
In South America, continued recovery in Brazil and a decline in automobile sales in Argentina were noted. - FY2019-Q1WorsenedAnnual report
「The recovery in the South American automotive glass market slowed toward the end of the cumulative first quarter of the current fiscal year.」
While many key markets were considered stable or on an improving trend, a slowdown in the pace of recovery was noted in the South American automotive glass market. - FY2018RestatedAnnual report
「Most of the Group's sales are generated in the markets of Europe, Japan and North America, which accounted for 40%, 24% and 19%, respectively, of the Group's sales in the consolidated fiscal year. Most sales outside these 3 regions were generated in emerging markets such as South America.」
The concentration of sales in major markets and the potential risks of emerging markets were reaffirmed in the full-year mix of 40% for Europe, 24% for Japan and 19% for North America. - FY2018-Q3RestatedAnnual report
「There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative third quarter of the current fiscal year.」
It states that there were no material changes regarding the risk of economic deterioration in major and emerging markets. - FY2018-Q2RestatedAnnual report
「There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative second quarter of the current fiscal year.」
It states that there were no material changes regarding the risk of economic deterioration in major and emerging markets. - FY2018-Q1RestatedAnnual report
「The Group considers its analysis of business and other risks disclosed in the securities report for the previous fiscal year to remain valid during the cumulative first quarter of the current fiscal year. There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative first quarter of the current fiscal year.」
It states that there were no material changes to existing business and other risks, including the risk of economic deterioration in major and emerging markets. - FY2017RestatedAnnual report
「Most of the Group's sales are generated in the markets of Europe, Japan and North America, which accounted for 38%, 25% and 20%, respectively, of the Group's sales in the consolidated fiscal year. Most sales outside these 3 regions were generated in emerging markets such as South America.」
The regional sales mix of 38%, 25% and 20% was updated for the concentration of sales in major markets, while the potential risks of emerging markets continued to be highlighted. - FY2017-Q3RestatedAnnual report
「There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative third quarter of the current fiscal year.」
It states that there were no material changes to existing risks, including the risk of economic deterioration in major and emerging markets. - FY2017-Q2RestatedAnnual report
「There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative second quarter of the current fiscal year.」
It states that there were no material changes regarding the risk of economic deterioration in major and emerging markets. - FY2017-Q1RestatedAnnual report
「The Group considers its analysis of business and other risks disclosed in the securities report for the previous fiscal year to remain valid during the cumulative first quarter of the current fiscal year. There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative first quarter of the current fiscal year.」
No material changes were identified regarding the risk of economic deterioration in major and emerging markets. - FY2016First statedAnnual report
「In the consolidated fiscal year, they accounted for 38%, 24% and 20%, respectively, of our Group's sales. Most sales outside these 3 regions were generated in emerging markets such as South America.」
The disclosure states that sales are concentrated in Europe, Japan and North America, while emerging markets carry greater potential risks.