As packaging technology for next-generation semiconductors centered on glass core substrates draws global attention, the activities of 4 companies involved in process chemicals, surface treatment and equipment, along with their respective growth scenarios, are coming into focus.
First, JCU is emphasizing a structural shift toward glass substrates and, following the launch of its process-chemical brand Tifares, is specializing in back-end processes. It has announced an investment of approximately ¥11.8 billion in its Kumamoto facility and outlined a long-term strategy to increase revenue to ¥50 billion, approximately double the current level, and operating profit to ¥17.5 billion by 2035. JCU also plans to expand its overseas customer base, particularly in Asia.
Next, MEC owns technology for its “magic chemicals,” centered on the CZ series, that strongly bonds copper and resin. The company says its financial results indicate growing demand related to generative AI, against the backdrop of expanding demand for next-generation packaging substrates through the AP series. In its latest first-half results, operating profit improved significantly year on year, and the full-year forecast was revised to ¥8.3 billion.
日本高純度化学 is described as an integrated company that plays a core role similar to MEC, emphasizing that it handles everything from supplying plating chemicals, including for electroless applications, through collection and recycling. It explains the importance of metal-plating chemicals as an adhesive for glass core substrates and introduces sales volumes at major semiconductor hubs worldwide.
上村工業 describes a dual-engine business model that provides process chemicals together with the equipment used to process them. By also supporting small-scale processing before mass production, it encourages ongoing sales of process chemicals and is said to support the adoption and growth of glass core substrates. Its latest results feature a robust financial base, with an equity ratio of 82.7%, and limited downside risk supported by a stable dividend of ¥200.
Overall, the 4 companies are described as targeting medium- to long-term growth by capturing increased demand for packaging substrates driven by the evolution of AI infrastructure, using recurring-revenue business models and strong technological capabilities as their competitive strengths.