# Who are Asahi Kasei's customers? Who does Asahi Kasei earn revenue from?
Canonical: https://valuechain.wiki/asahi-kasei · Facet: customers · Updated: 2026-07-12T04:50:22.079+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Asahi Kasei's confirmed revenue counterparties include Toyota Tsusho America (TAI), 삼성SDI plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).

### 석유화학·전자재료 고객 (마테리얼 부문) (high)
- metric: Amount ¥1.4T · FY2024 (2025-03) · Material segment net sales
- note: The Material sector, beyond separators, spans petrochemicals, electronic materials and environmental solutions, with net sales of JPY 1,368.8B in the year ended March 2025, about 45% of group revenue; the separator is one business within it.
- [mentions] Analyst consensus incl. Okasan, Daiwa, SMBC Nikko (via MarketScreener) (EN, research, published 2026-05-12) https://www.marketscreener.com/quote/stock/ASAHI-KASEI-CORPORATION-6491172/consensus/: "Analysts: Buy consensus (Okasan PT JPY 2,200), Healthcare-led profit growth and Material recovery expected. FY ended Mar-2026 Material sales JPY 1,306.2bn (-4.6%, inventory-valuation impact)."
- [confirms] Asahi Kasei (EN, filing, published 2026-05-12) https://www.asahi-kasei.com/content/dam/asahi-kasei/us/en/ir/library/financial-briefing/pdf/mar2026.pdf: "Material segment sales to customers 1,306,240 million yen (FY ended March 2026); operating income 68.3bn, hit by inventory valuation."
- [confirms] Asahi Kasei Securities Report (yukashoken) (JA, filing, published 2025-06-25) https://www.asahi-kasei.com/jp/ir/library/financial_report/pdf/134j_0625.pdf: "The company operates multiple businesses within the Material segment; the Hipore lithium-ion battery separator business was transferred to Asahi Kasei Battery Separator. Consolidated net sales were JPY 3,037.3B."
- [confirms] Asahi Kasei IR (JA, ir, published 2025-05-09) https://www.asahi-kasei.com/jp/ir/library/financial_briefing/pdf/2503_analyst.pdf: "FY ended March 2025 net sales were JPY 3,037.3B (+9.1%) and operating income JPY 211.9B (+50.6%); Material JPY 1,368.8B, Homes JPY 1,035.9B, Health Care JPY 615.9B."

### 주택 구매자 (주택 부문, 헤벨하우스) (high)
- metric: Amount ¥1T · FY2024 (2025-03) · Homes segment net sales
- note: The Homes sector (Hebel Haus construction and US/Australia housing) posted JPY 1,035.9B in the year ended March 2025, the second largest after Material, running on a cycle unrelated to separators.
- [confirms] Asahi Kasei Securities Report (yukashoken) (JA, filing, published 2025-06-25) https://www.asahi-kasei.com/jp/ir/library/financial_report/pdf/134j_0625.pdf: "The Homes segment comprises Hebel Haus construction contracting and US/Australia housing; net sales for the year ended March 2025 were JPY 1,035.9B."

### 병원·제약 (헬스케어 부문) (high)
- metric: Amount ¥615.9B · FY2024 (2025-03) · Health Care segment net sales
- note: The Health Care sector (pharmaceuticals, medical devices, blood purification, critical care) posted JPY 615.9B in the year ended March 2025, the third pillar of the conglomerate structure.
- [confirms] Asahi Kasei IR (JA, ir, published 2025-05-09) https://www.asahi-kasei.com/jp/ir/library/financial_briefing/pdf/2503_analyst.pdf: "The Health Care sector posted JPY 615.9B for the year ended March 2025, led by critical care and pharma/medical businesses."

### Toyota Tsusho America (TAI) (high)  → /toyota-tsusho.md
- note: Asahi Kasei Battery Separator America (AKBSA) supplies coated Hipore separators from its new Charlotte, North Carolina plant to Toyota Tsusho America (TAI) for automotive lithium-ion batteries — deliveries slated to start mid-2027, with capacity priority given to TAI. Toyota Tsusho (a graph node) is the named, committed offtaker and the real trigger of the separator re-rating thesis; value and volume are undisclosed.
- [mentions] Asahi Kasei (EN, filing, published 2026-05-12) https://www.asahi-kasei.com/content/dam/asahi-kasei/us/en/ir/library/financial-briefing/pdf/mar2026.pdf: "North American separator base (AKBSA) advancing toward automotive-battery supply; separators within Material."
- [confirms] Asahi Kasei (EN, ir, published 2025-07-31) https://www.asahi-kasei.com/news/2025/e250731.html: "AKBSA will supply TAI with coated Hipore separator from its new Charlotte coating facility under construction, granting TAI preferential share of AKBSA's capacity, with deliveries beginning mid-2027."
- [mentions] Development Bank of Japan (JA, news, published 2024-10-02) https://www.dbj.jp/topics/dbj_news/2024/html/20241002_204985.html: "DBJ invests to support the expansion of Asahi Kasei's North American lithium-ion battery separator business, strengthening the supply chain."

### 삼성SDI (mid)  → /samsung-sdi.md
- note: Supplies EV Li-ion battery separators (Hipore wet-process, Celgard dry-process) to Samsung SDI; Asahi Kasei and Toray have been Samsung SDI's largest separator suppliers.
- [confirms] The Elec (EN, news, published 2019-08-16) https://www.thelec.net/news/articleView.html?idxno=459: "Up until last year, Asahi Kasei and Toray had been supplying most of the EV Li-ion battery separators for Samsung SDI."
- [confirms] Charged EVs (EN, news, published 2014-02-05) https://chargedevs.com/newswire/samsung-sdi-to-use-celgard-separator-in-ev-and-storage-system-batteries/: "Celgard entered a long-term agreement to supply separators to Samsung SDI for its EV and energy storage lithium-ion batteries."

Reverse side: https://valuechain.wiki/asahi-kasei/suppliers.md · Ripple: https://valuechain.wiki/asahi-kasei/ripple.md

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Full node: https://valuechain.wiki/asahi-kasei.md · JSON: https://valuechain.wiki/asahi-kasei.json