# Who are Mitsubishi Chemical Holdings's customers? Who does Mitsubishi Chemical Holdings earn revenue from?
Canonical: https://valuechain.wiki/mitsubishi-chemical-holdings · Facet: customers · Updated: 2026-09-24T11:12:49.510087+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Mitsubishi Chemical Holdings's confirmed revenue counterparties include PPG Industries, Cosmo Advanced Materials & Technology plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 5 dated sources, 2 of them primary filings (as of 2026-09-24).

### 글로벌 산업가스 수요처 (철강·전자·의료·화학) (high)
- metric: segment revenue 1,301,100,000,000엔 · 산업가스 FY2024(2025.3월기) · MCG consolidated results
- note: Industrial Gases revenue ¥1,301.1bn (FY2024, the single largest segment) with core OP ¥186.1bn, lifted by regional price management and cost cuts. Signed May 2024 to acquire Wesfarmers Kleenheat's LPG business in Australia.
- [confirms] Investing.com (KO, news, published 2025-11-05) https://kr.investing.com/news/company-news/article-93CH-1694986: "The Industrial Gases segment held steady with core OP of ~¥93.0bn, helping drive group net income up 169% to ¥110.1bn (H1 FY2025)."
- [confirms] Mitsubishi Chemical Group (EN, filing, published 2025-05-13) https://www.mcgc.com/english/ir/pdf/02290/02582.pdf: ""Industrial Gases sales revenue increased ¥54.2 billion to ¥1,301.1 billion and core operating income rose ¥23.1 billion to ¥186.1 billion… price management efforts in each region as well as the forex impact.""

### 반도체·디스플레이 제조사 (EUV·ArF 포토레지스트·초순수 이온교환수지·정밀세정·합성실리카) (high)
- metric: segment revenue 1,081,300,000,000엔 · 스페셜티 머티리얼즈 FY2024(2025.3월기) · MCG consolidated results
- note: Specialty Materials revenue ¥1,081.3bn (FY2024). Riding the semiconductor market, MCG is expanding Lithomax EUV/ArF photoresists (Kyushu-Fukuoka, on-stream Sep–Oct 2025), ultrapure-water ion-exchange resins, semiconductor precision cleaning (new Fukushima + Iwate, on-stream Oct 2026) and synthetic silica powder (+35%).
- [confirms] TradingView (EN, news, published 2025-11-01) https://www.tradingview.com/symbols/TSE-4188/forecast-actuals-and-estimates/: "Specialty Materials stayed solid on recovering semiconductor/display demand. Analyst 12-month target averages ~¥1,037 (high ¥1,300, low ¥800), with a recent fair-value lift to ¥1,119."
- [confirms] Mitsubishi Chemical Group (EN, filing, published 2025-05-13) https://www.mcgc.com/english/ir/pdf/02290/02582.pdf: ""In response to an anticipated increase in demand for ArF and EUV photoresists in tandem with the miniaturization of semiconductor devices… increase the production capacity of its Lithomax photosensitive polymers… commence operations in October 2025 for ArF and September 2025 for EUV." Specialty Materials sales revenue ¥1,081.3 billion."

### PPG 인더스트리스 (high)  → /ppg-industries.md
- note: Mitsubishi Chemical Group is a supply partner developing innovative materials for PPG's next-generation marine antifouling coatings. Supplier-specific spend is not disclosed.
- [confirms] PPG Investor Relations (EN, ir, published 2026-06-26) https://investor.ppg.com/news/news-details/2026/PPG-names-recipients-of-2025-Excellent-Supplier-Awards/default.aspx: "MCC was recognized after partnering with PPG to develop innovative materials for next-generation marine antifouling coatings."

### 자동차·EV·엔지니어링플라스틱 고객 (탄소섬유복합재·LiB 음극재) (mid)
- note: Serves automotive/EV customers with high-performance engineering plastics and carbon-fiber composites via Advanced Solutions/Composites. Decided Dec 2024 to expand Kagawa Plant natural-graphite anode capacity for automotive Li-ion batteries (11,000 t/yr, on-stream Oct 2026).
- [mentions] Mitsubishi Chemical Group (EN, filing, published 2025-05-13) https://www.mcgc.com/english/ir/pdf/02290/02582.pdf: ""To strengthen supply chains of anode material for automotive lithium-ion batteries… increase production capacity at its Kagawa Plant (11,000 tons/year), on-stream October 2026"; Advanced Solutions is exposed to EV demand swings in Europe and the U.S."

### 코스모신소재 (mid)  → /cosmo-advanced-materials-technology.md
- note: Supplies resin for toner to Cosmo Advanced Materials & Technology (Korea); rising petrochemical prices are creating pressure to raise selling prices.
- [confirms] FSS DART (KO, filing, published 2026-06-02) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260602000342: "Resin is sourced from Mitsubishi Chemical (Japan) and other overseas and domestic firms; suppliers are raising prices on low-margin items as toner demand falls."

Reverse side: https://valuechain.wiki/mitsubishi-chemical-holdings/suppliers.md · Ripple: https://valuechain.wiki/mitsubishi-chemical-holdings/ripple.md

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Full node: https://valuechain.wiki/mitsubishi-chemical-holdings.md · JSON: https://valuechain.wiki/mitsubishi-chemical-holdings.json