# Who are Nitto Denko's customers? Who does Nitto Denko earn revenue from?
Canonical: https://valuechain.wiki/nitto-denko · Facet: customers · Updated: 2026-07-12T04:10:59.224+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Nitto Denko's confirmed revenue counterparties include LG Display plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 revenue edges, backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).

### 디스플레이·스마트폰 (편광필름·광학필름) (high)
- metric: rank 1위 · FY2025 · world rank in LCD-TV polarizers
- note: Core of the Optronics segment (¥529.0B revenue). #1 worldwide in LCD-TV polarizers and co-leader with Sumitomo Chemical in OLED circular polarizers. Its polarizing/optical films go into smartphone, tablet, TV and vehicle displays.
- [confirms] Investing.com (EN, news, published 2026-04-24) https://www.investing.com/news/stock-market-news/nitto-denko-reports-fiscal-2026-results-issues-fiscal-2027-guidance-93CH-4638557: "FY2025 Optronics revenue ¥529.0B (-2.4%), OP ¥152.0B. Company revenue ¥1,028.2B, OP ¥183.6B."
- [confirms] Nitto Denko (EN, filing, published 2026-01-23) https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf: "Optronics 9-month revenue ¥412.0B (YoY -2.4%), OP ¥120.5B. Revenue for optical films used in LCD smartphones decreased."
- [confirms] OLED-Info (EN, news, published 2025-06-01) https://www.oled-info.com/nitto-denko: "The OLED circular-polarizer market is led by Sumitomo Chemical and Nitto Denko. NPF is used in smartphone, tablet, TV and vehicle displays."
- [confirms] Wikipedia (KO) (KO, news, published 2025-01-01) https://ko.wikipedia.org/wiki/%EB%8B%9B%ED%86%A0%EB%8D%B4%EC%BD%94: "Nitto Denko holds the world's #1 share in polarizers used in LCD TVs."

### 반도체·OSAT (다이싱·백그라인딩 테이프) (mid)
- metric: Market share 11% · 2025 · semiconductor process-tape world share (est.)
- note: Semiconductor process materials within Industrial Tape. Supplies back-grinding and dicing tapes (e.g. SWT 10T+, sub-50µm) to fabs and OSATs. Its semiconductor process-tape share is roughly 10-12%, behind Mitsui Tohcello and Lintec (about 20% each).
- [mentions] Nitto Denko (EN, filing, published 2026-01-23) https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf: "Industrial Tape 9-month revenue ¥275.1B (+3.0%), including semiconductor and electronics process materials."
- [confirms] Market Growth Reports (EN, news, published 2025-09-01) https://www.marketgrowthreports.com/market-reports/semiconductor-process-tapes-market-104009: "Denka and Nitto each hold roughly 10-12% of semiconductor process tapes, with Mitsui Tohcello and Lintec each around 20%."

### LG Display (mid)  → /lg-display.md
- note: Supplies polarizing film and optical adhesive sheets to OLED/LCD panel makers. Panel makers such as LG Display are demand sources; Nitto announced a $250M expansion of its Toyohashi fab to meet rising OLED-display-maker demand.
- [mentions] Nitto Denko (EN, filing, published 2026-01-23) https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf: "Optronics (polarizing/optical film) is the revenue and profit core, supplied for display panels."
- [confirms] OLED-Info (EN, news, published 2025-06-01) https://www.oled-info.com/nitto-denko: "Nitto is investing $250M to expand its Toyohashi fab as OLED display-maker demand rises; NPF supplies OLED and LCD panels."

Reverse side: https://valuechain.wiki/nitto-denko/suppliers.md · Ripple: https://valuechain.wiki/nitto-denko/ripple.md

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Full node: https://valuechain.wiki/nitto-denko.md · JSON: https://valuechain.wiki/nitto-denko.json