# Who does Nitto Denko pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/nitto-denko · Facet: suppliers · Updated: 2026-07-12T04:10:59.224+00:00 · Source: ValueChain.wiki (cited money-flow graph)

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

### Kuraray (high)  → /kuraray.md
- metric: Market share 65% · 2025 · PVA+TAC share of polarizer raw-material cost
- note: Sources PVA (polyvinyl alcohol) film, the key polarizer raw material, from Kuraray. PVA and TAC film make up 60-70% of polarizer raw-material cost, and Kuraray has been a near-monopoly PVA supplier for polarizers since 1961.
- [confirms] P Market Research (EN, news, published 2025-05-01) https://pmarketresearch.com/it/polarizer-for-lcd-display-market/: "Polarizer manufacturing relies heavily on PVA and TAC film, which account for 60-70% of raw-material cost."
- [confirms] Kuraray (EN, news, published 2025-01-01) https://poval-film.kuraray.com/en/about/: "Kuraray industrialized POVAL (PVA) in 1958 and has supplied it as a raw material for LCD polarizers since 1961."
- [confirms] Samsung SDI (KO, news, published 2025-01-01) https://www.samsungsdi.co.kr/column/all/detail/23.html: "Polarizing film is an optical filter made by dyeing PVA film with iodine; PVA is the key raw material."

### TAC 필름·아크릴 수지·접착 원료 (광학·테이프 기재) (mid)
- note: Buys TAC (triacetyl cellulose) film, PET film, acrylic resin and adhesive feedstock as substrates and pressure-sensitive adhesives for optical films and industrial tapes. TAC film, alongside PVA, is a protective-layer material forming 60-70% of polarizer raw-material cost.
- [mentions] Nitto Denko (EN, filing, published 2026-01-23) https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf: "Price adjustments from material rationalization of process materials were reflected in Optronics results."
- [confirms] P Market Research (EN, news, published 2025-05-01) https://pmarketresearch.com/it/polarizer-for-lcd-display-market/: "TAC film is a protective layer around the polarizing layer and, with PVA, makes up 60-70% of polarizer raw-material cost."

### 에너지·유틸리티 (제조 전력·연료) (mid)
- note: Film casting, coating and drying are energy-intensive, so energy prices and FX are cost variables. In FY2025 yen appreciation cut operating profit by ¥8.1B.
- [mentions] 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: "In FY2025 FX reduced operating profit by ¥8.1B."
- [confirms] Nitto Denko (EN, filing, published 2026-01-23) https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf: "Foreign-exchange (yen appreciation) reduced operating profit by ¥8.8B on a 9-month basis."

Reverse side: https://valuechain.wiki/nitto-denko/customers.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