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Glass & Ceramics industry map

Who earns the money in Glass & Ceramics, and who keeps it. When a company spans several industries, only the relevant segment is counted.

FY2025 · 34 companies · ¥4.41T

Industry map

Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.

Industry size (revenue)
¥4.41T

YoY +4.6%

Companies
34
Avg. salary（parent only）
¥7.1M

Avg. age 43.0

Industry weather
Sunny

Operating income +37.6%

AGC[5201]

Automotive + 3 more

#1
Revenue
¥1.35T▲0.7%
Operating income
¥96.6B▲7.5%

Margin 7.2%

Whole company: Revenue ¥2.06T · Net income ¥69.2B

Avg. salary ¥9.1M · 43.4（parent only）

Kyocera[6971]

Core Components Business

#2
Revenue
¥652.6B▲10.4%
Operating income
¥63.1BBack to profit

Margin 9.7%

Whole company: Revenue ¥2.07T · Net income ¥141B

Avg. salary ¥7.4M · 40.1（parent only）

NGK[5333]

Environment + 1 more

#3
Revenue
¥464.7B▲3.8%
Operating income
¥67.3B▲5.1%

Margin 14.5%

Whole company: Revenue ¥670.1B · Net income ¥59.9B

Avg. salary ¥9.2M · 40.7（parent only）

Hoya[7741]

Information Technology

#4
Revenue
¥354.8B▲14.0%
Operating income
—

Whole company: Revenue ¥947.7B · Net income ¥253.1B

Avg. salary ¥9.7M · 47.6（parent only）

Nippon Electric Glass[5214]

#5
Revenue
¥311.4B▲4.1%
Operating income
¥34.1B▲457.7%

Margin 11.0%

Avg. salary ¥7.4M · 43.3（parent only）

  • Nipro owns 1.7%

Tokai Carbon[5301]

Smelting and Lining + 2 more

#6
Revenue
¥155.3B▼7.1%
Operating income
¥11.6BBack to profit

Margin 7.5%

Whole company: Revenue ¥323B · Net income ¥20.1B

Avg. salary ¥7.7M · 43.1（parent only）

Shinagawa Refra[5351]

Refractories + 2 more

#7
Revenue
¥131.3B▲11.6%
Operating income
¥10.9B▼1.7%

Margin 8.3%

Whole company: Revenue ¥177.7B · Net income ¥26.1B

Avg. salary ¥6.9M · 44.7（parent only）

Niterra[5334]

Component solutions

#8
Revenue
¥129.9B▲27.0%
Operating income
-¥4.58B

Margin -3.5%

Whole company: Revenue ¥731.2B · Net income ¥112.9B

Avg. salary ¥9.9M · 43.5（parent only）

Murakami[7292]

Japan + 1 more

#9▲
Revenue
¥84.4B▲3.3%
Operating income
¥6.48B▼7.0%

Margin 7.7%

Whole company: Revenue ¥115.7B · Net income ¥6.08B

Avg. salary ¥7M · 43.4（parent only）

Ibiden[4062]

Ceramics

#10▼
Revenue
¥82.6B▼1.8%
Operating income
¥7.65B▼37.4%

Margin 9.3%

Whole company: Revenue ¥416.2B · Net income ¥63.7B

Avg. salary ¥7.7M · 40.2（parent only）

Toto[5332]

Advanced Ceramics business

#11▲
Revenue
¥67.4B▲34.0%
Operating income
¥28.9B▲41.7%

Margin 42.9%

Whole company: Revenue ¥737.4B · Net income ¥40.3B

Avg. salary ¥7.8M · 45.2（parent only）

Maruwa[5344]

Ceramic components

#12▼
Revenue
¥63.8B▲2.1%
Operating income
¥24.6B▼9.3%

Margin 38.5%

Whole company: Revenue ¥74.5B · Net income ¥18.2B

Avg. salary ¥8.8M · 42.0（parent only）

※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.

Other companies: Nitto Boseki · Central Glass · JGC Holdings · Nipro · Noritake · Toyo Tanso · Nippon Carbon · TYK · Ohara · SEC Carbon · Yotai Refractories · Sumitomo Osaka Cement · Ishizuka Glass · Konoshima Chemical · Nikkato · Mino Ceramic · Nippon Crucible · Nikko Company · Okamoto Glass · Nihon Yamamura Glass · Almedio · Kuramoto

The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).

Switch years to see how the map shifts

Who earns the money

Area = revenue from businesses in this industry. Color = operating margin.

LossHigh margin(middle = 0% margin)

Who makes a profit

Across = revenue (log scale), up = operating margin, bubble size = operating income.

Ranking and momentum

RankCompany (business)RevenueShareOp. marginCAGRFCF*
1AGCAutomotive + 3 more¥1.35T30.6%7.2%+41.6%¥64.9B
2KyoceraCore Components Business¥652.6B14.8%9.7%+5.5%¥53.2B
3NGKEnvironment + 1 more¥464.7B10.5%14.5%+6.6%¥82.5B
4HoyaInformation Technology¥354.8B8.0%—+9.3%¥221.9B
5Nippon Electric Glass¥311.4B7.1%11.0%+1.6%¥23.1B
6Tokai CarbonSmelting and Lining + 2 more¥155.3B3.5%7.5%+4.7%¥13B
7Shinagawa RefraRefractories + 2 more¥131.3B3.0%8.3%—¥3.67B
8NiterraComponent solutions¥129.9B2.9%-3.5%—¥70.3B
9▲1MurakamiJapan + 1 more¥84.4B1.9%7.7%+10.0%¥3.97B
10▼1IbidenCeramics¥82.6B1.9%9.3%-2.3%-¥837M
11▲6TotoAdvanced Ceramics business¥67.4B1.5%42.9%—¥28.1B
12▼1MaruwaCeramic components¥63.8B1.4%38.5%+8.7%-¥5.59B
13▲2Nitto BosekiElectronic Materials Business + 1 more¥62.7B1.4%30.8%—-¥3.22B
14▼1Central GlassGlass segment¥59.6B1.4%4.7%-14.5%¥17.1B
15▼1JGC HoldingsFunctional Materials Manufacturing¥57B1.3%13.5%+6.5%¥62.2B
16▼4NiproPharmaPackaging¥54.7B1.2%-2.9%+4.2%-¥7.63B
17▲1NoritakeCeramics and Materials¥50B1.1%16.6%+5.3%-¥4.07B
18▼2Toyo TansoJAPAN + 3 more¥46.2B1.0%10.7%+5.2%-¥6.1B
19Nippon CarbonCarbon product business + 1 more¥36.5B0.8%12.2%—¥791M
20TYKJapan + 3 more¥31.1B0.7%12.3%+5.1%¥1.58B
21▲1OharaOptical products + 1 more¥28.9B0.7%6.2%+5.3%-¥857.1M
22▼1SEC Carbon¥25.1B0.6%16.0%+2.3%¥4.17B
23Yotai RefractoriesRefractory¥24.2B0.5%19.7%+3.4%¥1.01B
24▲1Sumitomo Osaka CementNew materials¥18.1B0.4%13.7%+5.5%¥1.88B
25▼1Ishizuka GlassGlass tableware + 1 more¥17.9B0.4%7.7%+11.9%¥3.55B
26Konoshima ChemicalChemicals¥12.3B0.3%13.6%+12.8%¥1.86B
27NikkatoCeramics¥8.22B0.2%10.2%+1.9%¥1.12B
28Mino CeramicRefractory ceramics¥6.99B0.2%6.0%—¥1.55B
29Nippon CrucibleRefractories¥5.2B0.1%4.9%+0.9%¥57.1M
30▲2Nikko CompanyFunctional ceramic goods + 1 more¥5B0.1%9.3%+7.2%¥519M
31Okamoto GlassOptics + 3 more¥4.73B0.1%9.3%-1.7%¥122.5M
32▲1Nihon Yamamura GlassNew glass¥3.52B0.1%12.3%-2.0%¥4.6B
33▼3AlmedioHeat insulator¥2.27B0.1%-15.5%+0.9%-¥43.5M
34Kuramotosubstrate segments¥606.5M0.0%9.5%—-¥647.3M

* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.

How they make money differently

Where each company's ¥100 of sales goes, and how much it keeps (company-wide).

  • Cost of sales
  • SG&A
  • Other
  • Operating profit

Showing the 25 largest companies by revenue.

Ownership links

From the major-shareholder section of annual securities reports.

The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted. Showing up to 24 shareholder cards.

Compare the leaders side by side

All companies in Glass & Ceramics (by revenue)

All 34 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.

  1. AGC¥1.35T · 7.2%
  2. Kyocera¥652.6B · 9.7%
  3. NGK¥464.7B · 14.5%
  4. Hoya¥354.8B
  5. Nippon Electric Glass¥311.4B · 11.0%
  6. Tokai Carbon¥155.3B · 7.5%
  7. Shinagawa Refra¥131.3B · 8.3%
  8. Niterra¥129.9B · -3.5%
  9. Murakami¥84.4B · 7.7%
  10. Ibiden¥82.6B · 9.3%
  11. Toto¥67.4B · 42.9%
  12. Maruwa¥63.8B · 38.5%
  13. Nitto Boseki¥62.7B · 30.8%
  14. Central Glass¥59.6B · 4.7%
  15. JGC Holdings¥57B · 13.5%
  16. Nipro¥54.7B · -2.9%
  17. Noritake¥50B · 16.6%
  18. Toyo Tanso¥46.2B · 10.7%
  19. Nippon Carbon¥36.5B · 12.2%
  20. TYK¥31.1B · 12.3%
  21. Ohara¥28.9B · 6.2%
  22. SEC Carbon¥25.1B · 16.0%
  23. Yotai Refractories¥24.2B · 19.7%
  24. Sumitomo Osaka Cement¥18.1B · 13.7%
  25. Ishizuka Glass¥17.9B · 7.7%
  26. Konoshima Chemical¥12.7B · 16.9%
  27. Nikkato¥8.22B · 10.2%
  28. Mino Ceramic¥6.99B · 6.0%
  29. Nippon Crucible¥5.2B · 4.9%
  30. Nikko Company¥5B · 9.3%
  31. Okamoto Glass¥4.73B · 9.3%
  32. Nihon Yamamura Glass¥3.52B · 12.3%
  33. Almedio¥2.27B · -15.5%
  34. Kuramoto¥606.5M · 9.5%

Revenue · Op. margin

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