MLCC materials: Benefiting from multilayering

Research evidence excerpt

MLCC materials: Benefiting from multilayering

Global Markets Research

MLCC materials: Benefiting from multilayering 2 July 2026

EQUITY: JAPAN CHEMICALS & TEXTILES

Companies including Toyobo and Lintec likely to Research Analysts

benefit Japan chemicals & textiles Yusho Yoshitake - NSC

We forecast a CAGR of around 10% for demand through 2028 (over yusho.yoshitake@nomura.com

2025 baseline) +81 3 6703 1169

Shigeki Okazaki - NSC

With the multilayering of MLCCs, material manufacturers should benefit from shigeki.okazaki@nomura.com

increased volumes +81 3 6703 1170

Release films for MLCCs are materials used in the production of internal electrodes for

MLCCs (Figure 1). We expect demand for release films to grow at an annual average rate

of around 10% from 2025 to 2028 owing partly to increased demand for multilayer MLCCs

for AI servers. We think higher volumes should benefit companies that sell release films,

such as Toyobo [3101] (Neutral), Lintec [7966] (Buy), and Toray Industries [3402]

(Neutral). A drop in selling prices in 2026 is a risk, but with only moderate capacity

increases, it does not look as if capacity utilization rates will fall sharply, so we are not

expecting prices to fall.

Japanese manufacturers dominate the release film market

Release films consist of a release coating layer and a base film layer. Lintec specializes in

the coating layer, and Toray Industries focuses on the base film layer (Figure 2). Toyobo

sells not only release films but also base film layers. Japanese companies hold over 80%

of the market share for release films, and Lintec has the top share (Figure 4). We estimate

that Toray Industries holds the top market share for external sales of base films.

Toyobo's new plant should start contributing in earnest from Jul–Sep 2026