DNF

What DNF does

DNF Co., Ltd. is a KOSDAQ-listed South Korean specialty chemical company that develops and manufactures CVD/ALD (Chemical Vapor Deposition/Atomic Layer Deposition) precursors for semiconductor manufacturing. Founded in 2001 and headquartered in Daejeon, the company holds 62 registered domestic and 108 registered global patents covering precursor chemistry, thin-film deposition materials, and patterning films. DNF's portfolio spans barrier metals (TiN, TaN, Ru), high-k dielectrics (ZrO2, HfO2) for DRAM capacitors, high-k for metal gates, low-k interlayer insulators, electrode materials, metallization metals, SiO2/SiN for NAND Flash CT-3D structures, etch hard mask films (ACL precursors such as 1-Hexene and Propylene), DIPAS for Double Patterning Technology, gap-fill materials, GST precursors for PRAM, and encapsulation/passivation chemistries. DNF was the first Korean company to localize and mass-produce DIPAS for sub-30nm DPT processes and has supplied Al CVD precursors since 2005 and high-k DRAM capacitor materials since 2013.

The company serves DRAM manufacturers, NAND Flash memory makers, and general semiconductor fabs through direct B2B technical sales. It operates four sites in Korea — two R&D and chemical plant campuses in Daejeon, a specialty gas plant in Ulsan for ACL material production, and a Hwaseong technical sales office — and exports ACL thin-film materials to China and spin-on dielectric materials to Taiwan. Samsung Electronics is both a major customer (supplied with TMA materials and other precursors) and a 7.0% strategic shareholder following an August 2021 rights offering. Distribution is exclusively direct enterprise sales with no disclosed public pricing.

DNF generates revenue through a single stream of proprietary semiconductor materials sales, reported at ₩79.1 billion in 2025 (down from ₩96.9 billion in 2022) with a marginal net profit of ₩1.24 billion against an operating loss of -₩673 million. Soulbrain Co., Ltd. became the controlling shareholder (30.1% stake) in December 2023, simultaneously triggering disposal of the DNF AM subsidiary and the Chemoptics minority stake and a sequence of three CEO changes. The company holds ISO 9001, ISO 14001, ISO 45001, and IATF 16949 certifications, maintains a BBB credit rating from ECREDIBLE, and is recognized by the Korean government with the President's Award for materials, parts and equipment contribution (2021).

Name

DNF

Legal name

DNF Co., Ltd.

Website

https://dnfsolution.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

251–500 employees

Short description

DNF Co., Ltd. is a South Korean specialty chemical company that develops and supplies CVD/ALD precursor materials — high-k dielectrics, barrier metals, etch hard masks, and patterning films — to semiconductor fabs in Korea, China, and Taiwan.

Ownership category

akta.pro rank

Headquarters

HQ city

Daejeon

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Semiconductor Materials Sales: DNF generates revenue through the sale of proprietary CVD/ALD precursor materials to semiconductor manufacturers. The company develops and supplies materials used in semiconductor device manufacturing including barrier metals, electrode materials, high-k dielectrics, low-k films, and metallization metals. Revenue is generated through direct B2B sales to semiconductor FABs.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

DNF develops, manufactures, and supplies proprietary CVD/ALD precursor chemicals used in semiconductor wafer fabrication processes including thin film deposition, etching, and patterning. Its core product lines encompass barrier metals, high-k dielectrics for DRAM capacitors and metal gates, low-k interlayer dielectrics, electrode materials, metallization metals, SiO2/SiN, ACL etch hard mask precursors, DPT (DIPAS) materials, gap-fill materials, GST materials for PRAM, and encapsulation/passivation materials. These precursors are sold directly to semiconductor fabs in Korea, China, and Taiwan for use in advanced memory and logic device manufacturing.

Product overview

DNF is a CVD/ALD (Chemical Vapor Deposition/Atomic Layer Deposition) precursor specialist for semiconductor manufacturing. The company offers a comprehensive portfolio of electronic materials including Barrier Metal, DPT Material, Electrode Material, Etch Hard Mask Film, High-k for Capacitor, High-k for Metal Gate, Low-k, Metallization Metal, SiO2/SiN, Gap Fill Material, GST Material for PRAM, and Encapsulation & Passivation Materials. These chemical precursors form thin films on semiconductor surfaces during deposition processes and are essential for semiconductor pattern formation, electrical properties, and chemical stability in device manufacturing.

Differentiator

Problem solved

Functional benefit

Products and services

• Barrier Metal Precursors Diffusion barrier precursor materials (Ti(N), Ta(N), Ru) used during metallization to prevent contamination of interlayer dielectrics from metal ions, oxygen, or moisture, while conducting electricity.
• DPT Material (DIPAS) DIPAS precursor product used as an etch-layer material together with photoresist in Double Patterning Technology (DPT) processes, enabling pattern formation when single patterning cannot achieve fine patterns below 30nm; first localized and mass-produced in Korea by DNF.
• Electrode Material Capacitor electrode precursor materials (TiN bottom electrode, with Ru and Nb under research) for memory devices, providing low contact resistance and structural integrity during continued scaling.
• ACL (Amorphous Carbon Layer) Etch Hard Mask Precursors ACL precursors including 1-Hexene (4MS) and Propylene with high carbon content that provide excellent etch resistance for fine pattern formation in advanced etch hard mask applications.
• High-k for Capacitor High dielectric constant materials (ZrO2, HfO2) used in DRAM capacitors to overcome reduced capacitance as device miniaturization decreases capacitor volume.
• High-k for Metal Gate High-k precursor materials for metal gate stacks used from the 45nm node onward to replace SiO2 insulators and address increased gate leakage current from insulator thinning.
• Low-k Interlayer Dielectric Precursors Low dielectric constant interlayer insulating precursor materials developed to minimize RC delay effects as interconnect density increases with device miniaturization.
• Metallization Metal Precursors Metal precursors for wiring processes connecting electrical paths in semiconductor circuits, supporting the historical evolution from W to Al to Cu interconnects via CVD/ALD.
• SiO2 / SiN ALD Materials ALD-grade SiO2 and SiN precursors used as blocking oxide and tunneling oxide (gate oxide) materials for NAND Flash memory manufacturing, particularly for CT-3D structures requiring precise thickness control via ALD equipment.
• Gap Fill Materials Materials for gap-fill semiconductor processes including low-temperature flowable oxide insulating films (BDMAS, PS, TIPAS, Tri-DMAS) used in advanced memory and logic device fabrication.
• GST Materials for PRAM Germanium Antimony Tellurium (GST) precursors for Phase-change Random Access Memory (PRAM) applications (BDMEDAGe, TDMAGe, TEMAGe, TDMASb).
• Encapsulation & Passivation Materials Precursor materials used for semiconductor encapsulation and passivation layers (CSN-2, DIPAS, DTDH-3H2, DTDN-1H5, DTDN-2H2, DTDN-2H4, NSi-01, DTP-01, DTP-02, TMA), providing chemical stability for finished devices.

Quantifiable outcome

• First Korean company to localize and mass-produce DIPAS products for DPT
• +1 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Scale indicators11 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Tri Chemical Laboratories: Japan-based specialist in CVD/ALD precursors and high-purity electronic chemicals for semiconductor and display manufacturers, directly comparable in product mix and customer base to DNF's precursor portfolio.
• Foosung: Korean manufacturer of specialty gases and electronic chemicals (including precursors) used in semiconductor fabrication; a closely comparable mid-cap Korean supplier competing for similar wafer-fab wallet share.
• ENF Technology: Korean specialty chemical company developing CVD/ALD precursors and high-purity electronic materials for semiconductor fabs, competing head-to-head with DNF in Korean memory and foundry accounts.

Regional players

• SK Specialty: Korean specialty gas manufacturer spun out of SK Materials, supplying precursors and process gases to memory and logic fabs; a regional competitor with strong Korean chaebol backing similar to DNF's Soulbrain relationship.
• Hansol Chemical: Korean specialty chemicals producer serving semiconductor, display, and battery customers; competing Korean supplier with overlapping electronic materials lines and similar customer ecosystem.

Broad incumbents

• Merck Electronics (Versum Materials): Global electronic materials platform (built around the Versum Materials acquisition) offering deposition precursors, slurries, and specialty chemicals to semiconductor manufacturers; broad incumbent competing across DNF's entire product line.
• Tokuyama Corporation: Japanese chemical manufacturer producing high-purity chemicals, CVD precursors, and electronic materials for the semiconductor industry; comparable product scope and a long-standing Asian specialty chemicals incumbent.
• Linde plc: Global industrial gas and electronic materials supplier with a significant semiconductor specialty gases and precursors business; competes with DNF at advanced fabs globally and provides scale and R&D benchmarks.
• Soulbrain Holdings: Korean specialty chemicals platform and DNF's controlling shareholder (30.1%), supplying semiconductor and display precursors globally; overlapping product portfolio in high-purity electronic chemicals makes it both parent and the most direct large-scale peer.
• Air Products and Chemicals: Global industrial gas and electronic materials major supplying CVD/ALD precursors and process gases to semiconductor fabs worldwide; a much larger incumbent competing against DNF for advanced-node precursor sockets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/dnf-co-ltd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DNF