AGC

What AGC does

AGC Inc. (formerly Asahi Glass Co., Ltd., 旭硝子株式会社), founded in 1907 and headquartered in Tokyo, Japan, is a publicly listed (TSE: 5201) multinational glass and chemicals manufacturer operating through 114 consolidated subsidiaries, with approximately 8,300 full-time employees at the consolidated group level. The company is organized around five primary business pillars: flat and architectural glass (Low-E, BIPV), automotive glass, display and semiconductor materials (TFT-LCD substrates, EUV mask blanks, glass carriers), performance chemicals (fluoropolymers, ion exchange membranes, chlor-alkali/PVC), and life sciences CDMO services through AGC Biologics. Its technology platform is built on the intersection of glass-making expertise and fluorine chemistry, enabling differentiated products such as Glass Core substrates with micro-holes for next-generation semiconductor packaging, AN100 alkali-free TFT-LCD glass, metasurface lens antennas for 6G base stations co-developed with SoftBank, FORBLUE S-SERIES fluoropolymer ion exchange membranes for green hydrogen electrolysis, and AZEC-B1 high-current-density bipolar electrolyzers. AGC and HOYA together control essentially 100% of the global EUV mask blanks market, and AGC has secured the world's first UL2809 third-party verification for fluoropolymers (Fluon PTFE G grade) and FFKM elastomers (AFLAS) using recycled circular fluorite as raw material.

The business model is B2B enterprise with quote-based pricing, multi-year contracts, and direct sales through regional subsidiary networks (AGC Glass Europe, AGC Biologics, AGC Vinythai) spanning Japan, Southeast Asia, Europe, and the Americas. Customer segments are diversified across automotive OEMs, construction and infrastructure, semiconductor manufacturers, pharmaceutical and biotech companies, and industrial chemical processors. FY2025 reported revenue of JPY 2,058.8 billion (approximately USD 13.7B at 150 JPY/USD) with operating profit of JPY 127.5 billion — a major turnaround from a JPY 94 billion operating loss in FY2024 — and Q1 FY2026 net profit of JPY 22.8 billion (+246.2% YoY). FY2026 management guidance targets JPY 2.2 trillion in revenue and JPY 150 billion in operating profit, with Nomura forecasting a 12% operating profit CAGR through 2028 and upgrading the stock to Buy with a JPY 8,290 price target.

Name

AGC

Legal name

AGC株式会社

Website

https://agc.com

Company type

Public

Founded year

1907

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AGC Inc. (founded 1907) is a Tokyo-listed Japanese multinational glass and chemicals manufacturer producing architectural/automotive glass, semiconductor materials, fluoropolymers, and biologics CDMO services for automotive, construction, electronics, and life sciences customers globally.

Ownership category

akta.pro rank

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Glass and Glazing Products: Flat glass, automotive glass, architectural glass, Low-E glass, and specialty glass products for construction, automotive, and industrial applications
2. Chemical Products: Fluoropolymers, fluorochemicals, chlor-alkali products, and performance chemicals including PTFE, PFA, ETFE, AFLAS fluoroelastomers
3. Electronics and Semiconductor Materials: Glass substrates for displays and semiconductors, EUV mask blanks, electronic materials, and specialty glass for chemical strengthening
4. Life Sciences Contract Manufacturing: AGC Biologics provides contract manufacturing services for biologics, cell and gene therapies including lentiviral vectors and patient-specific cell manufacturing

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

AGC manufactures and sells flat glass, architectural glass, automotive glass, display glass substrates, and specialty glass for chemical strengthening. It also produces fluoropolymers, fluorochemicals, chlor-alkali products, and other performance chemicals, and operates AGC Biologics providing contract manufacturing services for biologics, cell therapies, and gene therapies. Products are sold B2B to enterprise customers in automotive, construction, semiconductor, electronics, chemical, and life sciences sectors globally.

Product overview

AGC is a diversified Japanese materials company offering a broad portfolio of glass, chemicals, and high-tech materials products. The company operates across multiple segments including Flat Glass (architectural glass, Low-E glass, insulating glass), Automotive (windshield glass, HUD components), Display Glass (TFT-LCD substrates, alkali-free glass), Electronic Materials (semiconductor materials, glass carriers, fluoropolymers), Performance Chemicals (fluoropolymers, elastomers, ion exchange membranes), Life Sciences (biologics manufacturing, cell and gene therapy), and Ceramics. Key branded products include Glass Core (glass substrates with micro-holes for next-generation semiconductors), FeelInGlass® (automotive HUD reflective panels), Fluon® PTFE (fluoropolymer resins), AFLAS™ FFKM (high-performance elastomers), FORBLUE™ S-SERIES (hydrogen production membranes), AN100 (alkali-free glass for TFT-LCD), and Dragontrail® (chemical strengthening glass). The company leverages core competencies in glass manufacturing, fluorine chemistry, and materials science to serve industries including semiconductors, automotive, construction, electronics, and life sciences.

Differentiator

Problem solved

Functional benefit

Brands

• Fluon® PTFE: Fluoropolymer resin widely used in semiconductor industry - verified for recycled fluorite content under UL2809
• AFLAS™ FFKM
• FeelInGlass® Reflective Blade for HUD
• Glass Core
• FORBLUE™ S-SERIES
• AGC Biologics
• Dragontrail®
• AFLON
• Sunjour

Products and services

• Glass Core (Glass Substrate with Micro-holes)
• FeelInGlass Reflective Blade for HUD
• Functional Beam Shaping Lens Antenna for 6G
• FORBLUE S-SERIES (Fluoropolymer Ion Exchange Membranes)
• Fluon PTFE G Grade (with Recycled Fluorite)
• AFLAS FFKM (with Recycled Circular Fluorite)
• AGC Biologics (Biologics, Cell and Gene Therapy CDMO Services)
• AN100 (TFT-LCD Alkali-Free Glass Substrate)
• Advanced Ultra-thin Glass Technologies
• Low-E Insulating Glass and Extra-Clear Glass for Architectural Applications
• Sunjour (Building-Integrated Photovoltaics)
• High-Temperature-Resistant Elastomer Seals for Aircraft

Quantifiable outcome

• Automotive segment operating profit more than doubled to 29.3 billion yen in FY2025
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Eleven partnerships are on record, tiered notable, key, sustainability and research.

• JR Central (Central Japan Railway Company)notableOEM/ Whitelabel/ Licensing Partner · 16 April 2026JR Central is equipping Shinkansen bullet trains with premium suites featuring private windows embedded with 5G antennas from AGC. The 5G antennas maintain line-of-sight with base stations at speeds up to 285 km/h, providing more stable Wi-Fi for passengers.
• SoftBank Corp.keyStrategic or Co-development Partner · 23 March 2026SoftBank and AGC jointly developed 'Functional Beam Shaping Lens Antenna' for 6G base stations, combining SoftBank's communication area and antenna beam design technologies with AGC's metasurface lens technology. The antenna reduces power consumption by up to one-eighth compared to conventional Massive MIMO systems. Field tests conducted in Tokyo using millimeter-wave band (29.7 GHz) confirmed stable signal quality.
• thyssenkrupp nucerakeyTechnology or Integration · 19 February 2026AGC Vinythai commissioned expanded chlor-alkali plant in Map Ta Phut, Thailand utilizing thyssenkrupp nucera's e-BiTAC v7 technology. Expansion increased PVC production capacity from 300,000 to 700,000 tons annually, part of company's largest investment targeting rising demand in Southeast Asia.
• Fondazione TelethonkeyImplementation/ SI/ Consulting Partner · 19 January 2026AGC Biologics' Milan Cell and Gene Center of Excellence manufactured Waskyra gene therapy for Wiskott-Aldrich syndrome. The therapy received marketing authorization from FDA and European Commission. Fondazione Telethon became the first non-profit organization to commercialize a gene therapy. AGC provided comprehensive support from preclinical through commercial stages including lentiviral vector production and patient-specific cell manufacturing.
• TRE HOLDINGS CORPORATIONsustainabilityStrategic or Co-development Partner · 15 January 2026AGC and TRE conducted demonstration in Suwa City, Nagano Prefecture showing that window glass waste attached to aluminum sashes can be horizontally recycled back into glass of equivalent quality. Shinshu Takeei collected and disassembled window glass waste, TRE GLASS processed it into cullet, and AGC verified the flat glass manufacturing process using recycled material. Plans to build nationwide framework for Japan's estimated 500,000+ tons annual window glass waste.
• SoftBank Corp.keyStrategic or Co-development Partner · 4 December 2025Partnership for 6G antenna technology development using AGC metasurface lens technology combined with SoftBank's communication area and antenna beam design. Field tests in Tokyo confirmed stable signal quality for future 6G network deployment.
• NPC IncorporatedsustainabilityStrategic or Co-development Partner · 6 November 2025AGC partnered with solar PV equipment maker NPC Incorporated to establish solar panel cover glass recycling scheme. NPC's patented disassembly equipment can separate solar cells and remove residual EVA material without breaking the glass, meeting AGC's stringent quality standards. AGC used 20 tonnes of cullet processed by this method to manufacture figured glass at Yokohama Technical Center. Part of NEDO-commissioned project.
• Saint-GobainkeyStrategic or Co-development Partner · 5 November 2025AGC Glass Europe and Saint-Gobain launched the Volta Project, a landmark R&D collaboration to develop a hybrid flat-glass furnace combining 50% electric melting with 50% oxy-gas combustion, replacing industry-standard 100% natural gas. Located at AGC's Barevka production line in Czech Republic, the furnace became fully operational February 2025 and uses up to 100% recycled glass as raw material. Partially funded by EU Innovation Fund.
• Hesai TechnologynotableStrategic or Co-development Partner · 14 August 2025Hesai's ETX ultra-long-range lidar for L3 autonomous driving is collaborating with windshield manufacturers AGC and Saint-Gobain to advance behind-the-windshield lidar integration. Hesai showcased lidar technology at IAA Mobility 2025 in Munich.
• University of TokyoresearchStrategic or Co-development Partner · 12 June 2025Research collaboration led by Lecturer Yusuke Ito at the Graduate School of Engineering, University of Tokyo, in partnership with AGC Inc. to develop novel laser machining technique enabling ultrafast and ultraprecision processing of transparent materials at a speed one million times faster than conventional methods.
• Osaka Metropolitan UniversityresearchStrategic or Co-development Partner · 19 March 2025Collaboration to advance mass production of solid lithium electrolytes developed by AGC with research expertise from Osaka Metropolitan University. AGC developed production technology for solid lithium electrolytes with conductivity exceeding conventional liquid electrolytes, aiming to enable safer, faster-charging batteries for electric vehicles and renewable energy storage.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Corning Incorporated: US-based specialty glass and ceramics leader competing with AGC in display glass substrates (TFT-LCD), automotive glass, and advanced glass for semiconductor packaging. Corning's Gorilla Glass competes directly with AGC's Dragontrail in chemical-strengthened cover glass.
• Shin-Etsu Chemical: Japanese chemical company supplying ~30% of global silicon wafers. Shin-Etsu is a peer in semiconductor materials and competes with AGC's electronic materials segment in advanced packaging and semiconductor process chemicals.
• Saint-Gobain: French multinational glass and building materials manufacturer and AGC's most direct global peer. Saint-Gobain competes head-to-head in flat glass, automotive glass, and architectural glazing, and is partnering with AGC on the Volta Project hybrid glass furnace R&D collaboration.
• NSG Group (Nippon Sheet Glass): Japanese flat glass manufacturer directly competing with AGC in architectural, automotive, and specialty glass. NSG is a major peer in the global flat glass market with overlapping product portfolios and geographic presence.
• HOYA Corporation: Japanese specialty glass and electronics company that jointly dominates the EUV mask blanks market with AGC (~100% combined share). HOYA also competes in photomasks, optical glass, and contact lens materials with overlapping technical capabilities.
• SCHOTT AG: German specialty glass manufacturer competing with AGC in pharmaceutical glass packaging, optical glass, and technical glass for electronics and life sciences. SCHOTT is a direct peer in pharma/biotech glass packaging and high-value specialty glass.
• Daikin Industries: Japanese fluorochemicals leader producing refrigerants, fluoropolymers, and fluorinated specialty chemicals. Daikin competes directly with AGC's Fluon PTFE, AFLAS FFKM, and fluoropolymer ion exchange membrane businesses in fluorine chemistry.

Broad incumbents

• PPG Industries: US coatings and specialty materials manufacturer with overlap to AGC in architectural glass coatings, automotive finishes, and industrial chemicals. PPG serves similar end-markets through a different specialty materials portfolio.
• 3M Company: US diversified materials conglomerate overlapping with AGC in fluoropolymers, adhesives, performance chemicals, and display/optical films. 3M is a broader incumbent across multiple specialty material categories where AGC also competes.
• SUMITOMO CHEMICAL: Japanese diversified chemical company overlapping with AGC in performance chemicals, semiconductor materials, and life sciences. Sumitomo competes in adjacent specialty chemical categories with similar end-market exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xfacebook.com/agc.jpn
• YouTubeyoutube.com/c/AGC_channel
• Facebookfacebook.com/agc.jpn
• LinkedInlinkedin.com/company/asahi-glass-co.-ltd.

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments6 records

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

Frequently asked questions about AGC