Ichikawa

What Ichikawa does

Ichikawa Co., Ltd. (TYO: 3513) is a Tokyo-headquartered, publicly listed Japanese manufacturer founded in 1949 that specializes in press section consumables for paper machines — specifically press felts, shoe press belts, and transfer belts — as well as a smaller portfolio of industrial felt products. The company is the only manufacturer in Japan (and one of few globally) that develops, produces, and sells all three press section product types in-house, with a heritage as the pioneer of domestic shoe press belt technology since 1988. Manufacturing is concentrated at two flagship facilities — the Kashiwa Mill (Chiba Prefecture, operational since 1964) and the Iwama Mill (Ibaraki Prefecture, operational since 1996) — which house what the company describes as the world's largest press felt production equipment (up to 13 m wide) and weaving machines (33 m width). The product portfolio spans high-performance felt lines such as Zimo (multiaxial laminate), Ichiriki (resin-coated shoe press belts), Type V/VI transfer belts rated for 2,000 m/min paper machines, and Ace Board heat-resistant cushioning materials used in printed circuit board manufacturing up to 450°C.

The company's business model is built on custom B2B sales of made-to-order consumables: products are engineered to specific paper machine configurations, paper grades, and operating conditions, with pricing handled via quotation rather than published price lists. Go-to-market combines direct enterprise field sales in Japan through regional sales divisions with indirect international distribution via four wholly-owned overseas subsidiaries (US, Germany, China, Thailand) and approximately 30 third-party distributors across 35 countries. This dual model produced FY2025 (March 2025) consolidated net sales of JPY 13.9 billion with an overseas sales ratio of 60.5%. Customers are concentrated in paper manufacturing (with Oji Holdings and Nippon Paper Industries holding the top two shareholder positions at 9.11% and 8.79% respectively), supplemented by industrial felt customers in aluminum extrusion, PCB/electronics, and steel manufacturing.

Ichikawa derives its competitive position from 50+ years of accumulated process know-how, proprietary resin and weaving technology, capital-intensive scale (largest press felt equipment globally), and deep technical service relationships with paper mills. The company is publicly listed on the Tokyo Stock Exchange Standard Market since 1951, holds ISO 9001 and ISO 14001 certifications across its operations, and is governed by a board that includes independent outside directors and a dedicated Nominating and Compensation Committee.

Name

Ichikawa

Legal name

Ichikawa Co., Ltd.

Website

https://ik-felt.co.jp

Company type

Public

Founded year

1949

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Ichikawa is a Japanese manufacturer of paper machine press section consumables — press felts, shoe press belts, and transfer belts — plus industrial felts for electronics and aluminum extrusion, serving paper mills and industrial manufacturers across 35 countries.

Ownership category

akta.pro rank

Product category

Papermaking Felts & Belts

SIC

Papers & Allied Products (2600)

akta.pro primary industry

Felt & Battings Manufacturing (IMAOABAJ)

Keywords

• Papermaking press felts
• Shoe press belts
• Industrial felt products
• Paper machine components
• Transfer belts

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Papermaking Equipment Sales: Sale of press felts, shoe press belts, and transfer belts to paper manufacturers. Products are custom-made to customer specifications based on paper machine type, paper grade, and operating conditions. Products wear out over several months and require regular replacement, creating recurring revenue from established customer relationships.
2. Industrial Felt Products: Sale of industrial felts for aluminum extrusion, printed circuit boards, steel manufacturing, and other industrial applications. Includes heat-resistant cushioning materials (Ace Board), conveying materials (THERMOTEX), and roll covers.
3. Export Sales: Products exported to overseas markets through subsidiaries and distributors, with exports comprising approximately 60.5% of total sales (as of March 2025).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Ichikawa manufactures and sells custom-made press felts, shoe press belts, and transfer belts used in the press section of papermaking machines, serving paper manufacturers worldwide. The company also produces industrial felt products, including heat-resistant cushioning materials (Ace Board) for printed circuit board manufacturing and high-temperature conveying materials (THERMOTEX) for aluminum extrusion and steel industries. All products are made-to-order based on customer specifications for paper machine type, paper grade, and operating conditions, with recurring replacement demand from wear.

Product overview

Ichikawa Co., Ltd. is a comprehensive solutions company for paper machine press sections, offering three core product lines: press felts, press belts, and industrial products. The company manufactures and sells the complete range of press section equipment including Zimo Series press felts (Zimo Cross, Zimo Nex, Zimo Nex1, Nex2) and various other felt types (Fine Nip, Fine Axel, FX Series, J Turn Ace, Prelock, Flow Ace, High Nip Ace, Laminated Ace, Open Ace); shoe press belts including Ichiriki Series and IX-F; and transfer belts (Type V, Type VI). Additionally, the company produces industrial felt products under the Ace Board® brand for heat-resistant cushioning (up to 450°C) and THERMOTEX® for aluminum extrusion. The product portfolio spans from standard press section components to specialized industrial applications, serving paper mills and manufacturing industries worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Ichiriki Series: Shoe press belt product line featuring high-performance resins on both felt and shoe sides for long life, superior dewatering, durability, and operational stability.
• Ace Board
• THERMOTEX

Products and services

• Press Felts (Felt for Paper Making) Essential paper machine press section components that squeeze moisture from wet paper, smooth paper surfaces, and transfer paper to the dryer section. Custom-made to paper machine type, paper grade, and operating conditions. Required for paper mills worldwide to achieve dewatering, smoothness, and running stability.
• Shoe Press Belts (Ichiriki Series and IX-F) High-performance resin-coated belts for shoe press mechanisms, providing superior dewatering compared to conventional paper machines. Features exceptional resistance to cracking, abrasion, chemicals, and delamination for extended durability at high speeds and nip pressures. Target customers are paper manufacturers worldwide.
• Transfer Belts (Type V and Type VI) Belts for closed transfer presses operating at speeds up to 2,000 m/min. Type V features dual-sided hydrophobic urethane resin coating for wear resistance; Type VI features hydrophilic resin with laminated base cloth for dimensional stability. Serves paper manufacturers requiring high-speed press-to-dryer paper transfer.
• Industrial Products (Ace Board and THERMOTEX) High-performance industrial felts for non-paper applications. Ace Board is a heat-resistant cushioning material for PCB press molding (up to 220°C, 300°C, or 450°C depending on series) used in EV, 5G, and CASE applications. THERMOTEX is a heat-resistant conveying material for aluminum extrusion lines at 500°C+. Felt roll covers serve continuous galvanizing lines at 250–400°C. Customers include PCB manufacturers, aluminum extrusion plants, and steel galvanizing operators.

Quantifiable outcome

• Operating speeds up to 2,000 meters per minute with transfer belts
• +3 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and supporting.

• Material Manufacturers (Polyurethane and Resin Suppliers)coreTechnology or IntegrationIchikawa collaborates with overseas material manufacturers to develop world-first materials for new products. The company works with resin and polyurethane suppliers to create high-performance coatings for shoe press belts and specialized materials for industrial applications.
• External Research InstitutionssupportingStrategic or Co-development PartnerThe company conducts joint research and development activities, including university collaborations, and participates in academic conferences to advance papermaking equipment technology.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Andritz AG: Austrian industrial group with a paper and fabric (PMC) division serving paper mills globally. Competes with Ichikawa in press felts and belts but as part of a much broader pulp-and-paper equipment portfolio.
• Voith Paper: German paper machinery and PMC giant offering complete paper production systems, including felts and belts as part of a broader portfolio. Overlaps with Ichikawa as a PMC supplier but competes at an entirely different scale as an integrated OEM.
• Valmet Oyj: Finnish paper machinery and services conglomerate with a PMC/roll covers business that competes with Ichikawa. Significantly larger and more diversified across the full papermaking value chain.

Direct peers

• Heimbach Group: German technical textiles and industrial felts manufacturer serving paper, filtration, and process industries. Overlaps with Ichikawa in industrial felt products (paper machine felts, high-temperature felts) and serves as a European reference point.
• Albany International: US-headquartered global leader in paper machine clothing (PMC), directly competing with Ichikawa in press felts, shoe press belts, and transfer belts. Largest pure-play PMC competitor worldwide and the benchmark against which Ichikawa's 4% global share is measured.
• AstenJohnson: Private global manufacturer of paper machine clothing and specialty textiles based in North America. Direct overlap with Ichikawa in press felts and dryer fabrics serving paper mills worldwide.
• Filzfabrik Fulda GmbH: German specialist manufacturer of paper machine felts and needled felts for industrial applications. Directly comparable to Ichikawa in European markets as a focused PMC specialist.
• Nippon Felt Co., Ltd. Japanese paper felt manufacturer and existing Ichikawa shareholder (1.47%). Competes directly in domestic Japanese PMC market, making it the closest domestic peer and useful benchmark for Japan share dynamics.

Regional players

• Kansai Felt Co., Ltd. Japanese paper felt and industrial felt manufacturer focused on domestic and select Asian markets. Regional peer comparable in scale and customer base to Ichikawa within Japan.
• Hokuetsu Felt Co., Ltd. Japanese manufacturer of paper machine felts and industrial felts serving primarily domestic paper mills. Comparable regional competitor with similar customer mix and modest international presence.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ichikawa-china-corporation

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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 Ichikawa