Furuya Metal

What Furuya Metal does

Furuya Metal Co., Ltd. (TYO:7826) is a Tokyo-headquartered Japanese specialty metals manufacturer founded in 1968 that processes and refines ultra-rare platinum group metals (PGMs), with a particular focus on iridium and ruthenium. The company operates a vertically integrated business spanning raw material procurement, recycling/refining of spent industrial materials, and precision manufacturing of finished components such as sputtering targets, catalysts, crucibles, and bonding wire. It claims the world's largest ruthenium recycling capacity at approximately 25-30 tons per year and refines roughly 7 tons of iridium annually, supported by proprietary process technology including double melting, spark plasma sintering (SPS), R-SP, and aluminum-scandium (AlSc) sputtering target know-how.

The company sells primarily B2B into semiconductor manufacturing equipment (e.g., KOKUSAI ELECTRIC), HDD/electronic storage, display, hydrogen/clean energy, and medical device (e.g., PET scanner) end-markets, with customers across Japan, Asia, North America and Europe. It maintains LPPM Good Delivery certification and ISO 9001/14001/45001 certifications, and its FMBI pricing benchmark is referenced across the industry. As of October 2025 the company employed 420 people, and its shareholder base of 11,255 includes Tanaka Precious Metals, which holds 17.32% and is simultaneously a customer (~¥139M in sales) and supplier (~¥166M in purchases).

In FY2025 the company posted record consolidated revenue of ¥57.379 billion (+20.7% YoY) with a 16.4% operating margin, 10.4% net margin, 16.7% ROE, and 52% equity ratio. Its KFK Vision 2030 medium-term plan targets ¥150 billion in revenue and ¥20 billion in ordinary profit by FY2030, with FY2025 capex of ¥49 billion (2.3x prior year) supporting new capacity — including the New Chitose Factory (opening 2026), a new Shanghai subsidiary (2025), expanded R&D into AlSc sputtering targets, and clean-energy catalysts for PEM water electrolysis.

Name

Furuya Metal

Legal name

株式会社フルヤ金属 (Furuya Metal Co., Ltd.)

Website

https://furuyametals.co.jp

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

251–500 employees

Short description

Furuya Metal Co., Ltd. is a Tokyo-listed Japanese manufacturer of specialty platinum group metal products, specializing in processing ultra-rare iridium and ruthenium for semiconductor, HDD, display, clean energy, and medical device customers globally.

Ownership category

akta.pro rank

Product category

Industrial Precious Metals Manufacturing

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Nonferrous Metal (except Aluminum) Production and Processing (3314), Other Fabricated Metal Product Manufacturing (3329)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Precious Metals Smelting & Refining (IMAKAEAE)

akta.pro secondary industries

Metal Melting & Secondary Smelting/Refining (Recycled Feedstock Producers) (EUAIAJAJ), E-Waste & Electronics Metal Recovery (ITAD, Circuit Boards, Precious Metal Recovery) (IMAKAMAG), Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC), Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF)

Keywords

• Precious metal manufacturing
• Platinum group metals
• Iridium crucibles
• Ruthenium sputtering targets
• Industrial thermocouples

Headquarters

HQ city

Toshima

HQ country

Japan

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Precious Metal Products Manufacturing and Sales: Manufactures and sells iridium and ruthenium products including crucibles, sputtering targets, thermocouples, and chemical compounds. Products are sold directly to semiconductor, electronics, medical device, and clean energy manufacturers. Five reporting segments: Electronic, Thin Film, Thermal, Fine Chemical/Recycling, and Supply Chain Support.
2. Precious Metal Recycling and Refining Services: Provides recycling and refining services for iridium, ruthenium, and other PGM from customer's used products, scrap, and industrial waste. One of the world's largest recycling capacities for iridium and ruthenium. Collects materials globally and refines to 99.999% purity.
3. Contract Thin Film Deposition Services: Offers sputtering deposition services using proprietary equipment. Provides R&D to mass production support with capabilities for multi-layer and alloy film formation.
4. Supply Chain Support (Precious Metal Trading): Sales of precious metal raw materials not tied to product orders. Trading of iridium, ruthenium, and other PGM.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

Furuya Metal manufactures and sells industrial precious metal products (platinum group metals) including iridium and ruthenium. The company produces crucibles, sputtering targets, thermocouples, chemical compounds, and high-purity powders, and operates one of the world's largest recycling and refining capacities for these rare metals. Products are custom-manufactured to customer specifications for semiconductor, electronics, medical device, clean energy, and data storage industries.

Product overview

Furuya Metal is a Japanese industrial precious metal products company specializing in platinum group metals (PGM) including iridium, ruthenium, and platinum. The company operates as a single unified product portfolio consisting of five interconnected product categories: (1) Precious Metal Processing - including single crystal crucibles, glass melting equipment, analysis tools, and JIS-standard platinum products; (2) Thermocouples - including semiconductor manufacturing thermocouples, reinforced R-SP thermocouples, Ir-Rh high-temperature thermocouples, and JCSS calibration services; (3) Thin Film Products - including sputtering targets for semiconductor/HDD/optical/MEMS applications, evaporation materials, contract thin film formation services, and powder sputtering coating technology; (4) Chemical Products - including precious metal compounds, high-purity powders, water electrolysis catalysts, and FT-eco catalysts; (5) Refining and Recycling - precious metal recycling with capacity exceeding global mining output. These products are complemented by FMBI pricing reference indices and vibration testing equipment. The company maintains a circular business model ('Link Business Model') combining procurement from South African mines, precision manufacturing, and recycling to serve semiconductors, electronics, healthcare, clean energy, and optical industries.

Differentiator

Problem solved

Functional benefit

Brands

• FT-eco触媒: エチレンなどのガスを低温状態で分解・除去するプラチナ触媒
• R-SP (強化型R熱電対)
• GS-FPO
• APC (銀合金)
• FMBI価格

Products and services

• Iridium and Platinum Single Crystal Crucibles
• Platinum Glass Melting Equipment
• Platinum Analysis Tools
• JIS Standard Platinum Products
• Platinum Group Metal Processed Forms
• Semiconductor Sputtering Targets
• Optical Product Sputtering Targets (APC Series)
• MEMS Sputtering Targets (AlSc)
• HDD Sputtering Targets
• Evaporation Materials
• Contract Thin Film Formation Service
• Powder Sputtering Coating
• Semiconductor Manufacturing Thermocouples
• R-SP Reinforced R Thermocouple
• Ir-Rh Thermocouples
• Precious Metal Compounds and High-Purity Powders
• PEM Water Electrolysis Catalysts
• FT-eco Ethylene Decomposition Catalysts
• Precious Metal Refining and Recycling
• Vibration Testing Machines
• FMBI Price Reference Index

Quantifiable outcome

• Ruthenium refining capacity: 25-30 tons/year - largest in the world
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• NobiancoreStrategic or Co-development Partner · 23 April 2025Chlor-alkali producer participating in joint recycling project with Asahi Kasei, Furuya Metal, and Mastermelt. Provides used electrolyzer components for precious metal recycling from caustic soda production.
• MastermeltcoreStrategic or Co-development Partner · 23 April 2025Precious metal services company participating in joint recycling project. Contributes expertise in metal recycling and refining processes.
• Asahi KaseimajorStrategic or Co-development Partner · 1 February 2025Joint project with Asahi Kasei, Nobian, and Mastermelt to recycle precious metals (iridium and ruthenium) from electrolyzer components used in chlor-alkali industry. Started February 2025. Aims to create circular economy solutions for valuable metals in electrolyzer electrodes and cells.
• FURUYA METAL SHANGHAI (古屋先进环境科技/古屋有色金属)coreStrategic or Co-development Partner · 1 January 2025Shanghai-based sales subsidiary. Furuya Metal acquired full ownership in 2025 (previously joint venture with Furuya Eco-Front Technology). Renamed to FURUYA METAL SHANGHAI and serves as China sales hub.
• Furuya Eco-Front TechnologyminorStrategic or Co-development Partner · 1 January 2024Subsidiary developing and selling environmental products including FT-eco catalyst for freshness preservation, mold prevention, and antibacterial applications.
• NEDO (New Energy and Industrial Technology Development Organization)minorStrategic or Co-development Partner · 1 January 2023Joint technology development with NEDO for scandium oxide processing to extract metallic scandium. Aims to establish stable supply of scandium for AlSc sputtering targets.
• Kyoto UniversityminorStrategic or Co-development Partner · 1 January 2021Joint research partnership for nano alloy mass production technology. Developed efficient method for producing nano-sized alloys (1nm particles) with uniform properties. Technology applied to catalyst manufacturing.
• Anglo Platinum Marketing LimitedmajorStrategic or Co-development Partner · 1 January 2020Joint venture arrangement for precious metal marketing established in 2020. Part of global platinum group metal supply chain partnerships.
• Tanaka Kikinzoku Kogyo (Tanaka Precious Metal Industries)coreStrategic or Co-development Partner · 7 February 2011Capital and business alliance established 2011 for stable supply of iridium. Tanaka holds 17.29% of Furuya Metal shares (as of June 2025). Provides stable procurement of iridium through capital/business tie-up. Furuya Metal purchases iridium ingot from Tanaka (¥166 million in FY2025, 0.4% of total purchases). Furuya Metal sells products to Tanaka (¥139 million, 0.2% of total sales).
• Western Platinum (South Africa)majorOthers · 1 January 1993Direct procurement relationship established 1993 for iridium raw materials. One of South Africa's major mining companies enabling Furuya Metal's stable supply chain from primary PGM sources.

Scale indicators23 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Umicore: Belgian materials technology group with significant precious metals refining and recycling operations. Competes with Furuya in PGM supply for automotive, chemical, and electronics applications, with broader scope including battery materials.
• Heraeus Precious Metals: German precious metals technology company (part of Heraeus Group) with one of the world's largest PGM refining operations. Competes broadly with Furuya in industrial precious metals, catalysts, and recycling across global markets.
• Johnson Matthey: UK-based global leader in sustainable technologies and precious metals. Overlaps with Furuya in PGM refining, autocatalysts, and chemical catalysts. While broader in scope, it competes for the same industrial precious metals customers.

Regional players

• Mitsubishi Materials: Major Japanese non-ferrous metals conglomerate with precious metals refining and advanced materials operations including sputtering targets. Competes in Japanese market for semiconductor materials and shares similar customer base in electronics manufacturing.
• Safina a.s. Czech-based precious metals refiner and producer with PGM refining capabilities and recycling operations. Competes in European industrial precious metals markets, particularly for platinum group metal salts and compounds.
• DOWA Holdings: Japanese non-ferrous metals and electronic materials company with precious metals recycling and semiconductor materials operations. Overlaps with Furuya in precious metal recovery and electronics materials, primarily serving Japanese customers.
• JX Advanced Metals (ENEOS Materials): Japan-based non-ferrous metals manufacturer (formerly JX Nippon Mining & Metals) with semiconductor materials and sputtering target capabilities. Competes in similar Japanese customer base for electronics materials, though broader scope in copper and minor metals.

Direct peers

• Ames Goldsmith Corporation: US-based precious metals refiner specializing in silver, gold, and PGM compounds and salts. Direct overlap with Furuya's precious metal compounds and refining business for industrial customers.
• Materion Corporation: US-based advanced materials company with a significant precious metal and sputtering target business serving semiconductor, optics, and energy markets. Direct overlap with Furuya's thin film products (sputtering targets for semiconductor, MEMS, and HDD applications).
• Tanaka Kikinzoku Kogyo (Tanaka Precious Metal Industries): Japan's largest precious metals company and Furuya's largest shareholder (17.29%). Directly competes in PGM refining, semiconductor materials, and recycling across overlapping product categories. The capital alliance creates both partnership and competitive dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCGZa2eorg4ts1FHxxOOGvPg
• LinkedInlinkedin.com/company/furuya-metal-americas-inc

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Furuya Metal