Upstream Materials
The cost of MLCCs mainly consists of ceramic powder, inner electrodes, outer electrodes, packaging materials, labor costs, equipment depreciation, and others. Among these, the quality and formulation ratio of ceramic powder, which constitutes the raw materials, represent the primary core barrier.
Ceramic Powder
Ceramic powder accounts for a significant proportion of MLCC costs, with its cost share reaching 35%-45% in high-capacitance MLCCs. The main raw materials for MLCCs include barium titanate, titanium oxide, and magnesium titanate. The fineness, uniformity, and reliability of the electronic ceramic powder used directly determine the stability of the size, capacitance, and performance of downstream MLCC products.
Sakai Chemical
Sakai Chemical Industry Co., Ltd., founded in 1918, is a Japanese specialty chemicals manufacturer. The company focuses on inorganic powder materials, including titanium dioxide, barium salts, and zinc products, as well as electronic materials and pharmaceuticals. It is dedicated to developing dielectric ceramics and piezoelectric ceramics, which are indispensable in the electronics field.
For the fiscal year ending March 2026 (as of March 31, 2026), Sakai Chemical's revenue was 81.447 billion yen, a year-on-year decrease of 3.5%.
Ferro
Founded in 1919, Ferro Corporation was a former American materials company. In April 2022, Prince International Corporation announced the completion of its acquisition of Ferro Corporation and merged Ferro with Chromaflo Technologies to form Vibrantz Technologies Inc.; the transaction was an all-cash deal valued at approximately $2.1 billion.
After being merged into Vibrantz, Ferro no longer discloses complete annual and quarterly financial results as an independent publicly listed company.
Nippon Chemical Industrial
Nippon Chemical Industrial Co., Ltd., established in 1915, is a long-standing Japanese chemical materials enterprise. It primarily engages in the manufacturing and sales of inorganic chemicals (including chromium, silicates, phosphorus, and barium) and specialty chemicals (covering electronic ceramic materials, battery materials, organophosphorus compounds, semiconductor materials, etc.).
For the fiscal year ending March 2026 (as of March 31, 2026), Nippon Chemical Industrial's revenue was 40.182 billion yen, a year-on-year increase of 3.4%.
Sinocera
Shandong Sinocera Functional Material Co., Ltd., founded in 2005, was listed on the Shenzhen ChiNext Board in January 2012. The company primarily engages in the R&D, production, and sales of various high-end ceramic materials and products. It has formed six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, digital printing, and other materials. Its product applications cover electronic information and communications, automotive and industrial catalysis, biomedical, new energy vehicles (NEVs), semiconductors, architectural ceramics, and other fields.
In 2025, Sinocera achieved an operating revenue of 4.583 billion RMB, a year-on-year increase of 13.24%. In the first quarter of 2026, Sinocera achieved an operating revenue of 1.064 billion RMB, a year-on-year increase of 9.15%.
Fuji Titanium
Fuji Titanium Industry Co., Ltd. was founded in 1936. According to its official website, the company produces and sells titanium oxide, barium titanate, and other products, positioning itself as an "expert in powders." Its product pages indicate that the company supplies oxalate-process barium titanate as a material for multilayer ceramic capacitors (MLCCs) to electronic component manufacturers.
Fuji Titanium is a privately held company, and its financial data has not been disclosed through public channels.
KCM Corporation
KCM Corporation, a subsidiary of Japan's Noritake Group, primarily engages in the manufacturing and sales of dielectric materials for electronic components used in home appliances, computers, smartphones, and automobiles, as well as raw material powders such as glass, ceramics, and fine ceramics. In the field of capacitor materials, the company provides various ceramic capacitor materials for Class 1/Class 2 applications (e.g., NP0/C0G, X7R, etc.).
The company history on KCM's official website shows that it became a consolidated subsidiary of Noritake in 2001 and became a wholly-owned subsidiary of Noritake through a share exchange in 2012, leading to its delisting. Therefore, the company no longer independently discloses revenue on a publicly listed company basis.
Toho Titanium
Toho Titanium Co., Ltd., established in 1953, primarily covers three business areas: titanium metal, catalysts, and functional chemicals. In the functional chemicals sector, Toho Titanium manufactures and sells ultra-fine nickel powder and other materials, which are widely used as basic materials for electronic products, such as multilayer ceramic capacitors (MLCCs), PTC thermistors, and dielectric resonators.
For the fiscal year ending March 2026 (as of March 31, 2026), Toho Titanium's revenue was 83.389 billion yen, a year-on-year decrease of 6.3%. The company was delisted on May 28, 2026, and its official website retains the disclosure materials prior to delisting.
Electrode Paste
Electrode paste is one of the main raw materials for MLCCs. The electrodes are formed by printing and curing the electrode paste, with metal powder as the main component determining the electrode performance. The conductive phase metal powders used in inner electrode pastes mainly include nickel, silver, and palladium, while those used in outer electrode pastes mainly include copper and silver.
JFE Mining & Engineering
JFE Mining & Engineering Co., Ltd., a subsidiary of JFE (Japan Steel Engineering Holdings), was established on July 1, 2004. JFE's business covers three segments: mineral products, steel, and new materials. The new materials segment primarily involves the production of new materials such as ultra-fine nickel powder and lithium nickel-based oxide materials.
As a group subsidiary, JFE Mining & Engineering does not independently disclose complete revenue and profit data.
Sumitomo Metal Mining
Sumitomo Metal Mining Co., Ltd., founded in 1900, began producing electrolytic nickel in November 1939. Sumitomo's main products include various metals, various alloys and their powders; nickel-iron alloy foils, foam nickel, nickel (cobalt) hydroxide, lithium nickel (cobalt) oxide, ultra-fine nickel (cobalt) powders, a series of magnetic materials, as well as electronic components and thermosensitive components.
For fiscal year 2025 (ending March 31, 2026), Sumitomo Metal Mining's revenue was 1.7416 trillion yen, a year-on-year increase of 9.30%.
Shoei Chemical
Shoei Chemical Inc., established in 1956, primarily focuses on the development, manufacturing, and sales of electronic materials. Shoei's main products include conductive pastes, such as silver paste, gold paste, palladium paste, ruthenium paste, nickel paste, and copper paste, as well as resistive pastes, insulating pastes, metal powders, and metal oxides.
Shoei Chemical is not a publicly listed company, and public information has not disclosed its complete quarterly financial results for fiscal year 2025.
Toho Titanium
Toho Titanium Co., Ltd., established in 1953, primarily covers three business areas: titanium metal, catalysts, and functional chemicals. In the functional chemicals sector, Toho Titanium manufactures and sells ultra-fine nickel powder and other materials, which are widely used as basic materials for electronic products, such as multilayer ceramic capacitors, PTC thermistors, and dielectric resonators.
For fiscal year 2025 (ending March 31, 2026), Toho Titanium's revenue was 83.389 billion yen, a year-on-year decrease of 6.3%. The company was delisted on May 28, 2026, and its official website retains the disclosure materials prior to delisting.
Murata
Murata Manufacturing Co., Ltd., founded in October 1944, is an enterprise that designs and manufactures electronic components and multifunctional high-density modules. Murata's main products include MLCCs, with its market share ranking first globally. Meanwhile, Murata Manufacturing also produces and sells ultra-fine nickel powder for its own MLCC production.
For fiscal year 2025 (ending March 31, 2026), Murata Manufacturing's revenue was 1.8309 trillion yen, a year-on-year increase of 5.0%.
Boqian New Materials
Jiangsu Boqian New Materials Co., Ltd., established in 2010, is a national high-tech enterprise integrating the R&D, production, and sales of high-end nano-metal powder materials. The company uses physical vapor condensation (PVD) under atmospheric pressure to prepare ultra-fine metal powders, filling the domestic gap in the industrialization of this technology. It is currently a global leader in achieving large-scale mass production and commercial sales of nano-level high-end metal powder materials dedicated to electronics.
In 2025, Boqian New Materials achieved an operating revenue of 1.152 billion RMB, a year-on-year increase of 21.84%. In the first quarter of 2026, Boqian New Materials achieved an operating revenue of 410 million RMB, a year-on-year increase of 64.02%.
Midstream Manufacturing
Murata
Murata Manufacturing Co., Ltd., founded in October 1944, is one of the world's leading electronic component manufacturers, with products including MLCCs, inductors, resistors, filters, and sensors. As a global leader in MLCCs, the company possesses full industry chain production capabilities for MLCCs from materials to products and holds multiple proprietary technologies.
For fiscal year 2025 (ending March 31, 2026), Murata Manufacturing's revenue was 1.8309 trillion yen, a year-on-year increase of 5.0%.
Samsung Electro-Mechanics
Samsung Electro-Mechanics, established in 1973, is an electronic components enterprise under the Samsung Group. Its main products include MLCCs, inductors, camera modules, and package substrates, making it the world's second-largest MLCC manufacturer.
For the full year of 2025, Samsung Electro-Mechanics' revenue was 11.3145 trillion KRW, a year-on-year increase of 9.90%. In the first quarter of 2026, Samsung Electro-Mechanics' revenue was 3.2091 trillion KRW, a year-on-year increase of 17%.
Taiyo Yuden
Taiyo Yuden, founded in 1950, is a global leading passive component manufacturer. Ceramic capacitors are Taiyo Yuden's primary product series, accounting for up to 64% of the company's sales. Other main products of Taiyo Yuden also include inductors, noise countermeasure components, ceramic filters, FBAR/SAW components, and RF components.
For fiscal year 2025 (ending March 31, 2026), Taiyo Yuden's revenue was 355.341 billion yen, a year-on-year increase of 4.1%.
TDK
TDK, established in 1935, is a comprehensive Japanese electronic components and materials manufacturer, with products covering passive components, sensors, magnetic application products, and energy application products. TDK's passive components originated from ferrite, a magnetic material invented in 1930 and recognized as an "IEEE Milestone" in 2009.
For fiscal year 2025 (ending March 31, 2026), TDK's revenue was 2.5048 trillion yen, a year-on-year increase of 13.6%.
Kyocera
Kyocera, founded in 1959, is a Japanese comprehensive materials and electronic components enterprise, with businesses covering core components, electronic components, and solutions. Its electronic components business includes products such as ceramic capacitors, connectors, and crystal devices.
For fiscal year 2025 (ending March 31, 2026), Kyocera's revenue was 2.0702 trillion yen, a year-on-year increase of 2.8%.
Yageo
Yageo, established in 1977, is a global leading passive component service provider. Combining the brand advantages of Yageo, KEMET, Pulse, and Telemecanique Sensors, it supplies a complete range of passive components, including resistors, capacitors, inductors, transformers, relays, antennas, wireless components, and circuit protection components.
In 2025, Yageo's revenue was 132.93 billion TWD, a year-on-year increase of 9.26%. In the first quarter of 2026, Yageo's revenue was 38.17 billion TWD, a year-on-year increase of 22.70%.
Walsin Technology
Walsin Technology Corporation, established in 1992, has main products including MLCCs, chip resistors, RF components, inductors, and RF antennas. The company's customers cover fields such as consumer electronics, automotive electronics, industrial, and communications.
In 2025, Walsin Technology's revenue was 36.465 billion TWD, a year-on-year increase of 4.99%. In the first quarter of 2026, its revenue was approximately 9.56 billion TWD, a year-on-year increase of 9.5%.
Fenghua Advanced Technology
Guangdong Fenghua Advanced Technology (Holding) Co., Ltd., founded in 1984, is a leading domestic passive component enterprise. Its main products include a variety of electronic component series such as MLCCs, chip resistors, inductors, and ceramic filters, with broad downstream application fields.
In 2025, Fenghua Advanced Technology achieved an operating revenue of 5.756 billion RMB, a year-on-year increase of 16.54%. In the first quarter of 2026, the company achieved an operating revenue of 1.515 billion RMB, a year-on-year increase of 18.90%.
Sanhuan
Chaozhou Three-Circle (Group) Co., Ltd., established in 1970, is a domestic electronic ceramic materials and electronic components enterprise, with products covering numerous application fields such as communications, electronics, new energy, semiconductors, and mobile smart terminals. Among them, the production and sales of ceramic ferrules for optical communications, alumina ceramic substrates for chip resistors, and semiconductor ceramic package bases all rank among the top globally.
In 2025, Sanhuan Group achieved an operating revenue of 9.007 billion RMB, a year-on-year increase of 22.13%. In the first quarter of 2026, the company achieved an operating revenue of 2.681 billion RMB, a year-on-year increase of 46.25%.
Downstream Customers
From the perspective of downstream applications, MLCCs are widely used in multiple important fields such as mobile terminals, high-end equipment, automobiles, computers, communications, and home appliances.