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Toray's Strategy for Carbon Fiber Composite Materials

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Toray's Strategy for Carbon Fiber Composite Materials <3rd IT-2010 Strategy seminar (Carbon Fiber Composite Materials) Presentation> Toray’s Strategy for Carbon Fiber Composite Materials April 11, 2008 Toray Industries, Inc. Senior Vice President Masayoshi Kamiura Long-term Corporate Vision and Positioning of Carbon Fiber Composite Materials Business Project Innovation TORAY 2010 (IT-2010) Copyright 2008 Toray Industries, Inc. All Rights Reserved 1 Road map to IT-2010 and Targets in IT-2010 After achieved NT reforms, Toray Group launched Project “Innovation TORAY 2010 (IT- 2010)” in October 2006 in order to challenge for further growth through Innovation. April 2002 April 2006 Long-term Vision AP-New TORAY 21 AP-Innovation TORAY 21 Mid-term Business Strategies Goals in and IT-2010 around 2010 NT-Ⅱ 「Management based on Net sales NT21 「Offensive ¥1,800 billion Innovation」 「Corporate management Operating Structure postures」 - Challenges for further income ¥150 billion Reinforcement - Establish foundation growth - defensive for further growth - Operating management income to net postures sales ratio 」 8.3% Achievement of Toward a Global Top Company - Breakaway from ¥100 billion in of Advanced Materials ROA:8% Crisis - Operating Income ROE:11% 2002 April 2004 April 2006 October Around 2010 Copyright 2008 Toray Industries, Inc. All Rights Reserved 2 Basic Strategies (by Business Category) Fibers & Textiles, Plastics / Chemicals ① Developing global operations Establish stable ② Promoting “New Value profit base Foundation Creator” Businesses ③ Developing downstream and S Promote advancement processing business u ④ Expanding advanced materials of foundation s (automobiles, businesses t environment/energy, etc.) a i n IT-related Products, Carbon Fiber Composite Materials a b ① Strategically Focusing on growing markets l Expanding (IT, automobiles, aircrafts) e Businesses ② Prioritizing allocation of managerial resources G Positive expansion as profit r driving businesses o w Life Science, Environment (water treatment) t h Strategically Nurturing the next profit base beyond 2010 Developing ① Intensive allocation of Strategically Businesses managerial resources developing and ② M&A and strategic alliances with expanding external parties Copyright 2008 Toray Industries, Inc. All Rights Reserved 3 Positioning of Carbon Fiber Composite Materials Business in IT-2010 Consolidated Net Sales Consolidated Operating Income 2,400 180 Carbon Fiber Composite Materials Carbon Fiber Composite Materials 2,100 Others 160 Others 150.0 1,800.0 1,800 140 1,546.5 160.0 32.0 120 1,500 68.6 102.4 100 1,200 18.1 80 900 1,640.0 1,477.9 60 118.0 600 40 84.3 300 20 0 0 FY2006 Around FY2010 FY2006 Around FY2010 (B Yen) (B Yen) 4% 9% 18% 21% Copyright 2008 Toray Industries, Inc. All Rights Reserved 4 Strategy for Carbon Fiber Composite Materials (1) Business environment and market structure Copyright 2008 Toray Industries, Inc. All Rights Reserved 5 Business environment of Carbon Fibers Global Clean Energy Warming Wind Power Natural Gas Strict exhaust gas regulations high consciousness of energy saving Energy Saving Inflation Weight saving (Aircraft, Automobile) of oil prices Diversification of energy Improvement of fuel efficiency Shift to alternative energy Atomic Power Deep water oil mine Generation (Uranium concentration) Needs for Corrosion-resistance High- High Modulus Radiolucency performance Electromagnetic Materials Shielding, etc. Medical PC Casing Equipment Copyright 2008 Toray Industries, Inc. All Rights Reserved 6 7 2012- ) Sports Sports （ ndustrial I Use Aerospace Aerospace Rapid Expansion Full-scale expansion in automobile application 2011) Full-scale increase in in Full-scale increase － Aircraft and AutomobileAircraft 2004 Large aircraft program Large blade Wind mine Oil Automobile, （ Launched Boeing 787 project Variety in molding method in molding Variety Fibers ofRecycle Carbon Full-scale Expansion Selected for primary structure of Airbus A380 Recession of aircraft industry September 11 2003) Expansion of communication satellite Copyright Industries, 2008 Toray Inc. RightsAll Reserved － ncrease in ncrease I 1994 Full-scale expansion in industrial application Expansion （ Industrial Use Pressure vessel parts Machine Marine Engineering, Cost reduction Cost reduction scale Large structure Recession of aircraft industry Selected for primary structure for Boeing 777 c 1993) － Selected for primary structure of Airbus A320 Growth 1984 （ Tennis racket and Carbon Golf Shaft Boom Tennis rackets Golf Shafts structure Aircraftprimary Increase of product type product of Increase moldingProgress in technology Increase in applicationIncrease Selected for second structure of Boeing 757 & 767 1983) － Selected for second structure of Boeing 737 1971 Selected as a material for Satellite （ Introduction Development of Golf Shaft and Fishing Rods Thousand Tons / / Year Tons Thousand Fishing rods Fishing rods Limited Field Field Limited Aircraft secondary structure Aircraft secondary High Quality Quality High 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Carbon Fiber Market transition Market Carbon Fiber 0 80 60 40 20 Main Application Remarks 140 120 100 Carbon Fiber Market transition Full-scale expansion Dramatic expansion Expansion Full-scale expansion Dramatic expansion 140 Thousand tons / year 120 100 80 Energy 60 Environ- Safety 40 ment Industrial Use 20 Aerospace Sports 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Copyright 2008 Toray Industries, Inc. All Rights Reserved 8 Forecast of Carbon Fiber demand Unit: ton Growth rate 69,000 70,000 (’04 - ’10 average) 70,000 Industrial Use Market Aerospace 60,000 10%15% 60,00060,000 Sports 52,000 Updated 50,00050,000 46,000 Previous Forecast Forecast 40,000 40,000 Industrial Use 40,00040,000IR seminar in 37,500 10%15% June, 2005 35,000 28,000 34,000 24,000 30,500 30,00030,000 27,500 25,000 22,000 20,00020,000 Aerospace 15%24% 10,00010,000 Sports 3%8% 0 0 20042004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 Copyright 2008 Toray Industries, Inc. All Rights Reserved 9 10 700 Space Gpa) （ and and 400 500 600 Industrial Use Use Industrial Special Sports Sports Special High-performance High-performance 300 Aircraft Primary Sports Sports ensile modulus Structure T and Space and Classification by by Classification Aircraft Industrial Use Secondary Structure Copyright Industries, 2008 Toray Inc. RightsAll Reserved Mechanical characteristic 2 characteristic Mechanical 100 200 7.0 6.0 5.0 4.0 3.0 2.0 1.0 ) a p G h t g n e r t s e l i s n e T （ 700 Gpa) （ High Modulus Inter-mediate modulus Standard Tensile modulus Classification by by Classification Tow Modulus Large Mechanical characteristic 1 characteristic Mechanical 100 200 300 400 500 600 Market classification CarbonPAN-based of Fibers 1 1.0 2.0 3.0 4.0 5.0 6.0 7.0 ) a p G h t g n e r t s e l i s n e T （ Market classification of PAN-based Carbon Fibers 2 Carbon Fiber TORAYCA® series T1000 T1000 7.0 7.0 High-strength Only TORAY ) ) T1000 T1000 a a Carbon Fiber p p 6.0 G 6.0 G G G T800S/T800H T800S/T800H （ （ T700S High Modulus T700S h h t t 5.0 M35J Carbon Fiber 5.0 M35J g g Competitors’ T400H M40J T400H M40J n n T300J T300J Competitors’ e e M46J Products r r M55J M46J M55J t t Products s s 4.0 M30 4.0 M30 M50J M50J e e l l i i M60J M65J M60J M65J s s T300 T300 Competitors’ n n 3.0 3.0 e e M40 M46 ProductsM40 M46 T T Only TORAY M50 M50 2.0 2.0 1.0 1.0 100 200 300 400 500 600 700 100 200 300 400 500 600 700 Tensile modulus（Gpa) Tensile modulus（Gpa) Copyright 2008 Toray Industries, Inc. All Rights Reserved 11 Market structure of PAN-based Carbon Fibers 1 Market structure Market structure by grade by application High-strength/High-Modulus fiber High-end Thin fiber High-grade Prepreg / fabric Primary Aerospace structure Sports Middle-range Intermediate Modulus fiber Intermediate strength fiber Secondary Prepreg / Fabric structure Low-end Industrial Use Large-tow fiber Standard Prepreg Market size: 35,000 tons *As of 2007, Toray’s estimation Copyright 2008 Toray Industries, Inc. All Rights Reserved 12 Market structure of PAN-based Carbon Fibers 2 Quantity Sales amount 34% High-end 40% Toray’s occupation Toray’s occupation Middle range Low-end Based on CF quantity Based on Sales amount *As of 2007, Toray’s estimation Copyright 2008 Toray Industries, Inc. All Rights Reserved 13 Examples of application -Aerospace- Boeing 777 Boeing 787 Satellite Primary/Secondary structure Primary/Secondary structure CFRP usage : Approx. 10t CFRP usage: Approx. 35t Airbus A320 Airbus A380 Rocket Primary/Secondary structure Primary/Secondary structure CFRP usage: Approx. 2t CFRP usage: Approx. 35t Copyright 2008 Toray Industries, Inc. All Rights Reserved 14 Examples of application -3 major sports- Fishing rod Golf Shaft Tennis racket Copyright 2008 Toray Industries, Inc. All Rights Reserved 15 Examples of application -New sports- Hockey stick Softball bat Bicycle Copyright 2008 Toray Industries, Inc. All Rights Reserved 16 Examples of application -Industrial use- Energy-related Uranium centrifuge Fuel cell Wind power blade Oil-related Copyright 2008 Toray Industries, Inc. All Rights Reserved 17 Examples of application -Industrial use- Automobile-related Hood Spoiler Propeller shaft F1 machine parts Radiator core support Body panel Copyright 2008 Toray Industries, Inc. All Rights Reserved 18 Examples of application -Industrial use- Civil engineering, Repair and Reinforcement Bridge pier reinforcement Deck reinforcement Pillar reinforcement Bridge railing Copyright 2008 Toray Industries, Inc. All Rights Reserved 19 Examples of application -Industrial use- Ships and Boats Boat Sailboat Copyright 2008 Toray Industries, Inc. All Rights Reserved 20 Examples of application -Industrial use- Pressure vessel SCBA (self-contained-compressed air breathing apparatus) CHG (Hydrogen) tank CNG (Compressed Natural Gas) tank Copyright 2008 Toray Industries, Inc. All Rights Reserved 21 Examples of application -Industrial use- Machine parts, Medical equipment and IT-related products Doctor blade Roller / Pipe Robot hand for LC panel PC casing (Compound) X-ray top panel Copyright 2008 Toray Industries, Inc.
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