EUV Photomask Blanks

Japanese glass and chemicals conglomerate (TSE: 5201, formerly Asahi Glass); world's largest EUV photomask blank supplier by revenue (~55-59% market share). EUV blank production via 100%-owned subsidiary AGC Electronics Co., Ltd. at Koriyama, Fukushima, Japan (production started January 2022; 30% capacity expansion January 2024; ¥40B+ sales target by 2025). Unrelated businesses in same parent: automotive glass (world #1 market share), architectural/float glass, pharmaceuticals and agrochemical active ingredients, life sciences. Same company that makes your car windshield also makes the blank every EUV photomask starts from.

Japanese optical and electronics conglomerate (TSE: 7741); one of only two global EUV photomask blank manufacturers, holding ~35-38% overall market share but 75%+ of the High-NA EUV segment — the only validated supplier for sub-2nm logic nodes as of Q1 2025. Primary EUV blank production at Kumamoto, Japan; expanded by 3M units/year (2023) and 2.5M units/year (Feb 2024). Also operates in: contact lenses, eyeglass lenses, intraocular lenses for cataract surgery, medical flexible endoscopes, artificial bone/joint implants. These businesses are entirely unrelated to semiconductors yet share the same parent company.

U.S. specialty glass maker (NYSE: GLW); supplier of EXTREME ULE (Ultra-Low Expansion) glass substrates to Hoya and AGC for use as the raw base material of EUV photomask blanks. Received $32M CHIPS Act funding to expand Canton, NY plant for EUV substrate production (2025-2026 timeline). Corning supplies substrates only — not finished blanks (Mo/Si coating performed in-house by Hoya/AGC). Also makes optical fiber, Gorilla Glass for mobile devices, pharmaceutical packaging glass, and display glass.