Toray, a leading company in advanced materials and chemicals, has unveiled its plan to triple the sales of its hydrogen-related business to 60 billion yen in fiscal 2025, marking the final year of its medium-term management plan. The company specializes in the development and manufacturing of hydrogen-related products, including electrode substrates for fuel cells and electrolyte membranes for hydrogen production.

As part of its broader Sustainability Innovation Business, Toray aims to achieve overall sales of 1.6 trillion yen in fiscal 2025, representing a 1.2 times increase from the fiscal 2022 level. The company will prioritize products linked to hydrogen production as hydrogen emerges as a promising clean energy source, positioning itself for significant growth in this sector.

Akihiro Hikaku, the President of Toray, acknowledged that while the initial expectation was for increased demand related to fuel cells, the lack of hydrogen infrastructure such as refueling stations has hindered the growth of hydrogen demand for automobiles. However, global demand for hydrogen is steadily rising, and Hikaku commented that by 2050, hydrogen could potentially account for half of the world’s energy consumption, highlighting the future potential of hydrogen.

In 2022, Toray formed the Yamanashi Hydrogen Company through a joint investment with Yamanashi Prefecture and Tokyo Electric Power Company Holdings (TEPCO HD). Additionally, the company is expanding production capacity for its CCM electrolyte membranes with catalysts at its subsidiary in Germany.

Toray’s polymer electrolyte membrane (PEM) water electrolysis method, which employs a highly efficient electrolyte membrane, offers the advantage of easier handling compared to the previous alkaline water electrolysis method. With expectations for increased demand, Toray plans to aggressively expand its hydrogen business, confident that the company’s products will continue to be in high demand.