medium & long term business plan - ircms.jp share of silicon lapping and polishing ... outline...
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2
Contents
I. Competitive Advantage & Core Technology
II. Summary of Current M&L term Business Plan*
III. New M&L Term Business Plan*
*M&L term Business Plan : Medium & Long Term Business Plan
4
1
2
3
4
5
Strong market position in the semiconductor substrate processing segment providing superior quality materials
Advanced and unique technologies providing solutions for surface processing requirements
Strong R&D commitment to maintain long-term competitiveness
Financial strength supporting aggressive R&D investment
Strategically placed world-wide manufacturing and technology sites near major customers
Competitive Advantage
5
Strong market position in the semiconductor substrate processing segment providing superior quality materials1
Market share of CMP slurry
A 34.6%
B14.9%
C10.2%FUJIMI
9.7%
D 9.2%
E 8.2%
F 2.3%
H 1.0%G 1.7% OTHER
8.0%
As of Mar. 2016, FUJIMI estimation
CMP Slurry Market ($m)
$- $200 $400 $600 $800
$1,000 $1,200 $1,400
2011 2012 2013 2014 2015 2016 2017 2018
Ceria based (all STI and all Oxide) Oxide W Copper Barrier EmergingForecast
Source: LINX-Consulting
Final Polishing
Test Wafer
300mm wafer shipment (mil pcs/month)Forecast
Prime Wafer
Epi Wafer
Current Capacity
Source: SUMCO IR Material
Market share ofSilicon Lapping and Polishing
Others14%
Fujimi86%
Others12%
Fujimi88%
As of Mar. 2016, FUJIMI estimation
Lapping Final Polishing
6
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
'53 '55 '57 '59 '61 '63 '65 '67 '69 '71 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15
New Business
General Industry
Hard Disk
CMP
Silicon
All
Millions of Yen
Advanced and unique technologies providing solutions forsurface processing requirements2
Silicon business started
1982 Hard Disk business started
1997 CMP business started
Optical Lens business started
2012 Advanced Metal Polishing business started
0%
10%
20%
30%
40%
0
200
400
600
800
1000
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017F
R&D Manufacturing Others R&D / Total Employee (%)
Numbers of Employees
0%
2%
4%
6%
8%
10%
12%
14%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017F
R&D Expenses R&D Expenses / Net Sales (%) #REF! #REF! #REF!
7
Strong R&D commitment to maintain long-term competitiveness3
※Numbers in FY2017 are forecasts.
Millions of YenRatio of R&D Expenses to Net Sales
Person
30.5%
※Numbers in FY2017 are forecasts.
10.2%
8,000
6,000
4,000
2,000
0
2,000
4,000
6,000
8,000
10,000
Financial CF Investing CFOperating CF FCF
M JPY
8
Financial strength supporting aggressive R&D investment4
0%
5%
10%
15%
20%
25%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
EBITDA / EBITDA MarginEBITDAEBITDA Margin
M JPY
74%
76%
78%
80%
82%
84%
86%
88%
90%
92%
Equity Ratio Cash Flow
FUJIMI has no interest-bearing debt
9
Strategically placed world-wide manufacturing and technology sites near major customers5
A strong presence in Asia Pacific to better serve customers. Approximately 80 percent of revenue, fixed assets and employees are in Asia.
Semiconductor Industry AreaHDD Industry AreaSmartphone Assembly Industry Area
R&DManufacturingSalesSupport Center
KoreaGermany
China
Malaysia
USAJapan
Taiwan
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017FAcquisition of treasury stock 0 755 675 1,028 1,918 0 0 902 345 644Cash dividends 1,275 875 868 989 801 907 778 1,022 1,008 1,232Total return ratio 39.2% 271.6% 132.9% 110.8% 500.8% 40.8% 97.3% 52.1% 57.7% 67.0%Payout ratio 39.2% 146.8% 75.0% 54.8% 150.7% 40.8% 97.3% 27.8% 43.2% 43.9%
0%
50%
100%
150%
200%
250%
300%
0
500
1,000
1,500
2,000
2,500
3,000
*2
Dividend History
10
Total cash dividends / Acquisition of treasury stock
20,000
22,500
25,000
27,500
30,000
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016FY2014 FY2015 FY2016 FY2017FY2013FY2012FY2011FY2010FY2009FY2008
Number of shares(excluding treasury stock)
(millions of yen)
(thousand)
*2 : Forecast as of May 10, 2016 *1 : Actual from Apr 1, 2016 to May 31, 2016
*1
*2
Reference
11
Chemistry- Dispersion
- Dissolution
- Surface protection
Powder Technology- Powder shape control
- Agglomerated powder
Core Technology
Large size
Middle size
Fine size
Particle
Particle distribution curve
Core Technology – TRF : Technology Platform
Filtration, Classification,
Purification - Particle grading- Large particle
& impurity removal
Abrasive Surfactant - Dispersion, Wetting
Chemistry :Acid, Alkali, Oxidant
Inhibitor - Protectant
Chelating AgentIon capture
13
(Existing business)
Seeding(New business)
Develop Infrastructure
(Existing business)
Raise Planted SeedRaise Planted Seed(New business)
Strengthen Infrastructure
(Existing business)
Flower Blooms reap the fruits
of what was planted
Human Resource CultivationEnhancement of MFG PowerEnhancement of QA PowerEnhancement of PDCA Cycle Execution
Human Resource CultivationEnhancement of MFG PowerEnhancement of QA PowerEnhancement of PDCA Cycle Execution
Understand and Realize Customer Requirements Achieve Higher Customer SatisfactionUnderstand and Realize Customer Requirements Achieve Higher Customer Satisfaction
Build up Stronger Financial FundamentalsBe Environment Friendly CompanyBuild up Stable Business Portfolio
Build up Stronger Financial FundamentalsBe Environment Friendly CompanyBuild up Stable Business Portfolio
Start2009/3
2012/3
2015/3
2018/3
Outline of Current Medium & Long Term Business Plan Formulated in 2009
1st Stage (Done)Self-analysis, Strategy formulation
2nd Stage (Done)Enhancement, Execution
3rd StageSpread, Jump
Execute Corporate Philosophy
Achieve Corporate Vision
Execute Corporate Philosophy
Achieve Corporate Vision
14
Operating Income Ratio Improvement : 12.6%
Embodied “Meet and Exceed Customer Expectations” in Management Philosophy
Enhanced quality assurance capability and manufacturing master mind
Improved Work-Life-Balance : More leave days, Strengthening family care plan
Improved Personnel System : Strengthening family care plan, Education/Training system
Sales and Operating Income Targets : Not achieved
Realizing new business developments but, need more diversified new businesses
Operation efficiency and effectiveness improvement
Work-Life-Balance : Did not meet target for reduced overtime work
Achievement Review for Current Medium & Long Term Business Plan
Highlights
Lowlights
16
1. More mature semiconductor market
2. Smartphone market growth has slowed down.
3. More alliances in semiconductor industry.
To share increasing R&D costs
Macro economy
Micro economy
1. More uncertain in the world economic outlook
2. Slowdown of emerging economic growth
3. Shorter and more volatile economic cycle
4. More uncertain geopolitical risk
Changes of Business Environment
17
297
473
680
968
1,245
1,424 1,475
1,573 1,654
59.3%
43.8%42.6%
28.5%
14.4%
3.6% 6.6% 5.2%
0%
10%
20%
30%
40%
50%
60%
70%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2010 2011 2012 2013 2014 2015 2016F 2017F 2018F
Smartphone shipments YoY
Number of smartphone shipments in 2016 has slowed down due to China economy maturation. The latest forecast says YoY 3.6%.
Number of smartphone shipments in 2016 has slowed down due to China economy maturation. The latest forecast says YoY 3.6%.
Millions of pieces
Source : (Forecast) Daiwa Securities Co.Ltd. Electronics Quarterly (Autumn), 2016/9/23(Actual) Gartner , 2016/8/15
Slowdown Smartphone Growth to Single Digit Percentage
18
In a long term perspective, CAGR* in semiconductor industry growth is slowing down mature. In a long term perspective, CAGR* in semiconductor industry growth is slowing down mature.
- Growth drivers have shifted from PC to tablet and smartphone.
- IoT, AI and in-vehicle equipment are expected as next growth drivers, however the potentials are uncertain.
Smartphone, Tablet
Smartphone, TabletPCPC
IoT, AI, In-Vehicle Equipment
IoT, AI, In-Vehicle Equipment
?
2020 2025
Growth driver
*CAGR : Compound Annual Growth Rate
Source : Above graph is developed by Fujimi based on original source NOMURA SECURITIES CO., LTD. on 9/18/2015
More Mature Semiconductor Market
SemiconductorSemiconductorprocessing equipment
Unit : Million of USD
19
Non-Semiconductor Business: New Business Expansion
→ Business Portfolio Optimization
Non-Semiconductor Business: New Business Expansion
→ Business Portfolio Optimization
Existing Business Expansion + Progressing New Business + Next New Business
Challenge Items
Semiconductor : Existing Business Expansion and Penetration into Periphery Business FieldSemiconductor : Existing Business Expansion and Penetration into Periphery Business Field
Silicon Wafer30%
CMP35%
Hard Disk13%
GI*22%
New Business Expansion (Image)
SemiconductorBusiness(65%)
Non-Semiconductor Business(35%)
FY2016 Actual
Mar
ket s
ize
Time
Existing business
New Business A
New Business B
New Business C
New Business D
*GI : General Industry
Business Portfolio Optimization with New Business Expansion
21
FY2016Actual
FY2017Forecast
Before or afterFY2019
Dividend Payout Ratio 43.2% 43.9% 50%
Medium & Long Term Corporate Vision
FY2016Actual
FY2017Forecast
FY2022Plan
Net Sales in Billion of Yen 31.7 33.0 60.0
New Business Sales Ratio 6% 7% ≧25%
Non-Semiconductor Sales Ratio 35% 35% ≧45%
Non-Polish Business Sales Ratio 6% 7% ≧15%
Operating Income Margin 10.4% 11.5% ≧15%
ROE 5.3% 6.3% ≧10%
ROA 4.6% 5.5% ≧8%
We support your forward-looking ideas and challenges.We support your forward-looking ideas and challenges.
Quantitative Targets
Policy on Shareholder Return
Medium & Long Term Business Plan from FY2016 to FY2022
22
Conversion from Abrasive Manufacture to Surface Creator
Silicon Wafer30%
CMP35%
Hard Disk13%
GI*(Polish)
11%
GI*(Non-Polish)
5%
New Business
6%
【FY2016 (Actual)】Existing : 94% New : 6%
【FY2016 (Actual)】Existing : 94% New : 6%
Silicon Wafer24%
CMP29%Hard
Disk9%
GI*(Polish)
8%
GI*(Non-Polish)4%
【FY2022 (Target)】
Existing : 75% New : 25%
【FY2022 (Target)】
Existing : 75% New : 25%
New 6%New 6%
Existing 94%Existing 94% Existing 75%Existing 75%
New 25%New 25%
New Business25%
Expand New Business
【FY2016 (Actual)】 【FY2022 (Target)】
Conversion from Abrasive Manufacture to “Powder & Surface” Company
*GI : General Industy
23
0%10%20%30%40%50%60%70%80%90%
100%
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022
Semiconductor relatedNon-Semiconductor related
35%
65%
Over 45%
Business Portfolio between Semi and Non-Semi Businesses
Business Portfolio Optimization
Conversion from Abrasive Manufacture to “Powder & Surface” Company
In FY2022, Non-Semiconductor Sales Ratio : over 45%
24
【FY2016 (Actual)】Polish : 95% Non-Polish : 5%
【FY2016 (Actual)】Polish : 95% Non-Polish : 5%
【FY2022 (Target)】
Polish : 85% Non-Polish : 15%
【FY2022 (Target)】
Polish : 85% Non-Polish : 15%
Polish 85%Polish 85%
Non-Polish15%
Non-Polish15%
Non-Polish5%
Non-Polish5%
Polish 95%Polish 95%
Silicon Wafer30%
CMP35%
Hard Disk13%
GI*(Polish)
11%
GI+(Non-Polish)
5%New
Business 6% Silicon Wafer
24%
CMP29%
Hard Disk9%
GI*(Polish)
8%
New Business
25%
GI*(Non-
Polish)4%
【FY2016 (Actual)】 【FY2022 (Target)】
Conversion from Abrasive Manufacture to Surface Creator Expand Non-Polish Business
Conversion from Abrasive Manufacture to “Powder & Surface” Company
26
1. Re-acknowledge Fujimi’s Business Domain
2. Expand new applications and search for new businesses opportunities
3. Aggressive R&D investment and cooperation with other companies
– Expand “Powder & Surface” field as Fujimi’s business domain
– Conversion from abrasive manufacture to “Powder & Surface” company
Key words : “Powder & Surface”, Surface Processing Solution
– Expand existing businesses and invest medium and long term growth
– Enhance material design capability
– Aggressively seek alliances with other companies, as well as merger & acquisition opportunities
– Short to medium term : Expand existing businesses and search for new
business opportunities
– Medium term : Develop Non-polish applications and businesses
– Long term : Incubate new business themes in the 10 year time range
Growth Strategy Policy
27
ATRC* : Search for new business fields of “Powder & Surface”
Existing Business : Expand new application and business opportunities
New Business : Search for new business opportunities
– Silicon Wafer : Take next generation semiconductor applications
– CMP : Take beyond 5nm semiconductor applications
– Specialty Materials : Expand applications in powder field
– Thermal Spray Materials : Expand business areas with complex
technologies
– Complex shape polish rather than planar polish,
New polish method, Providing solution
– Search for new business fields of “Powder & Surface” applications
– Increase investments in venture companies (ex. CVC)
– Aggressively seek alliances with other companies (ex. M&A)
*ATRC : Advanced Technology Research Center
Growth Strategy Policy of Each Business Unit
28
Existing Periphery New
Exi
stin
gPe
riphe
ryN
ew
Tech
nolo
gy
Market
Expand existing business,search new biz opportunities
New businessunit
Target more periphery areas(short-mid term search:〜3 years)
ATRC*Target further more periphery areas
(mid-long term search:〜10 years)
Activity in existing business units-Expand existing and search new business opportunities
Activity in new business unit-Target more periphery areas rather than existing ones-Search for new opportunities in the short and medium term perspective
Activity in ATRC*-Search for new business in medium and long term perspective
-Incubate new business projects and provide feedback
ExistingBusiness
units
Growth strategy-Existing business units expand existing business
and seek new opportunities-New business unit expand into more periphery
areas.-ATRC* gives business units project feedback from
extended periphery areas.
Domain of Existing Business Units, New Business Unit and ATRC*
*ATRC : Advanced Technology Research Center
29
Surf
ace
Powder
Abrasive
Silicon
MCF(Magneto-Compound
Fluid)
Functional materials
Catalyst
Insulating materials
AgglomeratedComposite
SiC
GaN
Complex shape
Hard materials
Processing solution
Thermal spray・Plating・Painting・
Chemical processing
Next generation substrate
New surface processing
needs
Fine powder
Mesoporouspowder
Nano powder
Polish
Coating
Non-Polish
Filler materials
Blasting
Lapping / Polishing
Thermal spray
Conversion from Abrasive Manufacture to “Powder & Surface” Company
30
-Powder & Surface-CVC-Cooperation with industry,government, university
-M&A-Joint development-Open innovation
MobileDisplay-related
New polishing
field
Creating surface of
things
Expansionof TPF*
Material in-housedevelopment
Present
20222025
2019
Strategic pipeline
-Silicon Wafer-CMP
-Compound semi (SiC、GaN)
-CMP consumable
Next generation wafer(ex. Diamond Wafer)
-Hard Disk-Thermal Spray-General Industry
-Globalexpansion-Application expansion
High value added powder development
Coretechnology
High Quality
Powdertechnology
Filtration, Classification,
Purificationtechnology
Chemistry
Development
capability
NicheTop
Fujimi’sStrength
ATRC
Semi-related
New business
Specialty
Expansion of
core-tech.
Medical Healthcare
Drug delivery system
Artificialbone Nano
medicalRegenerative
medical
Advanced materials・Manufacturing technology
Advanced materials
Nano-material
Compositematerial
Transportequipment
Bullettrain
Othertransfervehicle
AircraftAutomobile Environment
Energy
Geothermalenergy
Wind powergeneration
ThermalPower
generation
Nextgenerationautomobile
Next generation
power device
Robot
IoTMobileinternet
Information & communication
Target field (ex.)
*TPF:Technology Platform
Other field
Unlimited field
AgricultureWater
Desalination soil amelioration
Growth Strategy
32
Field
Existing field New(Potential) field
Tech
nolo
gy Existing/Core
+αIntensify
Existing Business
PrimaryTarget
Expand existing business and periphery business
Existing Business : Expand New Application and Business Opportunities
330
1,0002,0003,0004,0005,0006,0007,0008,000
2014/3 2015/3 2016/3 2017/3 2022/3
M&A F Business E Business D BusinessC Business B Business A Business
Penetrate into new applications in semiconductor business with polishing technologies and know-hows
Expand to polishing peripheral materialsNew polishing objects/
technologies
MEMS*1 TSV*2
SiC GaN
*1:Micro Electro Mechanical Systems:A technology that in its most general form can be defined as miniaturized mechanical and electro-mechanical elements (i.e., devices and structures) that are made using the techniques of micro-fabrication*2:Through-Silicon Via:One of the semiconductor processing technologies which is a vertical electrical connection (via) passingcompletely through a silicon wafer or die..
Existing Business : Growth Strategy in Semiconductor Business
Oil Grinding wheel PadCleaning
Filtration/Classification
Purification technology
Chemistry
(Dispersion/
Dissolution/
Surface protection)
Powder
technology
(Particles/
Abrasives)
Core technologies
34
【New Application】 【New Application & Region】
【Existing Field】 【New Region】Region Strategy
(積極展開できていない)Appl
icat
ion
Region
Optics, Grinding Wheel, Coating, Quartz, Insulator,
Glass, Catalyst Career, Plastic, LN/LT, Others
Enhance Powder Technology
North America
Europe
New Remarkable Field
Blast
Expand existing business with enhance powder technology and global spread
Existing Business : Growth Strategy in Specialty Materials Business
Global Spread
Be a global powder companyFunctional
Materials
Mid & South America
FUJIMI known as powder expert
35Penetrate into growth marketPenetrate into growth market
Increase market share in Thermal Spay marketIncrease market share in Thermal Spay market
Existing Business : Growth Strategy in Thermal Spray Materials Business
1. Semiconductor / Liquid Crystal- Focus on HVM establishment and next generation materials
development.
- Establish HVM of Slurry Thermal Spay
2. Aeronautical and Power Industry- Develop good customer relationship
- Develop materials for TBC/EBC, Abrasion resistant coatings and 3D printers
3. New Business/3D Printer etc.R&D) Develop materials and molding technologies for “extremely hard materials” and “molds”
R&D) Marketing advanced technology for the medical, antibacterial treatments, Rechargeable battery and Nano-cellulose industries.
Source : NEDO
Source : NEDO
36Penetrate into growth marketPenetrate into growth market
Increase market share in Thermal Spay marketIncrease market share in Thermal Spay market
Existing Business : Growth Strategy in Thermal Spray Materials Business
1. Semiconductor / Liquid Crystal- Focus on HVM establishment and next generation materials
development.
- Establish HVM of Slurry Thermal Spay
2. Aeronautical and Power Industry- Develop good customer relationship
- Develop materials for TBC/EBC, Abrasion resistant coatings and 3D printers
3. New Business/3D Printer etc.R&D) Develop materials and molding technologies for “extremely hard materials” and “molds”
R&D) Marketing advanced technology for the medical, antibacterial treatments, Rechargeable battery and Nano-cellulose industries.
Source : NEDO
Source : NEDO
WC primary size: 0.2μm 6.3μm
Morphology of particlesAgglomerated Powder
Oxide, Carbide, Boride, Nitride , Metal Plastic, etc…
Process
Agglomerated Composite
38
Field
Existing field New(Potential) field
Tech
nolo
gy Existing/Core
+αIntensify
PrimaryTarget
Creating Surface(create new surface)
Targeting more periphery fields rather than existing fields. Seek short-medium term themes creating specific surface.
New Business : Search for New Business Opportunities in Polishing Fields
Existing Business
39
Existing Periphery Others
Existing
Periphery
New
Market
Technology
High technology and Unique
PolishingTotal Solution
New Market
Challenging Field
Business expansion with below 2 axes- Market axis: Mobile, Display, LED, Design, Exterior- Technology/Material axis: Challenging Fields (Hard brittle materials, Alloy, 3D polishing)
Hard brittle materials,
Alloy↓
3D
SemiconductorHard Disk
Non-Surface Polishing
?
Explore new markets with new technologies
New Market
・New Material + 3D Polishing
・Seramic , Ti alloy
Mobile / Display / LED / Design / Exterior etc.
New Business : Search for New Business Opportunities in Polishing Fields
40
Materials
2D2D
2.5D2.5D
3D3D
Lapping/ PolishingLapping/ Polishing
MCF*MCF*
Fixed Abrasive
Fixed Abrasive
CMPCMP AlloyAlloyCeramicCeramicGaNGaN SiCSiCDiskDisk Compound Materials
Compound Materials
Provide not only polishing materials but also polishing
methods
More Various Polishing Methods
More Complicated
Surface
Shapes
SiliconSilicon
Harder Materials
p gFujimi contribute to creating new surfaces of things by not only providing polishing materials but also polishing methods.
SolutionsPolishing methods
Creating new surface
of things
New Business : Penetrate into New Polishing Fields
*MCF: Magneto Compound Fluid
42
Market
Existing New(Potential) field
Tech
nolo
gy
ExistingCore
Enhancement
+New
Existing
Business
Primary Target
Primary Target
Technology enhancementby CVC, M&A and industry-academia
partnership etc.
New market researchthrough trade shows and customer information etc.
Search for new application and business in “Powder & Surface” field.
ATRC incubates new business projects and gives business units project feedback in new fields from a medium and long term perspective.
ATRC* : Search for New Business Fields of “Powder & Surface”*ATRC : Advanced Technology Research Center
43
Mission = Development of new business and technology
・To strengthen and expand core technologies,
・To perform market research of new business area in a medium and long term perspective,
・To pursue possible business alliance and M&A
Mission = Development of new business and technology
・To strengthen and expand core technologies,
・To perform market research of new business area in a medium and long term perspective,
・To pursue possible business alliance and M&A
ATRC*
R&D PlanningSection
Business PlanningSection
Core Technology Development Section
Organized in April 2015
With new technologies of “Powder & Surface” Toward new business fields
ATRC* : Organization and Function*ATRC : Advanced Technology Research Center
44
ATRC* : Technology Development Policy*ATRC : Advanced Technology Research Center
The more highly functional materials we have, the better we become able to take advantage of engineering.
To brush up core-technologies such as :To strengthen material technologies
EngineeringHighly
functionalmaterial
such as :- sol-gel synthesis,- hydrothermal synthesis,
and - mechano-chemical
synthesis.
In what direction?・finer,・more complex and・more variety
fusionCreation of customer
value
Continue creating the world’s best technology in “Powder & Surface” fields.
In what direction?・finer,・flatter and smoother and・more variety
- classification,- filtration,- surface modification,- evaluation, and- 2D,3D polishing
and add new engineering technologies.
45
Mesoporous Alumina has three fourths pores in total volume compared to same weight normal Alumina block.
Features- Fine pore from some nm to 1x nm in diameter,making it possible to capture and support fine substances.
- Controllability of pore diameter and size,leading to low density due to a lot of pores and high
surface areaex. pore volume: 1.1 cc/g; surface area: 265m2/g
Expectation of Non-polish applications with Alumina powders
Mesoporous Alumina
50nm
Application (ex)
Supporting substances
~12nm
~5.4nm
~14nm
20nmPore diameter
Density Comparison
Al2O3Ingot Al2O3
Pores
ATRC* : New Powders in Examples *ATRC : Advanced TechnologyResearch Center
Alumina vs Mesoporous Alumina
Substance
Pore
Mesoporous Alumina
Adsorbingharmful substances
Thermal conductive fillers
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