MAFTEC Co. Ltd is advancing high-performance heat-resistant materials that support critical industries from automotive and commercial vehicles to steelmaking and next-generation battery systems. With growing global demand for efficiency and safety, the company is leveraging its proven technology to expand into new markets and applications.
The history of MAFTEC’s products goes back several decades. Could you briefly explain the origins of the brand and how it developed into the company it is today?
MAFTEC products were first developed within Mitsubishi Chemical in the early 1980s. At that time, it was positioned as a product line under Mitsubishi Jushi, which was a subsidiary company. The MAFTEC brand name has been consistently present in the market since then. Over the years, the brand established itself as a reliable name in high-performance materials, particularly in applications requiring heat resistance and insulation.
For many years, MAFTEC was managed within the Mitsubishi Chemical Group, but in 2022 the business was acquired by Apollo and became an independent company. Despite this structural change, the brand identity of MAFTEC has always been maintained and recognized.
Our core technology lies in the production of the MAFTEC™ blanket, which we then process into various forms such as MAFTEC™ bulk and MAFTEC OBM™. MAFTEC OBM™, as you know, is primarily used in automotive applications, and approximately 88–90% of our overall business is currently tied to the automotive sector. Beyond that, our technology is also applied in heat insulation for industrial furnaces, and more recently in emerging areas such as EV batteries and stationary batteries. Another area of growing interest is what we call the “skid post block”—a rigid version of our blanket used in the steelmaking industry.
Which of these new applications do you believe will have the greatest potential to become a major part of your business in the years ahead?
Without question, batteries for electric vehicles represent one of the most promising opportunities for us. While the current penetration rate of EVs remains relatively modest, and the growth momentum has slowed somewhat in recent years, we expect significant acceleration in the long term. By 2040 or 2050, projections suggest that roughly 30% of light vehicles will be EVs. That outlook makes this an extremely high-potential market for our technology.
Moreover, MAFTEC™ already has a strong reputation within the automotive industry. Because our products are known for their quality and performance, it is relatively easy for us to enter new automotive applications. The MAFTEC brand carries recognition and trust, which gives us an advantage in expanding into these fields.
Could you clarify how your products are distributed within the automotive supply chain?
For blankets, we typically sell to Tier 2 suppliers, who then cut the material into specific dimensions before delivering it to Tier 1 companies. MAFTEC OBM™, on the other hand, is sold directly to Tier 1 suppliers. Ultimately, the vast majority of our blanket products find their way into automotive applications.
At the same time, we are seeing rising interest in our skid post block technology, particularly in the steelmaking industry, where energy efficiency is a pressing issue. Traditionally, cement or metal has been used for the pillars in furnace systems. These conventional materials are heavy, prone to cracking under high heat, and can allow energy loss when they fail. Our skid post blocks, by contrast, are lightweight, durable, and capable of withstanding temperatures up to 1600°C without breaking. They also reduce CO₂ emissions by preventing heat leakage and simplifying installation. Steelmakers appreciate both the efficiency and the ease of use of this solution.
Fireproof material
Do you see this skid post block application as primarily a domestic opportunity, or do you expect it to grow internationally as well?
We are promoting this technology globally from the outset. Of course, Japan remains an important market, and we already serve leading domestic steelmakers such as JFE and Nippon Steel. But we are also working with major international players like ArcelorMittal in Brazil and engaging with American steelmakers. Given the universal challenges of energy efficiency and CO₂ reduction, this is a product with strong international relevance.
Turning back to the automotive sector, EV adoption in Europe and the United States has slowed compared to earlier expectations. How do you see this transition unfolding over the next five to six years?
I believe EV adoption will continue to grow, but at a slower pace than initially forecasted. The momentum is still there, but the growth curve has flattened.
That said, regulatory pressures around emissions are becoming increasingly stringent. Catalytic converters, for example, need to operate at higher temperatures to meet stricter emissions standards. This trend creates additional demand for our high-temperature-resistant materials, as converters are placed closer to the engine and exposed to greater heat. In some cases, regulations may require not just one but multiple converters, which further expands the need for our products.
For commercial vehicles, such as trucks, the transition to EVs will take considerably longer. Trucks require far greater power output, and EV adoption in this segment remains limited. Meanwhile, demand for trucks continues to grow, particularly in developing regions like Africa and India. Because larger engines consume proportionally more of our blanket material—sometimes ten times more than a passenger car—the market for internal combustion vehicles, especially trucks, will remain an important driver of demand for us until at least 2030.
The traditional structure of Japan’s automotive industry was quite rigid, with suppliers often tied to a single OEM as a sole customer for decades. How is this changing in today’s more global and competitive environment?
You are right—traditionally, Tier 1 and Tier 2 suppliers in Japan were heavily aligned with a single OEM. But this started to change 10 to 15 years ago. Today, most suppliers engage with multiple OEMs, partly as a result of international trade frictions and the need to diversify risk.
In addition, many suppliers are seeking applications beyond automotive, diversifying into industries such as energy and industrial manufacturing. As a result, I don’t believe these structural changes will have a negative impact. On the contrary, they open opportunities for innovation and resilience across the supply chain.
Considering the geopolitical tensions, supply chain diversification, and Japan’s advantageous position with a weaker yen, how is MAFTEC positioning itself globally to secure a prime role in the evolving supply chain?
Our greatest strength lies in our uncompromising quality. This reputation has earned us long-term relationships with top-tier automotive companies such as Toyota and Mercedes-Benz, who place an extremely high value on reliability and performance. Quality is the foundation on which we intend to expand our presence globally, not only in our existing applications but also in emerging fields.
Looking ahead, which international markets hold the most potential for MAFTEC’s future growth?
In the automotive sector, the growth of commercial vehicles in developing regions is particularly compelling. Markets such as Africa, India, and South America are experiencing increasing demand for trucks, and we see significant opportunities there.
I also had the chance to visit Daimler’s production facilities in Germany, where I saw EV trucks being assembled. The scale is extraordinary—a single truck battery system can weigh ten tons. But challenges remain, whether in terms of weight, cost, or the limitations of fuel-cell technology. These dynamics create openings for materials like ours that enhance efficiency and safety.
Outside of automotive, the skid post block presents strong growth potential in the steel industry, especially as steelmakers come under greater pressure to reduce emissions. Another promising area is the recycling of lithium-ion batteries. Recycling is essential to the EV ecosystem, but it carries inherent fire risks. By incorporating MAFTEC technology, recyclers can mitigate these risks, making the process safer and more sustainable.
What is your strategy for expanding into new regions such as India, Africa, and South America? Will you rely on partners, or pursue direct sales?
Until 2022, we operated under Mitsubishi Chemical and leveraged their overseas entities. After the spin-off, we established our own subsidiaries—MAFTEC US and MAFTEC Europe—to serve existing customers and gradually expand in those markets.
Our short-term focus is on building up our teams in the US and Europe to strengthen local presence. In particular, we are actively seeking a partner in the United States to accelerate entry into the steel industry. For example, at the AIST (Advanced Iron and Steel Technology) event in May 2025, I personally attended and met with potential American partners. This kind of direct engagement is crucial for building long-term relationships in new markets.
Most recently, MAFTEC has been acquired by Advantage Partners. What do you expect from this new relationship?
Advantage Partners is one of the most established private equity firms in Japan, with a strong track record of supporting more than 70 companies. I have high expectations for the value they will bring in terms of management expertise and strategic support. In fact, I believe their involvement will offer even greater opportunities for growth than what we had under Apollo.
As president, having taken the role just over a year ago, what personal goals do you hope to accomplish during your tenure?
When I became president in April of last year, I shared a message with all employees after my first 100 days. I said that our goal is to build a company that can endure and thrive for 100 years.
By that, I do not mean chasing short-term profits or rushing to become publicly listed. Instead, I want to establish a foundation rooted in sustainability and mutual benefit. In Japan, we call this concept Sampo-yoshi—“good for the seller, good for the buyer, and good for society.” This philosophy underpins everything we do.
I believe that by prioritizing long-term stability, creating value for all stakeholders, and aligning our business with societal needs, we can ensure MAFTEC’s legacy extends for generations.
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