HOYA CORPORATION

HOYA did not simply move from eyeglasses into semiconductors. Starting from optical glass in 1941, it branched into eyeglasses, contacts, semiconductor substrates, intraocular lenses and HDD glass. Life Care still represents 62% of revenue, while Information Technology contributes 38%. HOYA plans roughly ¥92 billion of Phase 1 investment in new EUV mask blank and HDD substrate plants. The company emphasizes market structure over market size: demanding customers, close technical alignment and relationships that are difficult to switch. HOYA looks less like an eyeglass company than a company that keeps placing glass and optical technology in high-barrier niches.