旭化成、カナダの電池材工場稼働を2年延期――北米EV市場の減速受け

世界的な電気自動車（EV）シフトのペースダウンが、日本の化学大手の投資戦略に影響を及ぼしています。旭化成は2026年4月15日、カナダで計画していたリチウムイオン電池用セパレーター「ハイポア」の新工場の稼働を延期することを明らかにしました。

1. 稼働延期の詳細と背景

当初、旭化成はカナダ工場を2027年半ばに稼働させる予定でしたが、これを1年半から2年程度延期する方針です。

主な要因: 北米におけるEV市場の成長鈍化。2024年の投資決定時と比較し、需要の伸びが想定を下回っているためです。
現状の進捗: 工場自体の建設工事は2027年の完成に向けて計画通り進められます。
今後の見通し: 本格的な稼働開始は2030年以降を視野に入れつつ、今後の市場動向を見て最終決定されます。

2. 投資計画の圧縮と経営目標

市場環境の変化に伴い、旭化成は中期経営計画（2025年度から2027年度）の投資枠を一部下方修正しました。

投資額の変更: 当初1兆円としていた投資計画を9300億円へ縮小。そのうち、成長分野への「拡大関連投資」も6700億円から6000億円へと引き下げました。
利益目標は維持: 投資は抑制するものの、以下の財務目標は据え置いています。
- 営業利益: 2700億円
- ROIC（投下資本利益率）: 6%
- ROE（自己資本利益率）: 9%

3. 多角化戦略とリスク管理

EV市場の不透明感に対し、旭化成は特定の用途に依存しない「ポートフォリオの多様化」で対抗する構えです。

新市場の開拓: EV向けだけでなく、電力消費が急増しているAIデータセンター用の蓄電池など、産業用セパレーターの販路拡大を急ぎます。
リスクへの備え: 北米の住宅事業の不調や関税リスクを見越し、150億円の利益バッファー（余裕枠）を設定。工藤社長は「目標達成の確度は高まっている」と自信を示しています。

Asahi Kasei Delays Canada Battery Material Plant by 2 Years Amid North American EV Slowdown

The global deceleration in the shift toward electric vehicles (EVs) is impacting the investment strategies of major Japanese chemical manufacturers. On April 15, 2026, Asahi Kasei announced a delay in the start of operations at its new plant in Canada, which was designed to produce “Hipore” lithium-ion battery separators.

1. Details and Background of the Delay

Asahi Kasei originally planned to begin operations at the Canadian plant in mid-2027 but now intends to postpone this by approximately 1.5 to 2 years.

Primary Factor: Slowing growth in the North American EV market. Demand growth has fallen below the expectations set when the investment decision was made in April 2024.
Current Progress: Construction of the facility itself will proceed as planned, with completion still targeted for 2027.
Future Outlook: While eyeing 2030 or later for the start of full-scale operations, a final decision will be made based on future market trends.

2. Reduced Investment Plan and Management Targets

Due to changes in the market environment, Asahi Kasei has slightly revised downward its investment allocation for the mid-term management plan (FY2025–2027).

Adjustment in Investment: The total investment plan was reduced from 1 trillion yen to 930 billion yen. Within this, “growth-related investments” were lowered from 670 billion yen to 600 billion yen.
Maintained Profit Targets: Despite the investment cuts, the following financial targets remain unchanged:
- Operating Income: 270 billion yen
- ROIC (Return on Invested Capital): 6%
- ROE (Return on Equity): 9%

3. Diversification Strategy and Risk Management

To counter the uncertainty in the EV market, Asahi Kasei aims to diversify its portfolio to reduce dependence on specific applications.

New Market Development: In addition to EVs, the company will accelerate sales expansion for industrial separators, such as storage batteries for AI data centers, where power consumption is surging.
Risk Mitigation: Anticipating potential downturns in the North American housing business and tariff-related risks, the company has set aside a 15 billion yen profit buffer. President Kudo expressed confidence, stating that the “probability of achieving our targets is increasing.”

Key Terms and Supplemental Info

Separator (Hipore): A critical component that keeps the positive and negative electrodes of a battery apart to prevent short circuits while allowing ions to pass through. Asahi Kasei holds a leading global market share.
Mid-to-Long-Term Outlook: Although EV sales are currently slowing, the company analyzes that battery demand will inevitably recover in the long run due to global environmental regulations.

This decision reflects a strategic move to apply a “flexible brake” in the high-stakes battery material business, aligning massive investments with current market realities to maintain financial health.