At the start of the 21st century, risk and opportunity lay ahead for Fujifilm: the digital era had arrived in force. Although Fujifilm had already begun to diversify its portfolio of technologies, photographic film had remained the company’s bread and butter since its founding. Demand for film peaked in 2000 and rapidly declined thereafter, at a rate of 20 percent per year. To continue growing over the medium and long term, Fujifilm would have to build new businesses. There was absolutely no time to waste.
Fujifilm took a long look at its history, asking itself, “What are our greatest strengths? Where and how can we offer new value to the marketplace?” One of the answers the company came up with was leveraging the technologies it had developed in the photography industry to create unique, value-added highly functional materials.