Brand Finance’s Mining, Metals & Minerals 50 2026 report highlights that Japan accounts for 10% of global mining brand value
TOKYO, 6 August 2026 – Japan ranks fourth globally in the mining sector, with a total brand value of USD8.2 billion in 2026, accounting for 10% of the global mining sector’s collective brand value, according to the latest Mining, Metals & Minerals 2026 report by Brand Finance, the world’s leading brand valuation consultancy.
Nippon Steel (brand value up 24% to USD4.2 billion) rises one place to rank fifth globally. Its brand value growth is supported by higher revenue forecasts. The acquisition of U.S. Steel also expands its crude steel capacity to 86 million tonnes and broadens the brand’s geographic footprint, supporting higher revenue forecasts and strengthening its market position across key regions.
JFE (brand value down 12% to USD1.5 billion) falls six places to 20th globally, reflecting lower revenue forecasts driven by weaker crude steel output, lower prices, and the potential impact of US tariffs on car production.
Kobelco (brand value up 4% to USD1 billion) ranks 26th globally, supported by brand perceptions linked to greater credibility and appeal. This growth is reinforced by its low-carbon Kobenable Steel, adopted by Toyota Motor Corporation for mass-produced vehicles, signalling growing relevance in decarbonisation and strengthening its positioning as a trusted industrial partner.
SMM (brand value up 15% to USD855 million) ranks 34th globally. The brand also records a significant improvement in its Brand Strength Index (BSI) score, from 49.7/100 in 2025 to 59.7/100 this year. Its brand strength rating also improved as a result – going from A- (2025) to A+ (2026). SMM’s brand strength uplift is supported by improvements in reputation and its role as a supplier of cathode materials for electric vehicle batteries.
Mitsubishi Materials (brand value up 31% to USD622 million) climbs seven places to 43rd globally and records a notable improvement in brand strength, rising 11 places to 16th in the global BSI ranking with a score of 67.1/100. Mitsubishi Materials is supported by increased brand awareness in its home market following global brand consolidation and strategic expansion into tungsten production, strengthening its international presence.
Alex Haigh, Managing Director Asia Pacific, Brand Finance, commented:
“Japan’s mining brands continue to demonstrate resilience and strategic strength, led by Nippon Steel’s rise into the global top five. Its growth reflects the benefits of scale, geographic expansion, and stronger brand perceptions, while gains from brands such as SMM and Mitsubishi Materials highlight how reputation, sustainability positioning, and increased visibility can materially strengthen brand performance. As the sector navigates a diverging commodity environment, Japanese brands with clear industrial relevance and long-term investment credibility are well positioned to sustain value.”
Global Insights
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
