Japan Marine Coatings Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 2.25% from 2023 to 2033
• The Japan Marine Coatings Market Size is Expected to hold a significant share by 2033

The Japan Marine Coatings Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 2.25% from 2023 to 2033. The Growing shipbuilding sector expansion, government push to increase the number of new ship orders with programs such as JOIN, and emphasis on advancements in coatings are driving the Growth of the marine coatings market in Japan.     

Market Overview

Marine coatings are protective layers applied to surfaces exposed to or immersed in fresh, brackish, and/or salt water. They are utilized with marine structures such as offshore oil rigs, as well as with boats, ships, ferries, and other watercraft. Their functional features include resistance to corrosion and abrasion, surface protection, and enhanced durability. Additionally, they enhance the substrates' visual appeal and aesthetic qualities. Underwater coatings offer improved fuel efficiency as well as defense against corrosion and UV rays. Anti-fouling finishes facilitate lower drag, which facilitates the vessel's forward movement and reduces energy emissions while improving power consumption. Marine coating manufacturers focus on improving their products to reduce ship fuel consumption, offering a range of paints and coatings. Further, marine coatings with low volatile organic compounds (VOCs) are in more demand as they are more environmentally friendly.  

Report Coverage

This research report categorizes the market for the Japan marine coatings market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan marine coatings market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Japan marine coatings market.

Driving Factors

The government's aim to increase the number of new ship orders through initiatives like JOIN is one of the major factors driving the marine coatings market in Japan. The use of high-performance coatings in merchant vessels and leisure yachts for aesthetic appeal and the expansion in the shipbuilding sector are driving the market growth. Further, the emphasis on advancement in hull coatings and epoxy finishes is responsible for propelling the market.

Restraining Factors

Petrochemicals produced from the refining of crude oil are the raw components needed to make marine coatings. Thus, the coatings industry is directly impacted by the present decline in oil prices. Thus, fluctuation in the prices of raw materials challenges market growth.

Market Segmentation

The Japan Marine Coatings Market share is classified into function, resin, and application.

• The antifouling segment dominated the market with the largest market share in 2023.

The Japan marine coatings market is segmented by function into anti-corrosion, antifouling, and others. Among these, the antifouling segment dominated the market with the largest market share in 2023. The booster biocides and self-polishing resins, including cuprous oxide, aid in the prevention of bio-fueling organisms. There is a huge volume of demand for foul resistance coatings for seafaring vessels. The rising number of offshore passenger and cargo ships being built as well as offshore drilling operations are driving the market demand.

• The epoxy segment dominates the Japan marine coatings market with the largest revenue share during the forecast period.       

Based on the resin, the Japan marine coatings market is divided into epoxy, polyurethane, acrylic, alkyd, and others. Among these, the epoxy segment dominates the Japan marine coatings market with the largest revenue share during the forecast period. Epoxy resin has good adhesive qualities on a range of surfaces, high durability, and resilience to chemicals and water. The corrosion and abrasion-resistant properties of epoxy-based marine coatings are driving the market.

• The cargo ships segment is expected to hold the largest market share during the forecast period.

Based on the application, the Japan marine coatings market is divided into cargo ships, passenger ships, and boats. Among these, the cargo ships segment is expected to hold the largest market share during the forecast period. The cargo tanks are majorly constructed from mild steel that needs to be protected from corrosion and the carriage. In addition to increasing exports, cargo ships have also brought down the cost of commodities.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan marine coatings market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Axalta Coating Systems
• Akzo Nobel N.V.
• Chugoku Marine Paints, Ltd
• Jotun
• Kansai Paint Marine Co., Ltd.
• KCC CORPORATION
• NIPSEA GROUP
• Hempel A/S
• PPG Industries
• The Sherwin-Williams Company
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Japan, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Japan Marine Coatings Market based on the below-mentioned segments:

Japan Marine Coatings Market, By Function

• Anti-Corrosion
• Antifouling
• Others

Japan Marine Coatings Market, By Resin

• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Others

Japan Marine Coatings Market, By Application

• Cargo Ships
• Passenger Ships
• Boats