Japan Protective Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Japan Protective Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Japan protective coatings market is expected to reach $548 million by the end of this year and is projected to register a CAGR of over 4% during the forecast period. The COVID-19 pandemic has negatively affected the current study market. However, post COVID-19 pandemic, the market's growth, the need for protective coatings, and the rising implementation of infrastructural projects have revived the demand for protective coatings in the country.

• Growing infrastructure and industrialization are expected to drive the country’s protective coatings market.
• Fluctuations in the prices of raw materials are expected to hamper the market's growth.
• The rising demand for powder coatings is expected to offer various opportunities for market growth during the forecast period.

The market for protective coatings in the country is expected to be led by the infrastructure coatings segment in the end-user segment.

• Acrylic resins are used as protective coatings because they are shiny, last a long time outside, don't rust, don't react with chemicals, don't dissolve in solvents, and are hard.
• The application of acrylic protective coatings is primarily found in the construction industry for high-end finishing on roofs, decks, bridges, floors, and other surfaces. Water-based acrylic coatings are in high demand owing to environmental concerns, like the negative impact of VOCs on the air quality in the environment.
• The Japanese government has recently begun construction on the Hokkaido Shinkansen (Shinkansen in the Hokkaido Area) between Shin-Aomori Station in Aomori Prefecture on the island of Honshu and Sapporo Station on the island of Hokkaido (361 kilometers).The project is expected to be completed by 2031.
• The Japanese government also started the Linear Motor Car Maglev Bullet Train Project, which is currently under development and will run between the Shinagawa Station in Tokyo and the Shin-Osaka Station in Osaka (a total distance of 285.6 kilometers).
• Furthermore, price increases in the country's epoxy and polyurethane markets have pushed acrylic coatings in the short term, wherever substitution is possible.
• During the forecast period, all of the above coatings are likely to be made out of resins for acrylic resin-based protective marketing.

• The backbone of modern cities is the protective coatings that are put on steel, which is often used for public buildings, stadiums, and transportation hubs.Steel bridges need to be protected from corrosion to keep their structural strength and appearance over time. Protective coatings are the most common way to do this.
• Japan is a major country for skyscrapers and high-rise buildings, making it a significant market for consumption. The country hosts various high-rise buildings (nearly 290), with Tokyo being a major hub for such structures. In Japan, there is some growth in the planning and building of these kinds of facilities in the near future.
• Some construction projects include two high-rise towers for Tokyo Station: a 37-story, 230-meter office tower and a 61-story, 390-meter office tower, both due for completion in 2027. One of the most significant redevelopment projects includes the Yaesu redevelopment project for old buildings into new offices, hotels, residences, retail stores, and educational facilities, which is due to be completed by 2023.
• Japan recently announced the USD 463 million Minami Koiwa 6-Chome District Type One Urban Redevelopment Project, which involves the construction of three blocks on 0.9 ha of land in Edogawa-ku, Tokyo, Japan.

During the forecast period, the market for protective coatings is likely to be driven by all of the above factors.

The Japanese protective coatings market is fragmented in nature. Some of the market's major players (not in any particular order) include Akzo Nobel N.V., PPG Industries, Inc, Sherwin-Williams Company, Kansai Paint Co. Ltd., and Nippon Paint Holdings Co., Ltd.

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