The Japan marine coatings market is expected to grow at a CAGR of more than 2% during the forecast period. One of the key drivers of the Japan marine coatings market is the government push to increase the number of new ship order with programs such as JOIN. However, the impact of COVID-19 is expected to act as a restraint to the market.
Key Market Trends
Anti-Fouling Coatings are Expected to Dominate the Market
- Anti-fouling coatings are mainly used for hull and tank applications of which marine hull coatings hold a share of more than 75% in the marine antifouling coatings market.
- Anti-fouling hull coating applications dominate the market studied, due to the increasing production of offshore ships, including passenger and cargo, along with offshore drilling activities.
- These coatings are primarily applied to the under-water parts of a ship or yacht, to reduce the growth of the organisms and microbes in the parts attached to the hull. The coatings provide enhancement and durability, along with providing benefits, such as self-cleaning and graffiti resistance.
- Their self-polishing resins and biocides, such as cuprous oxide, along with booster biocides, help prevent bio-fouling organisms. Overall Anti-fouling coatings are expected to dominate the marine coatings market owing to the high volume requirement of foul resistance coatings for seafaring vessels.
Slow Down is Expected in Marine OEM Coatings
The Shipbuilding industry has seen a decline in 2019 with negative growth in the number of orders received. According to the shipbuilding Association of Japan, the number of new orders has decreased to 296 in 2019 from about 344 in the previous year. This is expected to negatively affect the demand for the marine OEM coatings market in the country. The marine coatings market is further affected by the marine production stops due to lockdown owing to COVID-19. However, the Japanese government is pushing a new form of financing to get more ship orders on home soil. The shipbuilding industry is also expected to see some big mergers to stay competitive. Overall the demand for marine OEM coatings is expected to slow down in the next few years.
The market studied is consolidated in nature. Some of the key players in the market include Akzo Nobel N.V., Jotun, PPG Industries, Hempel A/S, Kansai Paint Marine CO.LTD, among others.
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