JAPAN ARCHITECTURAL COATINGS MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

 The market for architectural coatings in Japan is anticipated to grow at a CAGR of 1.92%. Until seeing a jump again in 2020, the growth rate of architectural coatings in Japan had been declining since 2016. The increase in sales from the DIY market, which was impacted by COVID's increased home remodelling activities, is responsible for the growth seen in 2020. The Japanese housing structures also call for more paint because they have various requirements because their house styles are so dissimilar from those of the rest of the world.

The residential sector in Japan, which fluctuates around 80%, owned the largest share. This has allowed the overall consumption of architectural paint and coatings to expand at a CAGR of 2.48% from 2016 to 2021, despite some years of negative growth in the commercial sector during that time.

Due to persistent residential demand, a shrinking population, and an ageing labour force, the commercial sector's share in Japan is predicted to decline during the projected period. Additionally, Japan is a highly developed nation that has experienced long-term deflation, both of which have had an impact on the country's overall growth. In a similar vein, the total market for architectural paints and coatings is anticipated to increase, although at a meagre CAGR of just 1.3%.

Major Players:  AkzoNobel N.V., DAI NIPPON TORYO CO.,LTD., Kansai Paint Co.,Ltd., Nippon Paint Holdings Co., Ltd. and SKK(S) Pte. Ltd


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