Industry map/Resources, Energy & Materials
Paints & Inks industry map
Who earns the money in Paints & Inks, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 30 companies · ¥4.9T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.9T
- Companies
- 30
- Avg. salary（parent only）
- ¥7M
- Industry weather
- Sunny
YoY +3.4%
Avg. age 43.2
Operating income +21.3%
Nippon Paint Holdings[4612]
NIPSEA + 4 more
- Revenue
- ¥1.77T▲8.3%
- Operating income
- ¥262.1B▲37.6%
Margin 14.8%
Whole company: Revenue ¥1.77T · Net income ¥179.8B
Avg. salary ¥10.4M · 42.6（parent only）
DIC[4631]
Packaging and Graphic + 1 more
- Revenue
- ¥764.9B▼1.7%
- Operating income
- ¥36.1B▲15.0%
Margin 4.7%
Whole company: Revenue ¥1.05T · Net income ¥32.4B
Avg. salary ¥8M · 44.3（parent only）
Kansai Paint[4613]
EUROPE + 4 more
- Revenue
- ¥580.8B▲0.3%
- Operating income
- ¥49B▼3.2%
Margin 8.4%
Whole company: Revenue ¥589.8B · Net income ¥31.6B
Avg. salary ¥8.8M · 42.1（parent only）
artience[4634]
Packaging Materials Related Business + 3 more
- Revenue
- ¥344.8B▼0.3%
- Operating income
- ¥20.5B▼1.3%
Margin 6.0%
Whole company: Revenue ¥350B · Net income ¥10.3B
Avg. salary ¥8.1M · 44.7（parent only）
- Sakata INX・Alliance
Sakata INX[4633]
Printing inks (Americas) + 4 more
- Revenue
- ¥247.6B▲4.7%
- Operating income
- ¥16.1B▲16.2%
Margin 6.5%
Whole company: Revenue ¥257.7B · Net income ¥11.6B
Avg. salary ¥8.3M · 44.6（parent only）
- artience・Alliance
Lintec[7966]
Publishing material and industrial material
- Revenue
- ¥182.6B▼1.1%
- Operating income
- ¥1.98B▼63.8%
Margin 1.1%
Whole company: Revenue ¥319.4B · Net income ¥17.4B
Avg. salary ¥7.2M · 42.8（parent only）
Chugoku Marine Paints[4617]
Japan + 4 more
- Revenue
- ¥139.4B▲6.3%
- Operating income
- ¥14.8B▲9.2%
Margin 10.6%
Whole company: Revenue ¥139.4B · Net income ¥11B
Avg. salary ¥7.6M · 44.5（parent only）
Aica Kogyo[4206]
Chemical Products
- Revenue
- ¥136.3B▼1.7%
- Operating income
- ¥9.33B▼0.0%
Margin 6.8%
Whole company: Revenue ¥251.8B · Net income ¥18.5B
Avg. salary ¥8.2M · 41.0（parent only）
Dainichiseika Color & Chemicals Mfg.[4116]
Color and Functional Products + 1 more
- Revenue
- ¥100.1B▲0.8%
- Operating income
- ¥4.99B▲29.7%
Margin 5.0%
Whole company: Revenue ¥124.3B · Net income ¥8.1B
Avg. salary ¥7.6M · 41.0（parent only）
SK Kaken[4628]
Decorative coatings business
- Revenue
- ¥96.2B▲2.8%
- Operating income
- ¥13.1B▼2.2%
Margin 13.6%
Whole company: Revenue ¥109.7B · Net income ¥12.3B
Avg. salary ¥6.6M · 41.3（parent only）
Dai Nippon Toryo[4611]
Domestic Paint Coatings + 1 more
- Revenue
- ¥80.5B▲36.2%
- Operating income
- ¥1.6B▼27.5%
Margin 2.0%
Whole company: Revenue ¥93.8B · Net income ¥1.69B
Avg. salary ¥6.2M · 41.2（parent only）
Konishi[4956]
Bond
- Revenue
- ¥74.3B▲0.6%
- Operating income
- ¥6.76B▼2.1%
Margin 9.1%
Whole company: Revenue ¥136.6B · Net income ¥8.03B
Avg. salary ¥8M · 42.1（parent only）
- Toagosei owns 1.3%
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Ishihara Sangyo Kaisha · Soken Chemical & Engineering · Nippon Pigment Holdings · Fujikura Kasei CO,. · Koatsu GAS Kogyo · Kikusui Chemical Industries · Shinto Paint · Nihon Tokushu Toryo · Tokyo Printing INK MFG. · Natoco · Toagosei · Atomix · Origin · Isamu Paint · Toda Kogyo · Asahipen · Kawakami Paint Manufacturing · Nitchitsu
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- The largest business is Nippon Paint Holdings' Asian unit, NIPSEA, with ¥887.5B in revenue, or 20% of the listed total. DIC's Packaging and Graphic segment comes second at ¥549.7B (12%).
- Margins vary widely. Nippon Paint's AOC earns a 30.9% operating margin and NIPSEA 16.2%, while Kansai Paint's Europe unit makes 1.5% and LINTEC's printing and industrial materials 1.1%.
- The fastest growers were SAKATA INX's Americas inks, up +16.3%, and Dai Nippon Toryo's domestic paints, up +41.1%.
- Most of the big names shrank, though: NIPSEA fell -2.9% and Kansai Paint's India unit -2.8%.
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Nippon Paint HoldingsNIPSEA + 4 more | ¥1.77T | 36.2% | 14.8% | +15.5% | ¥145B |
| 2 | DICPackaging and Graphic + 1 more | ¥764.9B | 15.6% | 4.7% | +7.4% | ¥31B |
| 3 | Kansai PaintEUROPE + 4 more | ¥580.8B | 11.9% | 8.4% | — | ¥20.9B |
| 4 | artiencePackaging Materials Related Business + 3 more | ¥344.8B | 7.0% | 6.0% | +5.1% | ¥12.1B |
| 5 | Sakata INXPrinting inks (Americas) + 4 more | ¥247.6B | 5.1% | 6.5% | +9.5% | ¥8.86B |
| 6 | LintecPublishing material and industrial material | ¥182.6B | 3.7% | 1.1% | +8.4% | ¥18.2B |
| 7▲1 | Chugoku Marine PaintsJapan + 4 more | ¥139.4B | 2.8% | 10.6% | +13.4% | ¥11.9B |
| 8▼1 | Aica KogyoChemical Products | ¥136.3B | 2.8% | 6.9% | +2.7% | ¥336M |
| 9 | Dainichiseika Color & Chemicals Mfg.Color and Functional Products + 1 more | ¥100.1B | 2.0% | 5.0% | +0.5% | ¥2.37B |
| 10 | SK KakenDecorative coatings business | ¥96.2B | 2.0% | 13.6% | +4.8% | ¥9.2B |
| 11▲2 | Dai Nippon ToryoDomestic Paint Coatings + 1 more | ¥80.5B | 1.6% | 2.0% | +9.2% | -¥1.95B |
| 12▼1 | KonishiBond | ¥74.3B | 1.5% | 9.1% | +4.0% | ¥8.43B |
| 13▼1 | Ishihara Sangyo KaishaInorganic chemistry | ¥68.2B | 1.4% | 7.3% | +3.3% | ¥5.49B |
| 14 | Soken Chemical & EngineeringChemicals | ¥43.8B | 0.9% | 13.6% | +6.4% | ¥2.72B |
| 15▲1 | Nippon Pigment HoldingsJapan + 2 more | ¥42.2B | 0.9% | 3.6% | +11.9% | ¥3.72B |
| 16▼1 | Fujikura Kasei CO,.Coatings for Plastics + 1 more | ¥41.2B | 0.8% | 3.6% | +4.5% | -¥1.23B |
| 17▲1 | Koatsu GAS KogyoChemical products business | ¥21.7B | 0.4% | 3.5% | +4.1% | ¥3.52B |
| 18▲1 | Kikusui Chemical Industries | ¥21.6B | 0.4% | 1.9% | -0.6% | ¥536.6M |
| 19▲1 | Shinto Paint | ¥21.5B | 0.4% | 1.2% | +2.9% | ¥542M |
| 20▼3 | Nihon Tokushu ToryoPaint coating related | ¥19.3B | 0.4% | 2.9% | -0.1% | ¥3.85B |
| 21 | Tokyo Printing INK MFG.Ink division | ¥18.4B | 0.4% | 5.5% | +8.6% | ¥368M |
| 22▲1 | NatocoPaint business | ¥14.3B | 0.3% | 8.1% | +4.9% | ¥1.24B |
| 23▼1 | ToagoseiAdhesive material | ¥13.6B | 0.3% | 2.4% | +4.7% | -¥9.13B |
| 24 | AtomixPaint sale business | ¥11.8B | 0.2% | 7.3% | +3.4% | -¥120.6M |
| 25 | OriginChemitronics Business | ¥10.4B | 0.2% | 8.8% | -0.1% | -¥1.7B |
| 26 | Isamu PaintPaint business | ¥8.3B | 0.2% | 10.5% | +4.5% | ¥829.4M |
| 27 | Toda KogyoFunctional Material Business | ¥7.81B | 0.2% | 19.2% | -12.9% | ¥1.51B |
| 28 | AsahipenPaint | ¥7.32B | 0.1% | 4.3% | -2.9% | ¥400.8M |
| 29 | Kawakami Paint Manufacturing | ¥5.93B | 0.1% | 0.9% | +2.8% | ¥6.1M |
| 30 | NitchitsuMaterials Business | ¥797.7M | 0.0% | 3.6% | +1.8% | ¥691.8M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Nippon Paint Holdings582815
- Chugoku Marine Paints662113
- Soken Chemical & Engineering662113
- Ishihara Sangyo Kaisha682012
- Aica Kogyo721711
- SK Kaken701911
- Toagosei71209
- Kansai Paint68248
- Lintec74188
- Konishi79138
- Nihon Tokushu Toryo76177
- artience7816
- Sakata INX7519
- Dainichiseika Color & Chemicals Mfg.7915
- Koatsu GAS Kogyo7421
- Natoco7816
- DIC7817
- Tokyo Printing INK MFG.8312
- Atomix7124
- Dai Nippon Toryo7224
- Nippon Pigment Holdings8313
- Fujikura Kasei CO,.7026
- Kikusui Chemical Industries7622
- Shinto Paint8316
- Origin7924loss ¥3
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- Dai Nippon ToryoIn industry
- SubsidiaryShinto Paint50.1%
- 日本製紙株式会社Outside
- AffiliateLintec30.0%
- 株式会社フジクラOutside
- AffiliateFujikura Kasei CO,.22.6%
- TOPPANホールディングス㈱Outside
- Affiliateartience22.0%
- TDK株式会社Outside
- AffiliateToda Kogyo21.8%
- デンカ㈱Outside
- StakeKoatsu GAS Kogyo9.9%
- 共同印刷株式会社Outside
- StakeTokyo Printing INK MFG.8.4%
- 日本酸素ホールディングス㈱Outside
- StakeKoatsu GAS Kogyo5.7%
- 三井物産株式会社Outside
- StakeIshihara Sangyo Kaisha5.2%
- Kansai PaintIn industry
- StakeNihon Tokushu Toryo5.2%
- 旭化成㈱Outside
- StakeNitchitsu4.7%
- ToagoseiIn industry
- StakeIshihara Sangyo Kaisha4.5%
- 株式会社 名古屋銀行Outside
- StakeKikusui Chemical Industries4.2%
- 日本証券金融株式会社Outside
- StakeIsamu Paint3.7%
- ㈱日本触媒Outside
- Stakeartience3.5%
- 株式会社島津製作所Outside
- StakeDai Nippon Toryo3.5%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Paints & Inks (by revenue)
All 30 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Nippon Paint Holdings¥1.77T · 14.8%
- DIC¥764.9B · 4.7%
- Kansai Paint¥580.8B · 8.4%
- artience¥344.8B · 6.0%
- Sakata INX¥247.6B · 6.5%
- Lintec¥182.6B · 1.1%
- Chugoku Marine Paints¥139.4B · 10.6%
- Aica Kogyo¥136.3B · 6.9%
- Dainichiseika Color & Chemicals Mfg.¥100.1B · 5.0%
- SK Kaken¥96.2B · 13.6%
- Dai Nippon Toryo¥80.5B · 2.0%
- Konishi¥74.3B · 9.1%
- Ishihara Sangyo Kaisha¥68.2B · 7.3%
- Soken Chemical & Engineering¥43.8B · 13.6%
- Nippon Pigment Holdings¥42.2B · 3.6%
- Fujikura Kasei CO,.¥41.2B · 3.6%
- Koatsu GAS Kogyo¥21.7B · 3.5%
- Kikusui Chemical Industries¥21.6B · 1.9%
- Shinto Paint¥21.5B · 1.2%
- Nihon Tokushu Toryo¥19.3B · 2.9%
- Tokyo Printing INK MFG.¥18.4B · 5.5%
- Natoco¥14.3B · 8.1%
- Toagosei¥13.6B · 2.4%
- Atomix¥11.8B · 7.3%
- Origin¥10.4B · 8.8%
- Isamu Paint¥8.3B · 10.5%
- Toda Kogyo¥7.81B · 19.2%
- Asahipen¥7.32B · 4.3%
- Kawakami Paint Manufacturing¥5.93B · 0.9%
- Nitchitsu¥797.7M · 3.6%
Revenue · Op. margin
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