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The Alkyd Resin Market size is forecast to increase by USD 9.2 billion, at a CAGR of 7.32% between 2023 and 2028.
The growth rate of the market depends on several factors, including the superior properties of alkyd resins, the increasing demand for paints and coatings, and the growing demand for alkyd resins in the construction industry. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
Alkyd resins are polyester resins produced by heating polyhydric alcohols with polybasic acids/anhydrides. Alkyd resins are the key ingredients used in paints and coating compositions. Alkyd resins are used as protective coatings owing to good compatibility, weathering properties, and low cost in various applications.
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Key Market Growth Analysis Driver
One of the key factors driving the market growth is the superior properties of alkyd resins. Alkyd resins are thermoplastic polyester resins manufactured by heating polyhydric alcohols with polybasic acids or their anhydrides. In addition, alkyd resins are used in manufacturing protective coatings, given their good weathering properties. Furthermore, these resins are the most important ingredients that go into manufacturing synthetic paints due to their versatility and low cost.
Moreover, an important attribute of alkyd resins is their compatibility with many other coating polymers. For example, vinyl resins, i.e., copolymers of vinyl chloride and vinyl acetate, which contain hydroxyl groups, can be formulated with alkyd resins to enhance their application properties, including adhesion. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the growing product utilization in automotive manufacturing. The global automotive industry is increasing at a moderate rate during the forecast period. In addition, this has cranked up demand for alkyd resins as they are used in automotive paints and coatings. Furthermore, these resins exhibit superior properties such as good initial gloss, strength, and excellent gloss retention, even in harsh climatic conditions.
Moreover, the rising demand for alkyd resins through paints and coatings in the automotive industry will drive the growth of the global market. In addition, the rising promotion of electric vehicles (EVs) by governments by providing tax benefits has resulted in an increase in the demand for EVs. Hence, such factors are driving the market growth during the forecast period.
Availability of other substitutes is one of the key challenges hindering the market growth. Alkyd resins are increasingly utilized to coat raw materials in applications such as architecture, industrial, automotive, and other sectors. In addition, alkyd resins comprise one of the largest segments in the resins category. Furthermore, there are other resins that can be used in the applications mentioned above.
Moreover, they are acrylic, urethane, epoxy, and other resins. In addition, these resins are also used in applications such as architectural, automotive, industrial, consumer goods, and printing. Furthermore, as the properties of these resins are similar to alkyd resins, it has led to an increase in their consumption. Increasing demand for acrylic, urethane, epoxy, and other resins will negatively impact the market. Hence, it is hindering the market growth during the forecast period.
The report offers extensive research analysis on the market, with a categorization based on Application, including architectural, industrial, automotive, and others. It further segments the market by Type, encompassing fatty acid process and glyceride process. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
The architectural segment is estimated to witness significant growth during the forecast period. For various architectural applications, alkyd resins are used in architectural coatings that are utilized in commercial and residential buildings. In addition, they protect buildings from elements such as moisture, ultraviolet radiation (UV) radiation, and microbes. Furthermore, paints, primers, lacquers, varnishes, and stains are some of the major types of architectural coating products that are formulated using alkyd resins.
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The architectural segment was the largest segment and was valued at USD 6.33 billion in 2018. Moreover, the low VOC content in these coatings has led to their high adoption in developed regions such as the US, the UK, and Germany, where stringent regulations encourage low emission levels. In addition, an increasing number of consumers in these regions are focusing on remodeling their houses in a sustainable way, thereby contributing to a higher demand for eco-friendly alkyd resins. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the type, the market has been segmented into fatty acid process and glyceride process. The fatty acid process segment will account for the largest share of this segment. Fatty acids play a crucial role in the formulation and synthesis of alkyd resins, contributing to the overall versatility and performance of these resins in various end-use sectors. In addition, fatty acid processes play an important role in the synthesis of alkyd resin. Moreover, they play a critical role in the condensation reaction, during which glycerol is used in the synthesis process. Furthermore, the type of fatty acid used has a significant impact on the properties of the alkyd resin obtained. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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The APAC region is the biggest market in terms of consumption of alkyd resins. In addition, rapid industrialization, a growing construction industry, and the burgeoning automotive industry, especially in countries such as China, Malaysia, Indonesia, Vietnam, Japan, South Korea, and India, will boost demand for alkyd resins in the region. Moreover, in countries such as India and China, the growing construction industry will drive demand for alkyd resins. In addition, increasing railway networks in India and China will also boost the consumption of alkyd resins during the forecast period. Furthermore, alkyd resins are used in waterborne coatings and applied on the surface of railway tracks, locomotives, and various industrial equipment to prevent corrosion and chemical attacks. Hence, such factors are driving the market growth in APAC during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Allnex GMBH: The company offers alkyd resin such as Devlac 1437 premium traditional gloss alkyd enamel that delivers high film build, high solids, low VOC, and a reasonable dry time.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Arakawa Chemical Industries Co. Ltd., Arkema Group, BASF SE, Bayer AG, Evonik Industries AG, Matapel Chemicals, MEGARA RESINS SA, Mitsui Chemicals Inc, OPC Polymers, Polynt Spa, PPG Industries Inc., Solvay SA, Synpol Products Pvt. Ltd., Synthomer Plc, Synthopol Chemie Dr. rer. pol. Koch GmbH and Co. KG, Wacker Chemie AG, Akzo Nobel NV, Uniform Synthetics Pvt. Ltd., and Worlee Chemie GmbH
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is witnessing significant growth driven by the expanding Paint and Coating Industry. Alkyd resins, derived from synthetic resin and dibasic acid, find applications in the formulation of weather-resistant protective coatings known for their high-quality properties. The market is particularly influenced by urbanization trends, especially in developing countries. The harmful impact of traditional coatings has led to a surge in demand for sustainable coating solutions, prompting continuous product launches and recent developments in the industry. Fluctuating prices remain a concern, driving the market to explore innovative solutions. Notably, organizations like the Carbon Disclosure Project (CDP) play a pivotal role in assessing and promoting sustainable practices within the Alkyd Resin Market. As the industry strives for eco-friendly and high-performance coatings, the market is poised for further advancements and growth.
Alkyd Resin Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.32% |
Market Growth 2024-2028 |
USD 9.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.94 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allnex GMBH, Arakawa Chemical Industries Co. Ltd., Arkema Group, BASF SE, Bayer AG, Evonik Industries AG, Matapel Chemicals, MEGARA RESINS SA, Mitsui Chemicals Inc, OPC Polymers, Polynt Spa, PPG Industries Inc., Solvay SA, Synpol Products Pvt. Ltd., Synthomer Plc, Synthopol Chemie Dr. rer. pol. Koch GmbH and Co. KG, Wacker Chemie AG, Akzo Nobel NV, Uniform Synthetics Pvt. Ltd., and Worlee Chemie GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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