What are the Historical Developments and Current Growth Metrics of the Alkyd Coating Market?
The alkyd coating market has seen considerable growth due to a variety of factors.
• There has been a significant increase in the alkyd coating market size in the past few years. The market is projected to expand from $25.13 billion in 2024 to $27.19 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%.
The surge during the historical phase can be linked to widespread industrial growth, enhanced infrastructure development, the need for long-lasting and affordable finishes, and the expansion in both residential and commercial construction sectors.
What Does Future Hold for The Alkyd Coating Market?
The alkyd coating market is expected to maintain its strong growth trajectory in upcoming years.
• The alkyd coating market is anticipated to experience robust growth in the coming years, expanding to $36.76 billion in 2029, with a compound annual growth rate (CAGR) of 7.8%.
This anticipated growth during the forecast period is largely due to the increasing demand for long-lasting finishes, heightened environmental consciousness, expanded industrial uses, escalating urbanization, and regulatory modifications that encourage low-VOC formulations. Key trends influencing this market during the forecast period include the adoption of eco-friendly formulations, progress in waterborne technology, the creation of multifunctional coatings, self-cleaning technology, and innovative smart coating technologies.
What Are The Leading Drivers Of Growth In The Alkyd Coating Market?
The expansion of the automotive industry is predicted to spur the increasing demand for the alkyd coating market in the future. This includes the industries involved in the creation, production, and sale of motor vehicles, like cars, trucks, motorcycles, as well as their parts and elements. The growth of the automotive industry results from economic development, which increases the feasibility of owning vehicles, and technological innovations in the field, such as electric and self-driving vehicles, which allure more buyers. The robustness, adaptability, and superior resistance of alkyd coatings to weather and wear make them apt for automotive usages. For instance, the European Automobile Manufacturers Association, a leading advocacy and standards body for the automobile industry in Belgium, reported in May 2023 that global motor vehicle manufacturing increased to 85.4 million units in 2022, showing a 5.7% increase from the prior year. This indicates that the expanding automotive industry is fueling the growth of the alkyd coating market.
What Is The Segmentation Of The Global Alkyd Coating Market?
The alkyd coatingmarket covered in this report is segmented –
1) By Type: Non Drying, Drying, Semi Drying
2) By Process Type: Fatty Acid Process, Glyceride Process
3) By Formulation Type: High Solids Alkyds, Waterborne Alkyds, Modifying Alkyds, Solvent Borne Coatings, Powder Coatings, Other Formulation Types
4) By Application: Decorative Coatings, Industrial Coatings, Automotive Coatings, Other Applications
5) By End Use Industry: Automotive Industry, Architecture Industry, Marine Industry, Food And Beverage Industry, Appliances, Other End Use Industries
Subsegments:
1) By Non Drying: Linseed Oil-Based Alkyds, Soybean Oil-Based Alkyds
2) By Drying: Short Oil Alkyds, Medium Oil Alkyds, Long Oil Alkyds
3) By Semi Drying: Semi-Drying Oil Alkyds, Modified Alkyds
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What Emerging Trends Are Shaping The Alkyd Coating Market Landscape?
In a bid to promote sustainability and minimize environmental harm, key players in the alkyd coating market are concentrating their efforts on introducing novel solutions like biobased waterborne alkyd coatings. These environmentally friendly paints are produced by combining renewable natural resources with water which cuts down VOC emissions and furthers sustainability. In an exemplifying event in January 2024, Worlée Chemie GmbH, a German chemical raw materials provider, joined forces with Baril Coatings, an American manufacturer of high-quality industrial coatings to introduce the first biobased industrial coating. It is a high-efficiency, waterborne alkyd coating that uses bioMPA (3-methyl phthalic anhydride) as an alternative for the fossil-based component, phthalic anhydride. The initiative was directed towards enhancing environmental sustainability by replacing conventional coatings with biobased versions. Both partners are determined to continue advancing this technology and investigating its potential uses in diverse sectors, indicating a hopeful trend towards more eco-friendly coating material solutions.
Who Are the Key Players In The Alkyd Coating Market?
Major companies operating in the alkyd coating market are:
• The Sherwin-Williams Company
• PPG Industries Inc.
• Akzo Nobel N.V.
• Nippon Paints Co Ltd.
• DIC Corporation
• Axalta Coating Systems
• Asian Paints
• Jotun A/S
• Hempel A/S
• Benjamin Moore
• Teknos Group.
• Chugoku Marine Paints Ltd.
• Safic-Alcan
• Specialized Coating Systems
• SpecialChem
• Thomas Industrial Coatings
• ArchiExpo
• American Coatings Association
• Aexcel Corporation
• Angel Coating Pvt
• Biorizon
• Coatings World
• G and C Coatings & Industrial Services
• Goa Paints
• Protek Paint Ltd
What Are The Regional Insights Into The Alkyd Coating Market?
Asia-Pacific was the largest region in the alkyd coating market in 2024. The regions covered in the alkyd coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
