What Is The Overview Of The Global Alkyd Resin Market?
Alkyd resin is a synthetic polyester resin derived from polyols (glycerol), dibasic acids (such as phthalic anhydride), and fatty acids (often from natural oils). It is commonly used in paints, coatings, and varnishes due to its excellent durability, adhesion, and gloss retention. Alkyd resins can be modified to vary their properties, such as drying time or hardness, and are typically oil-based, meaning they cure by reacting with oxygen in the air.
Alkyd Resin Global Market Report 2024 provides data on the global alkyd resin market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The alkyd resin market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Alkyd Resin Sector?
The alkyd resin market has grown from $23.12 billion in 2023 to $24.87 billion in 2024 at a CAGR of 7.6%. Growth has been driven by industrialized manufacturing, construction expansion, solvent-based coatings evolution, longevity awareness, and preferences for high-quality finishes. By 2028, the market will reach $33.47 billion at a CAGR of 7.7%, supported by demand for eco-friendly coatings, growth in construction and automotive, regulatory changes, and furniture applications. Key trends include sustainable materials, advanced formulations, low-emission products, decorative/protective coatings, and smart coatings.
Which Factors Are Boosting Growth In The Alkyd Resin Market?
The alkyd resin market is anticipated to grow alongside the automotive industry, supported by the shift toward electric vehicles. Alkyd resins enhance the durability and appearance of automotive surfaces. The Society of Motor Manufacturers and Traders reported an 11.7% rise in UK car production in the first half of 2023, with electric and hybrid vehicles seeing record growth.
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What Key Areas Define The Segmentation Of The Global Alkyd Resin Market?
The alkyd resin market covered in this report is segmented –
1) By Type: Oil Based, Modified, Water Reducible, Other Types
2) By Resin Type: Non Drying Alkyd Resins, Drying Alkyd Resins, Semi Drying Alkyd Resins
3) By Formulation Type: High Solids Alkyds, Waterborne Alkyds, Modifying Alkyds, Solvent Borne Coatings, Powder Coatings, Other Formulation Types
4) By Application: Coil Coatings, Electrical Insulating Enamels, Maintenance Paint, Automotive Refinishing Primers, Exterior Trim Paints, Packaging, Drum And Metal Container Coating, Other Applications
5) By End Use: Automotive Industry, Architecture Industry, Marine Industry, Food And Beverage Industry, Appliances, Other End Users
How Are Emerging Trends Reshaping The Dynamics Of The Alkyd Resin Market?
Innovations in the alkyd resin market include bio-based resins derived from renewable plant resources, providing sustainable options for traditional petroleum-based resins. For instance, in March 2023, Groupe Berkem, a France-based chemical manufacturer, launched a line of 100% bio-based alkyd resins through its subsidiary Lixol. These resins are designed for construction paints, offering durability, drying performance, and environmental sustainability by eliminating petroleum-derived components.
Which Region Has The Fastest Expansion In The Alkyd Resin Market?
Asia-Pacific was the largest region in the alkyd resin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the alkyd resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
