What Has Been the Growth of the Alkyd Resin Market So Far?
The alkyd resin market has seen considerable growth due to a variety of factors.
• The alkyd resin industry has seen significant expansion in its market size in the past few years. It is projected to increase from $24.87 billion in 2024 to $26.85 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%.
The historical period's growth can be linked to the industrialization of production processes, growth in the construction sector, the development of solvent-based coatings, heightened consciousness about product durability, and the growing consumer demand for superior finishes.
What Are the Future Growth Projections for the Alkyd Resin Market Size?
The alkyd resin market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations of robust growth in the alkyd resin market size are high over the coming years, with projections indicating a surge to $35.97 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%.
This expected upswing during the forecast period is mostly due to the surging demand for eco-friendly coatings, expansion in the construction and automotive sectors, a heightened understanding of environmental regulations, and the burgeoning furniture and woodworking markets. Key trends for the forecast period encompass an increase in the use of sustainable raw materials, advancements in formulating enhanced performance products, a drift towards products with lower emissions, increasing demand for decorative and protective coatings, and intelligent coatings equipped with added features.
What Are The Key Drivers Fueling Growth In The Alkyd Resin Market?
The alkyd resin market is set to advance in line with the expansion of the automotive industry. This industry, which encompasses the creation, design, and sales of vehicles such as cars, trucks, and motorcycles, is experiencing growth influenced by the mounting demand for electric vehicles. In response to environmental concerns, consumers are opting for greener modes of transportation, encouraged by government support. Alkyd resins play a significant role in this industry due to their high durability and shine, supplying vehicles with enduring protection and an aesthetically pleasing look. For example, in July 2023, the Society of Motor Manufacturers and Traders, a UK trade association, reported an 11.7% rise in British car production in the first half of the year, reaching 450,168 units. Plug-in hybrid and battery electric vehicles experienced a record increment of 71.6% to 170,231 units by June, marking the fifth successful month of growth. Hence, it's clear that the burgeoning automotive industry is boosting the growth of the alkyd resin market.
What Are The Major Segments Within The Global Alkyd Resin Market?
The alkyd resinmarket 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
Segments:
1) By Oil Based: Short Oil Alkyds, Medium Oil Alkyds, Long Oil Alkyds
2) By Modified: Soybean Oil Modified Alkyds, Linseed Oil Modified Alkyds, Unsaturated Polyester Modified Alkyds
3) By Water Reducible: Waterborne Alkyd Resins, Water-Dispersible Alkyds
4) By Other Types: High Solids Alkyds, Reactive Alkyds
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Which Trends Are Expected To Transform The Alkyd Resin Market?
Leading businesses in the alkyd resin market are turning their attention towards inventing cutting-edge solutions like bio-based alkyd resins to improve product functionality and decrease environmental damages. Bio-based alkyd resins are renewable plant-based alkyds, offering an eco-friendly alternative to the conventional petroleum-sourced resins while still preserving comparable performance traits. For instance, in March 2023, Groupe Berkem, a renowned chemical manufacturer from France, introduced a novel series of 100% bio-based alkyd resins for the construction paints market, produced by its subsidiary, Lixol. These avant-garde resins are entirely made from renewable materials, comprising of vegetable oils and bio-based solvents, thus removing the usage of petroleum-based components. This initiative looks to phase out petroleum-sourced materials, as a response to environmental concerns surrounding conventional chemical products. The latest resins are engineered to display performance traits akin to typical alkyds, such as durability, effective drying capabilities, hardness longevity, and resistance to aging.
Who Are the Key Players In The Alkyd Resin Market?
Major companies operating in the alkyd resin market are:
• Umicore Cobalt and Specialty Materials
• Covestro AG
• Solvay Group
• Arkema SA
• Eastman Chemical Company
• Nippon Paint Co Ltd.
• Wacker Chemie AG
• Huntsman Corporation
• DIC Corporation
• Polynt SpA
• Macro Polymers Pvt Ltd.
• Hempel A/S
• Amura Polymers Pvt Ltd.
• SpecialChem
• Synthopol
• Synthesia a.s.
• Subham Oils and Resins Pvt Ltd.
• Megara Resins
• Dial4Trade
• Neo-Pack Plast
• Oman CHEMICAL
• Orson Resins and Coatings Pvt Ltd.
• Prestige Coating Ltd.
• Uniform Synthetics
• Krishna Resins and Pigments Pvt Ltd
What Is The Most Dominant Region In The Alkyd Resin Market?
Asia-Pacific was the largest region in the alkyd resin market in 2024. 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.
