The alkyd coating market has shown robust growth in recent years, with an anticipated increase from $23.34 billion in 2023 to $25.13 billion in 2024, reflecting a CAGR of 7.7%. Growth factors have been broad industrialization, infrastructure development, demand for cost-effective and durable finishes, and expansion in residential and commercial construction.
The alkyd coating market is projected to reach $34.12 billion by 2028, growing at a CAGR of 7.9%. The market growth is attributed to demand for durable finishes, environmental awareness, expanding industrial applications, urbanization, and regulatory changes favoring low-VOC formulations. Trends include eco-friendly formulations, advancements in waterborne technology, multifunctional coatings, self-cleaning technologies, and smart coatings.
Major Driver In The Alkyd Coating Market
The increasing road transportation is expected to drive the growth of the aggregate in road construction market. Road transportation, which involves the movement of people and goods using vehicles on roads, is increasing due to more vehicle ownership, technological advances, and improved road infrastructure. Aggregates in road construction enhance road durability and load-bearing capacity, enabling the development of better road networks. According to the Department for Transport, car traffic in the UK increased by 3.3% between 2022 and 2023, reaching 111.6 billion vehicle miles, while van traffic rose by 1.0% to 24.3 billion vehicle miles. The rising demand for road transportation is driving the growth of the aggregate in road construction market, which is projected to reach $2 billion by 2024 and $2.5 billion by 2028.
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Alkyd Coating Market Competitive Landscape
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
Key Alkyd Coating Market Trend
Companies in the alkyd coating market are advancing with biobased waterborne alkyd coatings to improve sustainability. In January 2024, Worlée Chemie GmbH and Baril Coatings collaborated to introduce a biobased industrial coating, replacing traditional ingredients with renewable materials, thus reducing environmental impact.
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Global Alkyd Coating Market Segmentation
The alkyd coating market 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
By Geography:The regions covered in the alkyd coating market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the alkyd coating market in 2023.
The Alkyd Coating Global Market Report 2024 furnishes information about the global alkyd coating market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
