The alkyd resin market has grown significantly, projected to increase from $23.12 billion in 2023 to $24.87 billion in 2024 at a CAGR of 7.6%. Contributing factors include industrialization of manufacturing, expansion of the construction sector, advances in solvent-based coatings, heightened awareness of product durability, and consumer preference for high-quality finishes.
The alkyd resin market is expected to reach $33.47 billion by 2028, at a CAGR of 7.7%. Growth drivers include the demand for eco-friendly coatings, growth in construction and automotive industries, environmental regulations, and the expansion of the furniture and woodworking markets. Key trends involve sustainable raw materials, performance-enhancing formulations, low-emission products, and demand for decorative and protective coatings with added functionalities.
Major Driver In The Alkyd Resin Market
The growth in the automotive industry is expected to propel the alkyd coating market. The automotive sector, including the design, manufacturing, and sale of vehicles, is expanding due to rising vehicle affordability and technological advancements such as electric and autonomous vehicles. Alkyd coatings are widely used in the automotive industry for their durability, flexibility, and resistance to weathering and wear. According to the European Automobile Manufacturers Association, global motor vehicle production reached 85.4 million units in 2022, a 5.7% increase from the previous year. The expansion of the automotive industry is expected to boost the alkyd coating market, projected to grow to $1.1 billion in 2024 and $1.5 billion by 2028.
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Alkyd Resin Market Competitive Landscape
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
Key Alkyd Resin Market Trend
In the alkyd resin market, companies are focusing on bio-based alkyd resins to offer sustainable alternatives. For instance, in March 2023, Groupe Berkem launched a range of 100% bio-based alkyd resins, which are derived from renewable plant-based resources and designed for the construction paints market.
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Global Alkyd Resin Market Segmentation
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
By Geography:The regions covered in the alkyd resin 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 resin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Alkyd Resin Global Market Report 2024 furnishes information about the global alkyd resin 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.
