Alkyd Resin Market worth USD 3,257.7 million at 3.32% CAGR by 2023: Worldwide Competitors - BASF SE, DowDuPont Inc., Polynt SpA, Nord Composites, Mancuso Chemicals Limited, D.S.V Chemicals Pvt Ltd., Macro Polymers, Spolchemie

Market Overview:

Alkyd resin, a thermoplastic polyester resin is made by heating polyhydric alcohols and polybasic acids/ their anhydrides. These versatile, and low-cost resins are used in the manufacturing of protective coatings with excellent weathering properties. In addition to its applications in many synthetic paints as a vital component, Alkyd resins are also used in many synthetic paints, varnishes, and enamels. Additionally, Alkyd resin also finds applications as thermosetting plastics that can be molded.

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These Alkyd resin-based coatings are mainly used for the furniture and architectural applications along with the product finishes, special-purpose coatings, and automotive refinishing primers. Evidently, automotive and furnishing coating industries are the major consumers of Alkyd resin which drive the market growth of Alkyd resin, driving its demand hugely. The key applications in some of the burgeoning industries are the key factor escalating the market growth of Alkyd resins on the global platform.

The Global Alkyd Resin Market was valued at USD 2,610 million in 2016 and is projected to reach USD 3,257.7 million by 2023. The global market is expected to grow at CAGR 3.32% in terms of value and 3.07% in terms of volume.

Key Findings:

Global Alkyd Resin Market is projected to reach USD 3,257.7 million by 2023 at a CAGR of 3.32%
Asia Pacific emerged as the global leader in this market and has acquired 36% of the global share, expanding at CAGR of 3.82%

As per the analysis, the U.S., China, Germany, and Mexico was the most promising country-level market, which generated largest revenue due to the high presence of automotive refinishes producers, strong growth of the packaging industry along with large printing inks industry.

On the basis of the type, the oil-based alkyd resin dominated the global market in 2016, with significant market shares of 41.8% and is expected to witness an expanding CAGR of 3.07% during the forecast period. Similarly, the end-use industry is dominated by building & construction and is estimated to reach USD 1,192.3 million by 2023

Asia Pacific is likely to be the highly focused market for key industry participant over the assessment period. Increasing industrial investment, industrial automation, and industrial expansion have increased the importance of this region among the industry players

Regional Analysis:

The Global Alkyd Resin Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific is leading the global market with 36% of market share and is estimated to reach USD 1213.5 million by 2023. The robust manufacturing base of automotive in China, South Korea, Japan, and India are likely to drive the sales of a passenger car, which, in turn, is expected to drive the alkyd resin market. Rehabilitation of old paint shops coupled with faster access to latest OEM digital color solution is expected to drive trend towards waterborne alkyd-based coating.

The Middle East & Africa is the fastest growing market and is estimated to grow at a CAGR of 3.44% during the forecast period, 2017-2023. Rising demand for luxury cars and performance customization along with huge expenditure on infrastructure development are likely to drive the regional demand for alkyd resin market.

Segmentation:

The Alkyd Resin Market is segmented on the basis of type, end-use industry, and region.

On the basis of the type, the market is segmented into oil-based, modified, water reducible, others. Oil based segment is leading the market with 42.0% market share and is estimated to reach USD 1,062.4 million by 2023.

Market segmentation based on end-use industry includes building & construction, automotive, industrial, furniture, and others. Among these application industries, building & construction is leading the market growth owing to rising demand for water-based alkyd resins from the paints & coating industry.

On the basis of the region, the global market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Key Global Competitors:

Some of the key players operating in The Global Alkyd Resin Market are; Polynt SpA, Nord Composites, Mancuso Chemicals Limited, D.S.V Chemicals Pvt Ltd., Macro Polymers, BASF SE, Spolchemie, DowDuPont Inc., DSM, Arkema SA, and Cytech Solvay Group.

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