Alkyd Resin Market 2023 - Growth Statistics, Status, Share, Sales by 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.

Overview:

The Global Alkyd Resin Market is expected to scale a valuation of USD 3,257.7 million during the forecast period (2015-2023), reports Market Research Future (MRFR) in an extensively documented study. During this period, the market can expect steady growth of CAGR 3.32% in terms of value and 3.07% in terms of volume. Inflating market of Alkyd Resin is anticipated to benefit from the growing demands from paints & coating, packaging, and automotive industries. On the one hand, printing ink is witnessing a considerable growth in the packaging industry driving the market further ahead. On the other, automotive refinishes which, as per the Organisation Internationale des Constructeurs d'Automobiles (OICA) occupies 26% of the global market is showing an upscale demand for the Alkyd Resins. These factors can have a significant impact on the growth of Alkyd Resins in days to come.

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However, stringent regulations imposed by various governments regarding Volatile organic compounds (VOC) emission can result in a gridlock situation. Its production requires cobalt-based driers which are facing a notable competition from the water-based latex paints.

Industry Trend:

Arkema’s new product Synolac Versa High-Solids Alkyd abides by the low VOC emission policy, and it has a faster dry time, an apt choice for agricultural machinery coatings, construction equipment coatings, aerosol paints, traffic paints, marine, industrial wood coatings, industrial maintenance coatings, and architectural coatings.

Segmental Analysis:

The Alkyd Resin Market can be segmented by Type and End-Use Industry.

Type-wise segmentation includes oil-based, modified, water reducible, others. With a 42% share of the global market, Oil based segment is spearheading the market and can reach a valuation of USD 1,062.4 million by 2023.

Based on end-use industry, the market comprises building & construction, automotive, industrial, furniture, and others. Rising demand for water-based alkyd resins from building & construction aided the segment to claim the crest.

Regional Analysis:

Regionally, the global market encases North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).

The APAC bellwethers the market with 36% of the total raised revenue and in the coming years is expected to reach a valuation of USD 1213.5 million. Burgeoning industries are a positive sign for the region. Countries such as India, China, Japan, and South Korea are showing an impressive surge in the automotive industry which can impact the market considerably. The presence of China with an expected CAGR of 3.83% during the review period can prove beneficial for the region.

The MEA is the fastest growing market with a projected CAGR of 3.44% during the forecast period. Rising demand from the automotive sector and a rapid increase in infrastructural development are boosting the market.

Europe claims the second position with Russia, Germany, and the U.K. controlling the market. Germany spearheads the region with one-third of the total market share and can expand with a CAGR of 3.29% in the foreseeable future.

Market Analysis:

The competitive market is witnessing few mergers and acquisitions through which the key players are trying to stay abreast. For instance, in August 2018, Ergon Chemicals purchased Resinall Corp., a Mississippi-based company.

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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