Alkyd Resin Market Insights, Business Opportunities, Leading Players, COVID-19 Overview, Industry Statistics, Revenue and Future Investments 2023

The global alkyd resin market is expected to exhibit a steady 3.32% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global alkyd resin market is primarily driven by the growing demand for stronger, weather-resistant formulations in the paints and coatings industry, according to the industry research report. The major drivers and restraints for the global alkyd resin market are profiled in-depth in the report, which also provides a look at the major economic factors affecting the alkyd resin market’s growth in the coming years. Major players operating in the global alkyd resin market and their major strategies and initiatives are also detailed in the report, thus enabling readers to form an accurate picture of the competitive landscape of the alkyd resin market. A comprehensive overview of the global alkyd resin market is thus provided in the report.

Alkyd resins are widely used in paints and coatings used in various end-use industries. The growing demand for longer-lasting paints and protective coatings from the automotive and building and construction industries is likely to remain the major driver for the global alkyd resin market over the forecast period. Apart from providing aesthetic value, paints and coatings are also widely used as the first line of defense against atmospheric corrosive agencies such as moisture and free oxygen. In line with this growing range of application, changes are being made to the formulation of paints and coatings to make them last longer than traditional paints. The inclusion of alkyd resins has been an important step in this direction, with alkyd resins providing high levels of resistance against weathering and protecting the painted object from deterioration.

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The growing automotive and construction industries in developing countries in Southeast Asia and Eastern Asia are likely to be the major driver for the global alkyd resin market over the forecast period. The growing demand for paints from these two industries has been a major driver for the alkyd resin market. The growing demand for protective coatings from the industrial sector is also likely to be a major driver for the global alkyd resin market over the forecast period. Automotive refinishing is a major application segment for the alkyd resin market and is likely to retain the position in the coming years due to the growing demand for refinishing from middle-class consumers, who see refinishing as a more financially viable alternative to purchasing a new car, as it completely alters the appearance of the vehicle and helps it last longer.

On the other hand, the increasing legislation against the use of volatile organic compounds in paints and coatings is likely to be a key restraint against the global alkyd resin market.

Competitive Analysis:

Leading players in the global alkyd resin market include Cytech Solvay Group, Arkema SA, DSM, DowDuPont Inc., Spolchemie, BASF SE, Macro Polymers, DSV Chemicals Pvt. Ltd., Mancuso Chemicals Limited, Nord Composites, and Polynt SpA.

In September 2019, BASF SE announced a capacity expansion on its neopentyl glycol plant in Ludwigschafen, Germany. Neopentyl glycol is a crucial component in alkyd resins due to its high chemical and thermal stability.

The same month, Polynt-Reichhold Group announced plans to increase its investment in phthalic anhydrite intermediate chemicals in the Americas. Phthalic anhydride is also a key component of alkyd resins.

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Segmentation:

The global alkyd resin market is segmented on the basis of type, end use, and region.

By type, the global alkyd resin market is segmented into oil-based, modified, water-reducible, and others. The oil-based segment is the leading revenue generator in the alkyd resin market, accounting for 42% of the market in 2016.

By end use, the alkyd resin market is segmented into building and construction, automotive, industrial, furniture, and others. The construction segment is likely to remain the leading revenue generator in the global alkyd resin market.

Regional Analysis:

Asia Pacific is the leading revenue generator in the global alkyd resin market and accounted for 36% of the global market in 2016. Europe holds the second largest position in the market, followed by North America and the Middle East and Africa (MEA). The MEA market is expected to exhibit robust growth over the forecast period due to the rapid increase in infrastructure development in the region and the growing demand for premium cars.

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This release was published on openPR.