Alkyd Resin Market 2022-2030 Comprehensive Study With Key Trends, Major Drivers And Challenges
The alkyd resin market is projected to grow rapidly, witnessing the rising consumption of paints & coating materials worldwide. Besides, factors such as the spurting growth in building & construction, automotive, and furniture sectors would act as a significant tailwind, driving the paint & coatings demand. Moreover, advances in coating technologies are predicted to escalate the market to furthered height.
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According to Market Research Future (MRFR), the global alkyd resin market is estimated to create a valuation of USD 3,257.7 MN by 2023, growing at3.32% CAGR during the review period. Sharp increase in the construction and automotive sectors over recent years, alongside the rising global economy, would bolster the market growth. Also, recent developments, such as the emergence of antivirus surface coatings, are expected to benefit the market growth. Such products designed to support communities during Coronavirus crises would increase the consumption of alkyd resins.
Therefore, the COVID 19 pandemic is expected to exponentially impact the global alkyd resin market. The development of VOC-free and label-free paints & coating materials is another such market trend estimated to remain viable for the market growth. On the backdrop of the deteriorating environment, these trends are expected to foster market growth during and after the pandemic.
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Alkyd Resin Market – Segments
The report is segmented into three key dynamics;
By Type : Water Reducible, Oil-based, Modified, and others.
By End-Use Industry : Automotive, Building & Construction, Furniture, Industrial, and others.
By Regions : Europe, Americas, Asia Pacific, and Rest-of-the-World
Global Alkyd Resin Market – Geographical Analysis
The Asia Pacific region leads the global alkyd resin market. The largest market share attributes to the spurting growth in the architectural industry, driving the paints & coatings market. Besides, the rapid industrialization in APAC countries such as India, China, and Japan pushes the growth of the regional market. Moreover, widely expanding industries such as construction, automotive, and others boost the growth of the regional market. With their raw material advantage and cost-competitive labor force, China and India account for considerable shares in the regional market. Furthermore, technology upgrades and government efforts to reduce VOC emissions are likely to provide lucrative opportunities for alkyd resin manufacturers.
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Europe accounts for the second-largest market for alkyd resins globally. The market is predominantly driven by the increasing R & D budgets and major industry players. Moreover, considerable advances in coating technologies positively impact regional market growth. Besides, regulatory norms on carbon emission driven by the rising awareness of the alkyd resin and its benefits on energy-saving operations influence the market growth. European countries such as Germany, Russia, and the UK are major alkyd resin markets. The alkyd resin market in Europe is expected to grow at a prominent CAGR during the review period.
The North America alkyd resin market is growing briskly. High consumption potential and large production capacities of paints & coating are the major factors driving the regional market growth. Additionally, the increasing consumption of paint and coating materials in various sectors, such as construction, automotive, and the aircraft, fosters the growth of the regional market. The US market holds the largest share in the regional market. The North American alkyd resin market growth is predicted to witness a tremendous rise over the estimated period.
Alkyd Resin Market – Competitive Analysis
The market appears highly competitive and fragmented, with the presence of several well-established players. They incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch to gain a larger completive share. Manufacturers aim to develop uniquely designed products that can offer high curability & finishing. Also, they make substantial investments to increase their global footprint and R&D required for the product launches.
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Players active in the global alkyd resin market include Nord Composites, Mancuso Chemicals Limited, Polynt SpA, Macro Polymers, BASF SE, DSV Chemicals Pvt. Ltd., DowDuPont Inc., Cytech Solvay Group., Spolchemie, D.S.M., and Arkema SA, among others.
Industry/ Innovation/ Related News:
July 24, 2020 ---- A recent technical article of the European Coatings Journal described a new way to manufacture bio-based coatings from palm fatty acid distillate (PFAD), a by-product in the palm oil industry. The distillate is comprised of palmitic acid, oleic acid, and to a lesser extent of their glycerides. Also, detailed weathering results and how the PFAD raw materials are also used as the fatty acid in alkyd resins for internal plasticizers.
Researchers at the Fraunhofer Institute for wood research in Germany used this material to synthesize two inexpensive variants of hydrophobic acrylate synthesis building blocks by esterification with GMA, respectively, HEMA. Both components were then copolymerized to synthesize the new hydrophobic polyacrylate.
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