Press release
Alykd Resin Market is expected to reach USD 38.4 billion by 2030
Alykd Resin Market - DataM Intelligence
Global Alykd Resin market reached USD 22.5 billion in 2022 and is expected to reach USD 38.4 billion by 2030, growing with a CAGR of 6.9% during the forecast period 2023-2030.
The market for alkyd resins is poised for advancement, driven by increased demand in architectural coatings and wood furniture. Additionally, a surge in demand for automobile repaints is expected due to factors such as the high cost of insurance, families seeking to replace their old vehicles, and the elevated price of vehicle repainting, contributing to the anticipated expansion of the market.
In North America, manufacturers are strategically focusing on the establishment of new plants and expanding their production capacities. Illustrating this trend, the Polynt Group unveiled plans to augment resin manufacturing capacity last year to meet the demands of the North American Coatings Market and the growing needs of the paint and coatings industry.
A tangible example is the announcement on May 2, 2023, regarding the opening of a coatings resin plant in Canada by the Polynt Group. The establishment of Polynt Coatings Canada Limited in Port Moody, British Columbia, set to be fully operational in the second half of 2023, marks a significant reinforcement of the company's expansion efforts. This investment will enhance Polynt's capacity and flexibility in various areas, encompassing water-based technologies, oil-modified urethanes, and traditional alkyds. Consequently, North America presently commands a substantial one-third share of the global market.
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Market Dynamics
The Emergence of Bio-based Sustainable Alkyd Resin
In response to the depletion of natural resources and escalating environmental and economic concerns associated with petroleum derivatives, there has been a notable surge in the development of environmentally friendly and sustainable materials crafted from bio-based and renewable resources.
An illustrative example of this trend is the introduction of 100% bio-based alkyd resins focused on the construction paints market by Groupe Berkem on March 28, 2022. Alkyd resins, being synthetic resins, can be derived from raw ingredients that are either renewable (such as fatty acids, glycerol, and oil) or nonrenewable (like maleic anhydride, pentaerythritol, and phthalic anhydride). This innovative approach aligns with the global movement toward more sustainable practices, contributing to the growth of the alkyd resin market worldwide.
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Market Segmentation
By Resin
Non-drying Alyd Resin
Drying Alkyd Resin
By Formulation
Waterborne
Solvent Borne Coatings
Powder Coatings
High Solid Alkyds
Others
By End-User
Building and Construction
Automotive
Electricals and Electronics
Aerospace
Market Key Players
Major players are Polynt SpA, Nord Composites, Mancuso Chemicals Limited, D.S.V Chemicals Pvt Ltd., Macro Polymers, BASF SE, Spolchemi, DowDuPont Inc., Arkema SA and DSM.
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