Press release
Alkyd Resin Market Size, Share, Growth, Analysis, Trends and Outlook 2023-2030.
The Global Alkyd 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 is expected to advance due to the increased demand for alkyd resins in architectural coatings and wood furniture. Due to the high cost of insurance, the demand from families to replace their old vehicles and the higher price of vehicle repainting, it is also anticipated that the increasing requirement for automobile repaints will spur market expansion.
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Market Drivers: Growing Demand in Paints and Coatings Industry.
The paint and coatings industry's need for alkyd resin is now growing dramatically. Alkyd resin's unique properties, versatility, and position as the most widely used class of synthetic resins make it a desirable choice for several industrial applications. There are other reasons for this heightened concentration.
For example, on July 4, 2022, The Polynt Group stated that it will be increasing its coating resin manufacturing capacity in order to better supply the North American coatings industry. With alkyd, polyester, copolymer, emulsion, and urethane resin technologies, this expansion will be fully operational by 2023 and meet the growing demands of the paint and coatings sector. Polynt will be able to meet growing customer demand in North America for more capacity and regional availability with this investment. Consequently, it propels the alkyd resin market's expansion in North America.
Market Segmentation:
Formulation Categories and the Rise of High-Solids Alkyds for Sustainability Drives the Segmental Growth.
High solid alkyds, powder coatings, waterborne solvent-borne coatings, and waterborne solvent-borne coatings comprise the four formulation-based market segments. High-solids alkyds dominated the market for alkyd resins due to the expansion of industry sustainability trends and the growing need to implement technology without compromising coating performance.
Alkyd Resin Market Companies:
The major global players include Polynt SpA, Nord Composites, Mancuso Chemicals Limited, D.S.V Chemicals Pvt Ltd., Macro Polymers, BASF SE, Spolchemi, DowDuPont Inc., Arkema SA and DSM.
By Resin
• Non-drying Alyd Resin
• Drying Alkyd Resin
By Formulation
• Waterborne
• Solvent Borne Coatings
• Powder Coatings
• Others
By End-User
• Building and Construction
• Automotive
• Electricals and Electronics
• Aerospace
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
Geographical Share: Asia-Pacific Emerges as Dominant Force in the Global Alkyd Resin Market.
Asia-Pacific now controls the majority of the global alkyd resin market due to the expansion of the building sector in developing nations. Throughout the projection period, the region's Alkyd Resin Market would also grow in line with the urbanization and population growth of the area.
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Epoxy Resins Market- https://www.datamintelligence.com/research-report/epoxy-resins-market
Acrylic Resin Market- https://www.datamintelligence.com/research-report/acrylic-resin-market
Coating Resins Market- https://www.datamintelligence.com/research-report/coating-resins-market
Amino Resin Market- https://www.datamintelligence.com/research-report/amino-resin-market
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