Alkyd Resins Market Analysis, Growth, Demand Future Forecast by 2030

Market Definition:

Alkyd resin is a synthetic resin produced through a condensation reaction between a polyhydric alcohol and dibasic acid. These thermoplastic polyester resins are created by heating polyhydric alcohols with polybasic acids or their anhydrides. Alkyd resins find extensive use in the creation of weather-resistant protective coatings and are essential components in many synthetic paints.

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Alkyd Resins Market Analysis and Size:

The global alkyd resin market is primarily driven by the increasing consumption in the paint and coating industry. The adaptability and affordability of alkyd resins contribute to their popularity. The high-quality properties and compatibility of alkyd resin with a wide range of polymers are expected to further boost market growth. However, fluctuating prices of raw materials pose a challenge by impacting manufacturing costs. Despite this challenge, the market is anticipated to reach a value of USD 5,341.71 million by 2030, with a projected Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period.

Global Alkyd Resin Market Scope

The global alkyd resin market is categorized into six notable segment, by resin type, process type, class, formulation type, application, and end use industry. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Opportunities:

Growing Demand for Sustainable Coating:

Consumers are increasingly environmentally conscious, favoring products that reduce environmental damage.
There is a demand for coatings and paints developed with environmentally friendly alkyd resins.
Businesses adopting sustainability as a core principle and offering eco-friendly products gain a competitive advantage.
Continuous Product Launches:

Market players in alkyd resin manufacturing continually launch new products to cater to diverse consumer preferences.
Launch strategies involve research, testing, and actions from various departments to ensure successful product adoption.
Continuous product launches, collaborations, strategic alliances, and expansions contribute to market growth.
Recent Developments:

Polynt Group Expansion (May, 2023):

Polynt Group announced the expansion of resin production capacity to serve the North American Coatings Market.
This expansion aims to meet the growing needs of the paints and coatings industry, specifically in conventional alkyds, oil-modified urethanes, and water-based technologies.
Hempel A/S Sustainability Recognition (May, 2023):

Hempel A/S was recognized as a supplier engagement leader by CDP for environmental action across its supply chain.
The company achieved an A score in CDP's 2022 Supplier Engagement Rating (SER), contributing to improved brand recognition and the pursuit of sustainability goals in the market.

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