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Alkyd Coating Industry Drivers, Size & Growth Insights 2024
Alkyd Coating Industry Size
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According to The Business Research Company's, The alkyd coating market size has grown strongly in recent years. It will grow from $23.34 billion in 2023 to $25.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to widespread industrialization, increased infrastructure development, demand for durable and cost-effective finishes, and growth in residential and commercial construction.
The alkyd coating market size is expected to see strong growth in the next few years. It will grow to $34.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to rising demand for durable finishes, growing awareness of the environment, increasing industrial applications, rising urbanization, and regulatory changes favoring low-VOC formulations. Major trends in the forecast period are adoption of eco-friendly formulations, advancements in waterborne technology, development of multifunctional coatings, self-cleaning technology, and smart coating technologies.
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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the alkyd coating market going forward. The automotive industry refers to the sector involved in designing, manufacturing, and selling motor vehicles, including cars, trucks, motorcycles, and their components and parts. The rising demand for the automotive industry is driven by economic growth, which boosts vehicle affordability, and technological advancements, such as electric and autonomous vehicles, which attract more consumers. Alkyd coatings benefit automotive applications due to their durability, flexibility, and excellent resistance to weathering and wear. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based main lobbying and standards group of the automobile industry, in 2022, global motor vehicle production reached 85.4 million units, marking a 5.7% rise from the previous year. Therefore, the growing automotive industry is driving the growth of the alkyd coating market.
Major companies operating in the alkyd coating market are focusing on developing innovative solutions, such as biobased waterborne alkyd coating, to enhance sustainability and reduce environmental impact. Biobased waterborne alkyd coatings are eco-friendly paints made from renewable natural resources mixed with water, reducing VOC emissions and promoting sustainability. For instance, in January 2024, Worlée Chemie GmbH, a Germany-based provider of chemical raw materials, collaborated with Baril Coatings, a US-based producer of high-performance industrial coatings, to demonstrate the first biobased industrial coating, a high-performance, waterborne alkyd coating that incorporates bioMPA (3-methyl phthalic anhydride) to replace the fossil-based ingredient phthalic anhydride. By replacing traditional coatings with biobased alternatives, the project aims to enhance environmental sustainability. The partners are committed to further developing this technology and exploring its potential applications across various industries, signaling a promising shift towards greener solutions in coating materials.
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Major Key Players of the Market:
The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paints Co Ltd., DIC Corporation, Axalta Coating Systems, Asian Paints, Jotun A/S, Hempel A/S, Benjamin Moore, Teknos Group., Chugoku Marine Paints Ltd., Safic-Alcan, Specialized Coating Systems, SpecialChem, Thomas Industrial Coatings, ArchiExpo, American Coatings Association, Aexcel Corporation, Angel Coating Pvt, Biorizon, Coatings World, G and C Coatings & Industrial Services, Goa Paints, Protek Paint Ltd
Alkyd Coating Market 2024 Key Insights:
• The alkyd coating market size is expected to see strong growth in the next few years. It will grow to $34.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Automotive Production Fuels Demand For Protective Coating Solutions
• Innovative Eco Friendly Solutions Drive Advancement In Coating Technologies
• Asia-Pacific was the largest region in the alkyd coating market in 2023
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