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Alkyd Resin Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights
Alkyd Resin Market Research Analysis
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According to The Business Research Company's, The alkyd resin market size has grown strongly in recent years. It will grow from $23.12 billion in 2023 to $24.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to the industrialization of manufacturing processes, the expansion of the construction industry, the evolution of solvent-based coatings, increased awareness of product longevity, and the rise of consumer preferences for high-quality finishes.
The alkyd resin market size is expected to see strong growth in the next few years. It will grow to $33.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing demand for eco-friendly coatings, growth in the construction and automotive industries, rising awareness of environmental regulations, and the expansion of the furniture and woodworking markets. Major trends in the forecast period include increasing use of sustainable raw materials, advancements in formulations for improved performance, a shift towards low-emission products, demand in the decorative and protective coatings, and smart coatings with added functionalities.
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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the alkyd resin market going forward. The automotive industry refers to the sector involved in designing, producing, and selling motor vehicles, including cars, trucks, and motorcycles. The automotive industry is expanding due to the rising demand for electric vehicles (EVs) as consumers shift towards eco-friendly transportation solutions supported by government incentives. Alkyd resins are essential in the automotive industry due to their excellent durability and high-gloss finish, providing vehicles with long-lasting protection and a visually appealing surface. For instance, in July 2023, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, British car production surged by 11.7% in the first half of 2023, reaching 450,168 units, with plug-in hybrid (PHEV) and battery electric vehicles (BEVs) increasing by 71.6% to a record 170,231 units as of June, marking the fifth consecutive month of growth. Therefore, the growing automotive industry is driving the growth of the alkyd resin market.
Major companies operating in the alkyd resin market are focusing on developing innovative solutions, such as bio-based alkyd resins, to enhance product performance and lower environmental impact. Bio-based alkyd resins are alkyds made from renewable plant-based resources, providing a sustainable alternative to traditional petroleum-based resins while maintaining similar performance characteristics. For instance, in March 2023, Groupe Berkem, a France-based chemical manufacturing company, launched a new range of 100% bio-based alkyd resins aimed at the construction paints market, produced by its subsidiary Lixol. These innovative resins are formulated entirely from renewable materials, including vegetable oils and bio-based solvents, eliminating petroleum-derived components. This formulation aims to eliminate petroleum-derived materials, addressing environmental concerns associated with traditional chemical products. The new resins are designed to offer performance characteristics comparable to conventional alkyds, including durability, good drying performance, hardness over time, and resistance to aging.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Umicore Cobalt and Specialty Materials, Covestro AG, Solvay Group, Arkema SA, Eastman Chemical Company, Nippon Paint Co Ltd., Wacker Chemie AG, Huntsman Corporation, DIC Corporation, Polynt SpA, Macro Polymers Pvt Ltd., Hempel A/S, Amura Polymers Pvt Ltd., SpecialChem, Synthopol, Synthesia a.s., Subham Oils and Resins Pvt Ltd., Megara Resins, Dial4Trade, Neo-Pack Plast, Oman CHEMICAL, Orson Resins and Coatings Pvt Ltd., Prestige Coating Ltd., Uniform Synthetics, Krishna Resins and Pigments Pvt Ltd
Alkyd Resin Market 2024 Key Insights:
• The alkyd resin market size is expected to see strong growth in the next few years. It will grow to $33.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Automotive Industry Growth Fuels Demand For Durable Coating Solutions
• Sustainable Coating Solutions Embrace Bio Based Innovations For A Greener Future
• Asia-Pacific was the largest region in the alkyd resin market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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