Alkyd Resin Market Set to Reach $36 Billion by 2029 with 7.6% Yearly Growth

What industry-specific factors are fueling the growth of the alkyd resin market?
The anticipated expansion of the alkyd resin market is closely linked to the growth of the automotive industry. The field concerned with the creation, promotion, and sale of motor vehicles, which include not only cars but also trucks and motorcycles. The preference for eco-friendly modes of transport such as electric vehicles (EVs) has seen a rise among consumers, aided by governmental incentives, resulting in an expanding automotive industry. Alkyd resins are highly prized in this industry for their remarkable durability and high-gloss finish offering an appealing appearance alongside prolonged protection for vehicles. A clear demonstration of this is seen in July 2023's report by the Society of Motor Manufacturers and Traders, a trade organization from the UK. British automobile production saw an 11.7% rise in the first half of 2023, hitting 450,168 units. Plug-in hybrid (PHEV) and battery electric vehicles (BEVs) recorded an increase by a remarkable 71.6% to a historic 170,231 units by the end of June, showing growth for the fifth month consecutively. Consequently, the expanding automotive industry is seen as a driving force behind the growth of the alkyd resin market.

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What Is the projected market size and growth rate for the alkyd resin market?
Over the recent years, the alkyd resin market has demonstrated robust growth. It is set to expand from a valuation of $24.87 billion in 2024 to an expected worth of $26.85 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.0%. The growth during the historic period could be linked to several factors. These include, the industrialization in manufacturing processes, the widening scope of the construction sector, the development of solvent-based coatings, a deepened understanding of product longevity, and a trend in consumer preferences towards high-quality finishes.

Expectations are high for a robust expansion in the alkyd resin market in the coming years, with projections placing its worth at $35.97 billion in 2029, reflecting a compound annual growth rate (CAGR) of 7.6%. Factors prompting this growth in the projected period include a surge in eco-friendly coatings requirements, upward trends in the construction and automotive sectors, enhanced understanding of environmental rules, and development in the furniture and woodcraft markets. The forecast period is also likely to witness significant trends such as increased usage of eco-friendly raw materials, advancements in formulations for better performance, a swing towards products with decreased emissions, demand in the decorative and protective coatings area, and the rise of intelligent coatings with added features.

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What new trends are reshaping the alkyd resin market and its opportunities?
Major firms in the alkyd resin market are concentrating their efforts on devising creative solutions such as bio-based alkyd resins. These aim to improve product efficacy and minimize environmental damage. Bio-based alkyd resins are derived from eco-friendly plant-based resources, offering a greener alternative to conventional petroleum-based resins, while delivering similar performance. In an example from March 2023, Groupe Berkem, a French chemical manufacturing company, rolled out a line of 100% bio-based alkyd resins specifically for the construction paints market. The range, produced by its subsidiary Lixol, utilises entirely renewable materials such as vegetable oils and bio-based solvents, effectively phasing out petroleum-derived elements. The goal of this innovative formulation is to alleviate environmental concerns tied to traditional chemical products. These recent resins are intended to exhibit performance traits on par with standard alkyds, incorporating elements like long-lasting durability, excellent drying output, sustained hardness, and resistance to aging.

What major market segments define the scope and growth of the alkyd resin market?
The alkyd resinmarket covered in this report is segmented -

1) By Type: Oil Based, Modified, Water Reducible, Other Types
2) By Resin Type: Non Drying Alkyd Resins, Drying Alkyd Resins, Semi Drying Alkyd Resins
3) By Formulation Type: High Solids Alkyds, Waterborne Alkyds, Modifying Alkyds, Solvent Borne Coatings, Powder Coatings, Other Formulation Types
4) By Application: Coil Coatings, Electrical Insulating Enamels, Maintenance Paint, Automotive Refinishing Primers, Exterior Trim Paints, Packaging, Drum And Metal Container Coating, Other Applications
5) By End Use: Automotive Industry, Architecture Industry, Marine Industry, Food And Beverage Industry, Appliances, Other End Users

Segments:
1) By Oil Based: Short Oil Alkyds, Medium Oil Alkyds, Long Oil Alkyds
2) By Modified: Soybean Oil Modified Alkyds, Linseed Oil Modified Alkyds, Unsaturated Polyester Modified Alkyds
3) By Water Reducible: Waterborne Alkyd Resins, Water-Dispersible Alkyds
4) By Other Types: High Solids Alkyds, Reactive Alkyds

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Which region dominates the alkyd resin market?
Asia-Pacific was the largest region in the alkyd resin market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the alkyd resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the alkyd resin industry growth?
Major companies operating in the alkyd resin market are 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

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What Is Covered In The Alkyd Resin Global Market Report?

•Market Size Forecast: Examine the alkyd resin market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the alkyd resin market for a structured understanding.
•Key Players Overview: Analyze major players in the alkyd resin market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the alkyd resin market.
•Segment Contributions: Evaluate how different segments drive overall growth in the alkyd resin market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the alkyd resin market.
•Industry Challenges: Identify potential risks and obstacles affecting the alkyd resin market.
•Competitive Landscape: Review strategic developments in the alkyd resin market, including expansions, agreements, and new product launches.

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