Future of Alkyd Resin Market: Size, Share & Forecasts to 2029

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What Is the Projected Market Size Valuation of the Alkyd Resin Market by 2025?
The alkyd resin industry has seen impressive growth in the past few years. The market size, which stood at $24.87 billion in 2024, is forecasted to expand to $26.41 billion in 2025, marking a compound annual growth rate (CAGR) of 6.2%. This rapid growth during the historic period can be linked to factors such as the industrialization of manufacturing procedures, growth in the construction sector, the development of solvent-based coatings, heightened awareness concerning product durability, and a shift in consumer preferences towards superior finish quality.

What Is the Estimated Market Growth Value for the Alkyd Resin Industry in 2029?
In the coming years, the market size of alkyd resin is predicted to experience significant growth, reaching $34.94 billion by 2029 with a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this growth during the projected period include the escalating demand for environmentally friendly coatings, expansion within the construction and automotive sectors, increased awareness of environmental regulations, and the burgeoning furniture and woodworking markets. Noteworthy trends during this forecast period encompass the use of eco-friendly raw materials, progression in maximizing performance through improved formulas, a pivot towards products with reduced emissions, and demand within decorative and protective coatings, alongside smart coatings with enhanced functionality.

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What Are the Growth Drivers and Opportunities in the Alkyd Resin Market?
The alkyd resin market is anticipated to thrive in response to the burgeoning automotive industry. The automotive industry is engaged in the conceptualization, manufacturing, and retail of motor vehicles, which include not only cars, but also trucks and motorcycles. The industry is in a phase of expansion on account of the increasing demand for electric vehicles (EVs), induced by consumers gravitating towards eco-friendly modes of transportation and incentivized by governmental policies. Alkyd resins, celebrated for their supreme resilience and high-gloss finish, are indispensable to this industry. They offer enduring protection to vehicles and enhance their appearance. For instance, the Society of Motor Manufacturers and Traders, a trade union from the UK, reported in July 2023 that the first half of 2023 saw British car manufacturing rise by 11.7%, reaching a total of 450,168 vehicles. Simultaneously, plug-in hybrid (PHEV) and battery electric vehicles (BEVs) witnessed a 71.6% hike, reaching an all-time high of 170,231 units by June. It marked the fifth straight month of growth. All this considered, the flourishing automotive industry fuels the growth of the alkyd resin market.

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What Are the Primary Segments Covered in the Global Alkyd Resin Market Report?
The alkyd resin market 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

Subsegments:
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

What Are the Top Growth Trends in the Alkyd Resin Market?
In order to elevate their product offerings and reduce their environmental footprint, leading corporations in the alkyd resin market are focusing on the creation of novel solutions like bio-based alkyd resins. These resins are fashioned from plant-derived, sustainable materials, offering an eco-friendly substitute to the usual petroleum-based resins and still maintaining similar efficacy. Groupe Berkem, a chemical manufacturing corporation hailing from France, as an illustration, introduced a new 100% bio-based alkyd resin specifically for the construction paints market in March 2023, courtesy of its subsidiary, Lixol. Concocted entirely from renewable resources such as vegetable oils and bio-based solvents, these cutting-edge resins eradicate petroleum-based ingredients. The objective of this formulation is to address the environmental issues tied to conventional chemical products by eliminating petroleum-based materials. These fresh resins are engineered to exhibit attributes akin to traditional alkyds, with features such as long-term durability, effective drying, hardness over time, and resistance to aging.

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Which Companies Are Shaping the Future of the Alkyd Resin Market?
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

Which Region Holds the Largest Market Share in the Alkyd Resin Industry?
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.

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