The alkyd resin market was USD 2,610 million and is estimated to reach USD 3,257.7 million by the end of 2030. In terms of CAGR, it is expected to grow by 3.32%. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the alkyd resin market 2020 following the coronavirus disease outbreak.
Alkyd resin market Introduction
Alkyd resins are the result of the reaction between dibasic acid and polyols as well as drying oil. These are extremely compatible with a number of synthetic paints, due to its impressive weathering properties and versatility. With an array of certain characteristics, the polymer structure of alkyd resins finds use as a basis for paints and enamels production. Further, incorporating volatile organic solvents with these resins helps yield significant preeminence to polymer systems.
Alkyd resin market
Automotive refinishes are in huge demand and can be a prominent trend in the global market. OICA suggests that automotive refinishes accounts for close to 26% share of the overall market. Automotive refinishes offer impressive visual appearance, excellent surface protection, resistance to adverse weather, water and temperature. Therefore, high insurance coverage, demand for replacement of old vehicles from households and the surge in investments in vehicle refinishes can foster the alkyd resin market application in the automotive industry and can be one of the major trends in the upcoming years.
Alkyd resin market Analysis – Growth Boosters and Restraints
Construction and building remain one of the fastest growing industries across countries. Improving living standard, increase in disposable income and the rapid growth rate of urbanization are bolstering the number of construction projects. Use of specialty resins in sealants, coatings (decorative, protective and architectural) and adhesives is important in a bid to adhere to the quality standards in the building and construction industry. Given their high resistance to extreme temperature and chemicals, resins are observing significant demand in the construction sector. Large amounts of alkyd resins are increasingly being used in construction projects as well as in commercial or residential buildings. Adhesives with high heat resistance are derived from specialty resins (amino and epoxy) and these are considered to be the better alternative for steel and concrete.
Some more growth rendering factors in the global industry can be the accelerated demand for effective waterborne coatings and printing inks. The considerable demand for coatings and paints combined with the surging uptake of printing inks in the packaging sector can be significantly favorable for the alkyd resins industry in the ensuing years. On the competitive front, the alkyd resins market is quite fragmented, wherein firms are highly focused on using the latest technologies during manufacturing process to gain the upper hand. Acquisition remains a significant alkyd resin market strategy followed by the top firms to garner impetus.
Alkyd resin market Segments
Type and end-use industry are the two key market segments specified in the MRFR report.
The types of alkyd resins are water reducible, modified, oil-based and more. Oil based resins are in the lead, with a share of 42.0% in the global market and could potentially touch USD 1,062.4 million by 2023.
Market segments, depending on end-use industry, are automotive, building & construction, furniture, industrial, and others. The dominant alkyd resin market application is building & construction, on account of the mounting preference for water-based alkyd resins in the paints and coating sector.
Regional Study
The regional study of the global industry covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
With a share of 36% in the global market, APAC has secured the top position and can reach a valuation of USD 1213.5 million by the year 2023. The well-established manufacturing sector for automotive in South Korea, China, India and Japan are responsible for the robust sales of passenger cars, which ultimately works in favor of the alkyd resin market. Rise in modification of existing paint shops paired with the increasing availability of advanced OEM digital color solutions has fostered the demand for waterborne alkyd-based coating. Therefore, uptake of modern technologies and government initiatives to curb VOC emissions can offer attractive opportunities to alkyd resin manufacturers over the coming years. The presence of well-developed construction sector and the surge in the number of construction repair projects could also boost market growth in the region.
Germany, the U.K and Russia are some of the highest revenue generating markets in Europe, and are responsible for the latter’s second position in the global industry. Regulatory authorities like REACH imposed strict norms pertaining to carbon emissions, in view of the increasing awareness level regarding alkyd resins and their benefits related to energy-saving. Germany is currently the market leader in Europe, and owns over one-third of the total share while exhibiting the potential to attain a growth rate of 3.29% in the years ahead. Established automotive sector along with favorable government standards contribute to the growth of the automotive coatings segment, and by extension, are responsible for the alkyd resin market’s growth. At present, Europe owns about 28% share of the overall market and can expect to procure a CAGR of 3.04% during analysis period.
China’s emergence as a leading manufacturing hub, availability of low cost labor, abundance of cheap raw materials, and fast developing economies have pushed the growth of the paints & coatings industry in APAC, which bolsters the alkyd resin market performance. In 2016, China led the APAC market by touching USD 586.3 million and can exhibit dynamic growth at the rate of 3.83% in the ensuing years.
The MEA market is soaring at the fastest rate of 3.44%, as a result of the robust sale of luxury cars along with substantial spending on infrastructure development in the region.
Top Contenders
Top market contenders include Macro Polymers, Spolchemie, D.S.V Chemicals Pvt Ltd., Cytech Solvay Group, BASF SE, Polynt SpA, DowDuPont Inc., Nord Composites, DSM, Mancuso Chemicals Limited, Arkema SA, to name a few.
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