Alkyd Resins are polyester based materials obtained through reaction between an acid or an anhydride, an alcohol, and a fatty acid or oil. The fatty portion in Alkyd Resin is derived from vegetable matter and is thus a renewable resource. Owing to their polymer structure, they are ideally suited for application in enamels, paints, varnishes, and synthetic paints. They exhibit excellent weathering properties and serve as versatile, low-cost component for such purposes. Alkyd Resins also find application in thermosetting plastics.
As per the analysis of Market Research Future (MRFR), the Global Alkyd Resin Market is due to reach USD 3,257.7 Mn at a CAGR of 3.32% in terms of value and 3.07% in terms of volume by the end of the forecast period of 2017-2023. The Global Alkyd Resin Market was valued at USD 2610 Mn in 2016.
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Among the factors which are boosting the growth of the Global Alkyd Resin Market is growing consumption of paints & coatings. Alkyd resin -based coatings are used as product finishes, special-purpose coatings. Moreover, alkyd resins are highly flexible and adaptable, can be modified to suit the needs of the final product.
Growing demand for automotive refinishes is a key factor driving the growth of the Global Alkyd Resin Market. Automotive refinishes are mostly made up of Alkyd Resins. Thye provide resistance to extreme weather, water, and temperature. Rising sales of cars, increasing car modification actvities and high expenditure on vehicle refinish are fueling the growth of the market.
On the downside, the growth of the market might be hindered by stringnet regulations pertaining to VOC emissions. Alkyd resin contains 50% of VOC in their formulation and regulatory bodies such as EPA and REACH have laid down strict measures aimed at reduction of VOC emissions. Additionally, high usage of cobal-based driers too is a concern which might affect the growth of the market over the forecast period.
Competitive Landscape:
The notable players in the global alkyd resin market include DSM, Nord Composites, Cytech Solvay Group, Arkema SA, Mancuso Chemicals Limited, Polynt SpA, DowDuPont Inc., Spolchemie, Macro Polymers, BASF SE, and D.S.V Chemicals Pvt Ltd.
Segmentation:
The Global Alkyd Resin Market has been segmented based on Type and End Use Industry.
By Type, the Global Alkyd Resin Market has been segmented into oil-based, modified, water reducible, others. The oil-based segment leads the market and accounts for almost 42% share of the global market. The oil-based segment is expected to reach a valuation of 1,062.4 Mn by the end of 2023.
By End-Use Industry, the Global Alkyd Resin Market has been segmented into building & construction, automotive, industrial, furniture, and others. The building & construction segment is dominating the market on account of high demand from the paints & coatings industry.
Regional Analysis:
By Region, the Global Alkyd Resin Market has been segmented into North America, Latin America, Europe, Asia Pacific, and the MIddle East & Africa.
APAC is dominating the Global Alkyd Resin Market with almost 36% share of the market. Established automotive industry in the region coupled with a broad automotive manufacturing base is likely to drive the market in APAC. Government regulations aimed at reducing VOC emissions is expected to reflect positively on the growth of the market. Other bosting factors include surge in constructional activities and rehabilitation of old paint shops in the region which provide lucrative growth opportunities to the market. In addition, availability of latest OEM digital color solution is expected to drive the trend towards adoption of waterborne alkyd-based coatings. China has emerged as the global manufacturing hub on account of availability of relatively cheap but skilled workforce, abundance of raw material, and growth of various industries in the region. This provides a push to the paints & coatings industry which would support the growth of the Alkyd Resin Market in China. China Alkyd Resin Market is expected to capture a CAGR of 3.83% over the forecast period. The APAC Alkyd Resin Market is expected to reach USD 1213.5 Mn by the end of 2023.
The MEA is poised to be the fastest growing market for alkyd resin and capture a CAGR of 3.44% over the forecast period. High sales of luxury cars and demand for customization in the region boost the market for Alkyd Resin. Besides, rise in infrastructural activities also generate demand for Alkyd Resin.
Europe is the second largest market for Alkyd Resin, led by the economies of Germany, Russia, and the UK. Growing awareness regarding the benefits of Alkyd Resin and its implications on energy-saving operations coupled with regulatory norms pertaining to carbon emissions have encouraged the adoption of alkyd resins among consumers. The presence of a robust automotive industry and manufacturing facilities in Europe also provide ample growth opportunities to the Europe Alkyd Resin Market. Europe accounts for almost 28% share of the Global Alkyd Resin Market and is expected to expand at a CAGR of 3.04% over the forecast period.
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