Market Research Future (MRFR) states that the global alkyd resin market will showcase a positive outlook by achieving the valuation of USD 3,257.7 million by 2030, increasing from the value of USD 2,610 million in 2016. The steady growth of the market will be accompanied by the CAGR 3.32%, value-wise and 3.07%, volume-wise, during the forecast period (2021-2030).
Alkyd Resin Market Drivers and Key Barriers
Alkyd resin refers to a thermoplastic polyester resin which is made by heating polybasic acids/their anhydrides as well as polyhydric alcohols. These low-cost and versatile resins are utilized in the manufacturing of protective coatings that possess excellent weathering properties.
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Apart from the numerous applications in various synthetic paints as a crucial component, Alkyd resins are also utilized in various synthetic paints, enamels and varnishes. In addition, Alkyd resin also has numerous applications as thermosetting plastics which can be molded.
Alkyd resin-based coatings are primarily used for the architectural and furniture applications coupled with the product finishes, automotive refinishing primers and special-purpose coatings. It has been noted that automotive and furnishing coating industries are the prominent consumers of Alkyd resin, which remains an instrumental reason behind the growth of the Alkyd resin market, backed by growing product demand. Hence, the key applications in some of the thriving industries around the world are the main drivers responsible for the elevating market position of Alkyd resins, at a global level. In contrast, strict regulations laid out by REACH and EPA owing to the high amount of VOC emission released in the environment by the paints and coatings industry will act as a potential restraint in the market growth.
However, with additional factors like increasing population and rapid urbanization as well as industrialization acting as prominent drivers, the overall growth rate of the market will not be affected in the coming years. Furthermore, expanding industries such as electrical electronics, automotive transport, as well as building construction, owing to the increasing sales resulting from the consumers’ enhanced purchase power which in turn is the result of the improving economic conditions, will lead to the accelerated demand for Alkyd Resins in the near future.
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The alkyd resin market has been segmented on the basis of type and end-use industry.
In terms of type, the market is segmented into oil-based, modified, water reducible, others. Among these, the oil-based segment leads the market with 42.0% market share, and is projected to reach the valuation of USD 1,062.4 million by 2030.
The alkyd resin market, on the basis of end-use industry, will be considered for building construction, automotive, industrial, furniture, and others. Out of these, building construction sits at the top in the global market on account of the rising demand for water-based alkyd resins in the paints coating industry. Backed by these factors, the segment will be achieving the valuation of USD 1,192.3 million by 2030 in the global market.
The global alkyd resin market is segmented into the key regions of Europe, Asia Pacific, Latin America, North America, as well as the Middle East Africa.
The report acknowledges Middle East Africa as the fastest growing market, set to expand at a CAGR of 3.44% during the forecast period (2021-2030). Increasing demand for luxury cars along with performance customization and massive expenditure for infrastructure development are the primary reasons behind the lucrative growth of the regional alkyd resin market.
The United Kingdom (UK), Russia, and Germany are the prominent countries with the most potential in the Europe market, resulting in the region securing the second position in the global market. The luxurious market in the region owes its growth to the regulatory bodies like REACH that have certain norms on carbon emission owing to the rising awareness of the alkyd resin as well as its benefits on energy-saving operations. Also, Germany forms the major part of the region, garnering more than one-third of the total regional market, surging at a phenomenal CAGR of 3.29%. Humungous automotive hubs paired with highly supportive government regulations are working in favor of the automotive coatings market, thereby helping the alkyd resin market to expand at a healthy rate. Based on these factors, the region holds 28% share of the global market, and is presumed to note further market expansion at a CAGR of 3.04% during given time frame.
Also, the growth of the market in North America is the result of the cheap labor force, expanding industries and abundance of raw material, which have led to the growth of the paints coatings market, thereby pushing the demand for alkyd resin market as well.
June 2018 – Gabriel Performance Products (US), a well-known manufacturer of alkyd resins as well as specialty and custom chemical, invested more than USD 2 million in a bid to expand its capacity for mercaptan epoxy curing agents in its Ashtabula plant.
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