Alkyd Resin Market Outlook
According to the report by Expert Market Research (EMR), the global alkyd resin market size is projected to grow at a CAGR of 5.80% between 2024 and 2032. Aided by increasing demand for high-quality paints and coatings across various sectors, including automotive, construction, and industrial applications, the market is expected to grow significantly by 2032.
Alkyd resin, synthesised through the polycondensation of polyhydric alcohols and polybasic acids, stands out for its exceptional properties, including excellent adhesion, a glossy finish, and resistance to wear and tear. These characteristics make it an ideal ingredient in the formulation of protective and decorative coatings, varnishes, and paints. Alkyd resin’s adaptability to diverse substrates and environmental conditions further underscores its value in both indoor and outdoor applications, spanning from residential and commercial buildings to machinery and automotive components.
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The alkyd resin market growth is driven by several key factors. The construction boom, particularly in emerging economies, has fuelled the demand for durable and aesthetic architectural coatings, propelling the growth of the alkyd resin market. Similarly, the automotive sector’s recovery and expansion have augmented the need for automotive paints and finishes that offer longevity and protection, further driving the demand for alkyd resin-based products.
Technological advancements have been influencing the alkyd resin market expansion. Innovations in alkyd resin formulations have led to the development of low-VOC (volatile organic compounds) and waterborne alkyd resins, aligning with the growing environmental and health consciousness among consumers and regulatory bodies. These advancements have expanded the applications of alkyd resin, making it a preferred choice for eco-friendly and sustainable paint and coating solutions.
The burgeoning demand for green building materials and the shift towards sustainability in the automotive and industrial sectors offer new avenues for growth and development in the alkyd resin market. According to the alkyd resin market analysis, the potential for exploring novel applications of alkyd resin in emerging technologies and industries presents untapped opportunities for market expansion. Alkyd resins are utilised in metal coatings for corrosion protection, rust inhibition, and decorative finishes in various sectors, including automotive, aerospace, marine, and industrial equipment. The expansion of these end-use sectors, coupled with increasing infrastructure investments and maintenance activities, drives demand for alkyd-based metal coatings.
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The alkyd resin market is poised for significant growth, driven by the increasing demand for durable and aesthetic coatings in the construction and automotive sectors, as well as the continuous innovation in alkyd resin technology. The market’s expansion is a testament to the versatility and adaptability of alkyd resin, ensuring its position as a cornerstone of the coatings sector. With a focus on sustainability and performance, the future of the market looks bright, promising enhanced products that meet the dual demands of efficiency and environmental stewardship.
As per the alkyd resin market outlook, growing interest in sustainable and renewable raw materials for coatings production has led to the development of bio-based alkyd resins derived from natural oils, such as soybean oil, linseed oil, and castor oil. Environmental regulations promoting the use of renewable resources and reducing volatile organic compound (VOC) emissions drive the adoption of bio-based alkyd resins in eco-friendly coatings formulations.
Regulatory initiatives aimed at reducing VOC emissions and promoting environmental sustainability drive the transition from solvent-based alkyd coatings to low VOC and waterborne formulations. Waterborne alkyd resins offer similar performance characteristics as solvent-based resins but with lower VOC content, improved air quality, and easier cleanup, aligning with stringent environmental regulations and consumer preferences and further boosting the alkyd resin market share.
Alkyd Resin Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Long
- Medium
- Short
- Others
Market Breakup by Application
- Building and Construction
- Furniture
- Automotive
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global alkyd resin market. Some of the major players explored in the report by Expert Market Research are as follows:
- Arkema SA
- BASF SE
- National Industrial Resin Company Limited (NIRO)
- Polynt SpA
- Arakawa Chemical Industries,Ltd.
- DIC Corporation
- VIL Resins Limited
- Others
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