Global Alkyd Resin Market Information: By Type (Oil Based, Modified, Water Reducible, Others) End-Use Industry (Building & Construction, Automotive, Industrial, Furniture, Others) Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)- Forecast Till 2023
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Alkyd Resin, a thermoplastic polyester resin is made by heating polyhydric alcohols and polybasic acids/ their anhydrides. These versatile, and low-cost resins are used in the manufacturing of protective coatings with excellent weathering properties. In addition to its applications in many synthetic paints as a vital component, Alkyd Resins are also used in many synthetic paints, varnishes, and enamels. Additionally, Alkyd Resin also finds applications as thermosetting plastics that can be molded.
These Alkyd Resin-based coatings are mainly used for the furniture and architectural applications along with the product finishes, special-purpose coatings, and automotive refinishing primers. Evidently, automotive and furnishing coating industries are the major consumers of Alkyd Resin which drive the market growth of Alkyd Resin, driving its demand hugely. The key applications in some of the burgeoning industries are the key factor escalating the market growth of Alkyd Resins on the global platform.
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Recognizing the traction, the market is witnessing currently; Market Research Future (MRFR) in its recently published study report asserts that the Global Alkyd Resin Market will reach to USD 3,257.7 Mn. by 2023, posting 3.32% of CAGR during the assessment period 2017 – 2023. In the year 2016, the market had valued at 2,610 Mn. USD.
Additional factors driving the market growth factors that drive the market growth include increasing population along with the increasing urbanization & industrialization worldwide. Industries like automotive & transport, electrical & electronics, and building & construction, backed by the increasing sales due to the consumers ‘improving purchase power led by the improving economic conditions is one of the key factors augmenting the demand for Alkyd Resins.
On the flip side, stringent regulation laid by EPA and REACH in view of, the high amount of VOC emission released in the environment by the pants & coatings industry is expected to obstruct the market growth.
Industry/Innovation/Related News:
June 25, 2018 – Gabriel Performance Products (US), a leading provider of epoxy curing agents and additives, Phenoxy and alkyd resins, and specialty and custom chemical manufacturing announced the investment of over 2 Mn.US$ to expand capacity for mercaptan epoxy curing agents at its Ashtabula plant.
Global Alkyd Resin Market – Segmentations
The MRFR analysis is segmented into four key dynamics: –
By Types: Oil Based, Modified, Water Reducible, Others.
By End-Use Industries: Building & Construction, Automotive, Industrial, Furniture, and others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
Global Alkyd Resin Market – Geographical Analysis
The Asia Pacific region leads the Global Alkyd Resin Market with 36% of the market share. Attributing to the growing demand from the construction sector, consumer goods manufacturing and the expanding production capacities in the region, the market is witnessing an upsurge. Witnessing substantial investments, automation, and expansion, the highly focused, APAC market is expected to retain its dominance during the forecast period reaching USD 1213.5 Mn. by 2023.
Numerous automotive manufacturing bases present in India, China, Japan, and South Korea are, in turn, expected to drive the Alkyd Resin Market, witnessing the increasing sales. Rapidly increasing uptake of the latest OEM digital color solution is expected to drive the market growth in the region along with the ongoing trend of the waterborne alkyd-based coating.
China is emerging as a global manufacturing hub due to the availability of cost-competitive labor force and abundance of the required feedstock, these are some of the factors pushing the growth of paints & coatings market, thereby, driving the Alkyd Resin Market growth. In 2016, the China market had reached the valuation of USD 586.3Mn. and is further projected to grow at 3.83% CAGR over the forecast period.
Whereas the Europe market for Alkyd Resin stands the second position attributing to the augmenting penetration of end-user industries, the presence of automotive refinishes producers, and burgeoning packaging industry and prominent printing inks industry. Besides, the specific norms on carbon emission of regulatory bodies such as REACH have risen the awareness toward the benefits the Alkyd Resin offers in the energy-saving operations.
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