Global Alkyd Resin Market Share Is Expected To Grow At A CAGR Of 7.5% By 2030

05-Jan-2023 | Facts and Factors

According to Facts and Factors, the global alkyd resin market size was worth around USD 23 billion in 2021 and is predicted to grow to around USD 39 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.5% between 2022 and 2030.

Browse the full “Alkyd Resin Market Size, Share, Growth Analysis Report By Formulation Type (Waterborne Alkyds and High-Solids Alkyds), By Type (Drying Alkyd Resins and Non-Drying Alkyd Resins), By Process (Glyceride Process and Fatty Acid Process), By Application (Coil Coatings, Electrical Insulating Enamels, Maintenance Paint, Automotive Refinishing Primers, Exterior Trim Paints, Packaging, Drum and Metal Container Coating, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/alkyd-resin-market

Thermoplastic resin derived by heating polybasic acids and polyhydric alcohols together in their anhydride forms produces alkyd resin. The compounds are used in the production of coating, paints, and varnishes that are further used as protective materials. Owing to the low cost and versatility of the resin, they are highly preferred in the paints industry. Generally, alkyd resins are produced by the polycondensation process of polyol along with a dicarboxylic acid or in some cases its anhydride form. For instance, phthalic anhydride and glycerol react together to create polyester glyptal.

The most common polybasic acids used in the process include isophthalic acid, phthalic acid, maleic anhydride, fumaric acid, and many other types. Naturally occurring long-chain fatty acids are present in the vast majority of monobasic acids in the structure. The demand for alkyd resin has increased over the years owing to the excellent compatibility offered by the resins with other coating polymers. Alkyd resins have become an integral part of the coating industry and various players in the market rely heavily on the resins for the production of synthetic paints, enamels, and varnishes.

The global alkyd resin market is projected to grow owing to the growing applications of the compound to produce protective coating used in the automobile industry. In the sector, it is mainly used as a refinishing primer on automobile parts. For car bodies, primers act as the most commonly used undercoat when refinishing the vehicle. With their application, it becomes easy to level rough or feathered surfaces allowing the origin or a smooth area.

The automobile industry is projected to grow owing to multiple factors including a growing number of product providers, an increase in disposable income, the presence of excellent financial assistance, and the availability of products across the price range. In November 2022, BMW, a global leader operating in the luxury vehicle segment increased its investment in Hungary to EUR 2 billion to set up a new electric vehicle (EV) factory. The smart vehicle segment could lead the automobile sector to new heights further propelling the demand for alkyd-based primers. The global market could witness a rise in the consumer database due to the growing investments in specialty alkyd coatings. The requirement for specialty coatings is higher in the construction industry as the world is moving toward sustainable and eco-friendly consumption patterns.

The crucial factor that could restrict the global market expansion is the growth in the development of better-performing film-forming or binding agents with enhanced qualities. Alkyd resins have their own set of drawbacks due to volatile and weak chemical and physical properties. The global market is registering a growth in the number of players switching to substitutes as they can provide better yield. The increasing adoption of water-based resins due to their eco-friendliness as compared to solvent-based solvents is a major area of concern. Water-based solvents also pose less fire hazard-associated risk making them preferred solutions in the coating industry.

The growing investment in the development of combination properties may provide growth opportunities while increasing concerns over the removal of solid content from coating products could pose a major challenge.

Segmental Overview

The global alkyd resin market is segmented based on formulation type, type, process, application, and region

Based on type, the global market divisions are drying alkyd resins and non-drying alkyd resins. The global market registered the highest growth in the non-drying alkyd resins segment. These alkyds are used as plasticizers to manufacture film formers. A plasticizer is a substance that is added to a solution of synthetic resin to encourage flexibility, plasticity, and allow a reduction in brittleness. For instance, when used with cement, the recommended amount of plasticizer is 1% to 2% of the per unit weight of cement.

Based on application, the global market segments are coil coatings, electrical insulating enamels, maintenance paint, automotive refinishing primers, exterior trim paints, packaging, drum and metal container coating, and others. The global market was dominated by automotive refinishing primers in 2021 due to high demand in the automobile segment propelled by the sudden rise in the vehicle resale market. In 2021, more than 66 million automobiles were sold globally.

Regional Overview

Asia-Pacific is projected to witness the highest growth in the alkyd resin market driven by the growth in the construction & building industry which is a major consumer of alkyd resin in form of paints, varnishes, and other coating materials. An increase in population, higher investment, lucrative government projects, and a focus on infrastructure development are the major reasons why the demand for raw materials used in the construction sector grew exponentially. The prime example of these investments includes the 102 mega-projects undertaken by the Chinese government as a part of the country’s 2021-2025 development plan. The increase in sales value of the regional automobile segment could help Asia-Pacific project higher revenue in the coming years.

Report Scope

Key Players

The global alkyd resin market is led by players like DSM, Arkema SA, Mancuso Chemicals Limited, Macro Polymers, Polynt SpA, D.S.V Chemicals Pvt Ltd., DowDuPont Inc., Cytech Solvay Group, BASF SE, Spolchemie, and Nord Composites.

Recent Developments:

• In July 2022, Polynt announced its intention to expand the company’s coating resin production capacity in North America
• In September 2022, Arkema introduced a new acrylic polyol emulsion with reduced volatile organic compound levels and applications in the industrial paint industry

The global alkyd resin market is segmented as follows:

By Formulation Type 

• Waterborne Alkyds
• High-Solids Alkyds

By Type 

• Drying Alkyd Resins
• Non-Drying Alkyd Resins

By Process 

• Glyceride Process
• Fatty Acid Process

By Application 

• Coil Coatings
• Electrical Insulating Enamels
• Maintenance Paint
• Automotive Refinishing Primers
• Exterior Trim Paints
• Packaging
• Drum and Metal Container Coating
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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