Global Alkyd Resin Market Report and Forecast 2024-2032

Global Alkyd Resin Market Outlook

The global alkyd resin market size is projected to grow at a CAGR of 5.80% between 2024 and 2032. The market is being aided by the robustly growing construction sector and the rising demand for high-performance coatings in various end-use sectors.

Key Trends in the Market

Alkyd resins are specialised polyesters modified with fatty acids or plant-based oils. They possess remarkable attributes, including swift curing, robust chemical resistance, and exceptional weathering resilience, which are highly valued in the paint sector, distinguishing them from unadulterated oils. Alkyd resins find applications in essential products, ranging from household paints to industrial coatings.

• A major factor aiding the global alkyd resin market growth is the increasing demand for high-performance coatings in different sectors such as marine, aerospace, and industrial machinery. This is boosting the demand for alkyd-based paints and coatings due to their enhanced durability, corrosion resistance, and excellent adhesion properties.

• The increasing transition towards waterborne resins is expected to further propel the growth of the market. The use of water for waterborne resins as a solvent makes these resins eco-friendly with low flammability and toxicity.

• One of the major global alkyd resin market trends is the rising focus on the development of bio-based alkyd resins. Companies are increasingly involved in the development of bio-based products due to the rising concerns regarding rapid climate change. Bio-based resins can be used as high-performance alternatives over fossil fuel-based resins, providing lower volatile organic compounds (VOC) levels.

• The flourishing construction sector is a major factor propelling global alkyd resins market demand. Alkyd resins are used in architectural coatings for applications like walls, ceilings, and trim. Hence, growth in construction activities, particularly in emerging economies, has been a significant driver of the market.

Market Analysis

Based on product type, the market can be segmented as long, medium, and short, among others. The global alkyd resin market segmentation, based on application, includes building and construction, furniture, and automotive, among others. The regional markets for alkyd resin can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global alkyd resin market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Arkema SA

• BASF SE

• National Industrial Resin Company Limited (NIRO)

• Polynt SpA

• Arakawa Chemical Industries,Ltd.

• DIC Corporation

• VIL Resins Limited

• Others

Market Share by Application

According to the global alkyd resin market analysis, the demand for alkyd resin in the automotive sector is likely to be high in the coming years. In the automotive sector, alkyd coatings play essential roles as primers, basecoats, and topcoats. The primer serves as a crucial bonding agent, ensuring that the paint adheres firmly to the car's body. Moreover, it offers an extra layer of protection, guarding against both corrosion and moisture-related damage to the vehicle.

Market Share by Region

The Asia Pacific is expected to be a major regional market for alkyd resins and contribute to a major portion of the global alkyd resin market share in the forecast period. Rapid industrialisation and urbanisation in countries like China and India have led to a substantial increase in construction activities. Alkyd resins find extensive use in architectural coatings for buildings, a demand that has surged alongside the construction boom.

Furthermore, the automotive sector, a major consumer of alkyd resins, has experienced exponential growth in the Asia Pacific, which is another factor propelling the market growth.

Competitive Landscape

Arkema SA is a global speciality chemical manufacturing company, which was founded in the year 2004. Its product range includes various chemical compounds and materials, such as polymers, resins, adhesives, additives, and more. The company provides its services in a wide variety of sectors, including adhesives and sealants, packaging, automotive, and coatings and paints, among others.

BASF SE is a multinational chemical company based in Germany. The company was established in 1865 and has grown from a small dyestuffs factory into a global conglomerate with operations in numerous countries. The company is engaged in the manufacturing of a variety of chemicals and industrial products, including chemicals for industries like agriculture, automotive, construction, electronics, and more.

VIL Resins Limited is a chemical manufacturing company established in 1938 and headquartered in England. The company’s core business focuses on the production and development of acrylics, alkyds, polyesters, isocyanate-modified resins and epoxy esters. In addition, the company also produces aqueous resin dispersions and distributes them internationally.

Other global alkyd resin market players include National Industrial Resin Company Limited (NIRO), Polynt SpA, Arakawa Chemical Industries,Ltd., and DIC Corporation, among others.

Key Highlights of the Report