Alkyd Resin Market Size
Global Aylkd Resin market reached USD 22.5 billion in 2022 and is expected to reach USD 38.4 billion by 2030, growing with a CAGR of 6.9% during the forecast period 2024-2031. The market is expected to advance due to the increased demand for alkyd resins in architectural coatings and wood furniture.
Due to the high cost of insurance, the demand from families to replace their old vehicles and the higher price of vehicle repainting, it is also anticipated that the increasing requirement for automobile repaints will spur market expansion.
Manufacturers in the North America are focusing on the establishment of new plants as well as trhe capacity expoansion. In order to supply the North American Coatings Market and to satisfy the expanding demands of the paint and coatings industry, the Polynt Group announced its plan to increase resin manufacturing capacity last year.
For instance, on May 2, 2023, The opening of a coatings resin plant in Canada was announced by Polynt Group. With the launch of Polynt Coatings Canada Limited in Port Moody, British Columbia, during the second half of 2023, this expansion will become fully operational and be significantly strengthened. With this additional investment, Polynt will be able to expand its capacity and flexibility in several areas, including water-based technologies, oil-modified urethanes and traditional alkyds. Therefore, North America holds for 1/3 rd of the global market share.
Market Summary
| Metrics | Details |
| CAGR | 6.9% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Resin, Formulation, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Resin Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Growing Demand in Paints and Coatings Industry
Alkyd resin demand in the paint and coatings sector is now rising significantly. Alkyd resin is a popular option for many industrial applications because of its distinguishing qualities, adaptability and status as the most prevalent category of synthetic resins. This increased focus can be attributed to several factors.
For instance, in July 4, 2022, In order to provide greater support for the North American coatings market, The Polynt Group has announced its plan to increase coating resin production capacity. By 2023, this expansion will be completely operational and will use alkyd, polyester, copolymer, emulsion and urethane resin technologies to suit the expanding needs of the paint and coatings industry. With this investment, Polynt will be able to satisfy rising consumer demand for more capacity and regional availability across North America. TTherefore, it drives the growth of the North American alkyd resin market.
Bio-based Sustainable Alkyd Resin
Recent years have seen a rise in the development of unique environmentally friendly and sustainable materials made from bio-based and renewable resources due to the depletion of natural resources and growing environmental and economic concerns over petroleum derivatives.
In March 28, 2022, Construction paints market-focused 100% bio-based alkyd resins have been introduced by Groupe Berkem. Alkyd resins are synthetic resins made from raw ingredients that can be either renewable (fatty acids, glycerol, oil, etc.) or nonrenewable (maleic anhydride, pentaerythritol, phthalic anhydride, etc.). As a result, the market for alkyd resin globally is growing due to the considerations mentioned above.
Growing Knowledge of Alkyd Resins' Negative Effects
For many years, alkyd resins have been utilized as paint binders. They were ideal for the development of a wide variety of coating materials due to their compatibility with several polymers and extremely extensive formulating latitude.
Alkyd coatings are formulated using a variety of organic solvents, including mineral spirits, toluene, xylene and petroleum distillates. These solvents are the main source of concern. These solvents evaporated throughout the drying processes for both alkyd resin manufacture and end use, which raised serious environmental issues.
Market Segment Analysis
The global alykd resin market is segmented based on resin, formulation, end-user and region.
Formulation Categories and the Rise of High-Solids Alkyds for Sustainability Drives the Segmental Growth
The market is divided into four categories based on formulation: high solid alkyds, powder coatings and waterborne solvent borne coatings. The market for alkyd resins was dominated by high-solids alkyds as industry trends towards sustainability expanded and the necessity to adopt technology without sacrificing coating performance grew.
High solids, solvent-free and water-based processes are typically taken into account while trying to reduce VOCs from alkyd coatings. High-Solids Alkyds are an alternative for compliance. High-solids systems can be implemented using conventional spray equipment with very minor changes. Therefore, high soliid alkyds is expected to hold majority of the market share during the freocast period.
Market Geographical Share
Asia-Pacific Emerges as Dominant Force in the Global Alkyd Resin Market
Asia-Pacific now controls the majority of the global alkyd resin market due to the expansion of the building sector in developing nations. Throughout the projection period, the region's Alkyd Resin Market would also grow in line with the urbanization and population growth of the area.
The Asia-Pacific Alkyd Resin Market is anticipated to experience significant growth due to the use of alkyd resins in a variety of end-use industries, including automotive, building & construction, marine and aerospace. Additionally, the expansion of the Alkyd Resin Market in the region is anticipated during the forecasted period due to the rise in environmental concerns regarding VOC emissions and the expanding usage of cobalt-based dryers, which has led to the switch to water-based alkyd resins. Therefore, Asia-Pacific dominates the global alkyd resin market with significant share.
Major Players
The major global players include Polynt SpA, Nord Composites, Mancuso Chemicals Limited, D.S.V Chemicals Pvt Ltd., Macro Polymers, BASF SE, Spolchemi, DowDuPont Inc., Arkema SA and DSM.
COVID-19 Impact Analysis
The pandemic caused significant supply chain disruptions in a number of different businesses, including the chemical industry. Movement restrictions, lockdowns and social segregation measures had an influence on the logistics of raw material transportation, which had an impact on the manufacturing and distribution of alkyd resins.
The pandemic caused a substantial slowdown in many end-use industries that use alkyd resins, such as the automotive, building and aerospace sectors. The demand for alkyd resins in various industries decreased as a result of decreased production operations and postponed construction projects, which temporarily decreased sales.
Russia-Ukraine War Impact Analysis
The disruption caused by Russia's invasion of Ukraine has driven up oil prices significantly. One of the most significant producers of gas and oil is Russia. Due to increased fuel demand brought on by the recovery of the world's economies from the COVID-19 pandemic, the price of crude oil was also inflated even before the conflict, which contributed to price fluctuates in the global alkyd resin market.
By Resin
- Non-drying Alyd Resin
- Drying Alkyd Resin
By Formulation
- Waterborne
- Solvent Borne Coatings
- Powder Coatings
- Others
By End-User
- Building and Construction
- Automotive
- Electricals and Electronics
- Aerospace
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On June 5, 2023, In order to establish an alkyd resin manufacturing and sales facility in the Ivory Coast, Groupe Berkem has announced the signing of a memorandum of understanding with Groupe Dolidol, a major pan-African leader in the polyurethane foam, bedding and industrial joinery sectors.
- In 2022, Groupe Berkem has introduced its line of 100% bio-based alkyd resins. Through its two historical domains of expertise—plant extraction and formulation—Groupe Berkem applies its industrial know-how and innovation. Alkyd resins, also known as glycerophtalic resins, are produced and marketed by Lixol, a Groupe Berkem subsidiary since its acquisition in 2016, for use in the paints and coatings, wood preservation and formulated ink industries.
- On January 10, 2020, Deltech Resins Company's range of alkyd resins has been acquired by Gabriel Performance Products. Gabriel acquired the remaining alkyd resin products from Deltech. This covers specialty solutions containing coconut, vinyl-toluene and silicon modified.
Why Purchase the Report?
- To visualize the global alykd resin market segmentation based on resin, formulation, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of alykd resin market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global alykd resin market report would provide approximately 61 tables, 59 figures and 191 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
