Alkyd Resin Market SWOT analysis, Global Profit Growth, Share, Size outlook by 2028 | DowDuPont Inc., Spolchemie, Macro Polymers, BASF SE, and D.S.V Chemicals Pvt Ltd.
Alkyd resins are
polyester based materials obtained through reaction between an acid or an
anhydride, an alcohol, and a fatty acid or oil. The fatty portion in alkyd
resin is derived from vegetable matter and is thus a renewable resource. Owing
to their polymer structure, they are ideally suited for application in enamels,
paints, varnishes, and synthetic paints. They exhibit excellent weathering
properties and serve as versatile, low-cost component for such purposes. Alkyd
resins also find application in thermosetting plastics.
As per the analysis of Market Research Future (MRFR), the global alkyd resin market is due to reach USD 3,257.7 Mn at a CAGR of 3.32% in terms of value and 3.07% in terms of volume by the end of the forecast period of 2017-2023. The global alkyd resin market was valued at USD 2610 Mn in 2016.
Among the factors which are boosting the growth of the global alkyd resin market is growing consumption of paints & coatings. Alkyd resin -based coatings are used as product finishes, special-purpose coatings. Moreover, alkyd resins are highly flexible and adaptable, can be modified to suit the needs of the final product.
Growing demand for automotive refinishes is a key factor driving the growth of the global alkyd resin market. Automotive refinishes are mostly made up of alkyd resins. Thye provide resistance to extreme weather, water, and temperature. Rising sales of cars, increasing car modification actvities and high expenditure on vehicle refinish are fueling the growth of the market.
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On the downside, the growth of the market might be hindered by stringnet regulations pertaining to VOC emissions. Alkyd resin contains 50% of VOC in their formulation and regulatory bodies such as EPA and REACH have laid down strict measures aimed at reduction of VOC emissions. Additionally, high usage of cobal-based driers too is a concern which might affect the growth of the market over the forecast period.
Segmentation
The global alkyd
resin market has been segmented based on type and end use industry.
By type, the global
alkyd resin market has been segmented into oil-based, modified, water
reducible, others. The oil based segment leads the market and accounts for
almost 42% share of the global market. The oil-based segment is expected to
reach a valuation of 1,062.4 Mn by the end of 2023.
By end-use
industry, the global alkyd resin market has been segmented into building &
construction, automotive, industrial, furniture, and others. The building &
construction segment is dominating the market on account of high demand from
the paints & coatings industry.
Regional Analysis
By region, the
global alkyd resin market has been segmented into North America, Latin America,
Europe, Asia Pacific, and the MIddle East & Africa.
APAC is dominating the
global alkyd resin market with almost 36% share of the market. Established
automotive industry in the region coupled with a broad automotive manufacturing
base is likely to drive the market in APAC. Government regulations aimed at
reducing VOC emissions is expected to reflect positively on the growth of the
market. Other bosting factors include surge in constructional activities and
rehabilitation of old paint shops in the region which provide lucrative growth
opportunities to the market. In addition, availability of latest OEM digital
color solution is expected to drive the trend towards adoption of waterborne
alkyd-based coatings. China has emerged as the global manufacturing hub on
account of availability of relatively cheap but skilled workforce, abundance of
raw material, and growth of various industries in the region. This provides a
push to the paints & coatings industry which would support the growth of
the alkyd resin market in China. China alkyd resin market is expected to
capture a CAGR of 3.83% over the forecast period. The APAC alkyd resin market
is expected to reach USD 1213.5 Mn by the end of 2023.
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The MEA is poised
to be the fastest growing market for alkyd resin and capture a CAGR of 3.44%
over the forecast period. High sales of luxury cars and demand for
customization in the region boost the market for alkyd resin. Besides, rise in
infrastructural activities also generate demand for alkyd resin.
Europe is the
second largest market for alkyd resin, led by the economies of Germany, Russia,
and the UK. Growing awareness regarding the benefits of alkyd resin and its
implications on energy-saving operations coupled with regulatory norms
pertaining to carbon emissions have encouraged the adoption of alkyd resins
among consumers. The presence of a robust automotive industry and manufacturing
facilities in Europe also provide ample growth opportunities to the Europe
alkyd resin market. Europe accounts for almost 28% share of the global alkyd
resin market and is expected to expand at a CAGR of 3.04% over the forecast
period.
Competitive
Landscape
The notable players
in the global alkyd resin market include DSM, Nord Composites, Cytech Solvay
Group, Arkema SA, Mancuso Chemicals Limited,
Polynt SpA, DowDuPont
Inc., Spolchemie, Macro Polymers, BASF SE, and D.S.V Chemicals Pvt Ltd.
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