Search Market Research Report
Alkyd Resin Market Size, Share Global Analysis Report, 2022 – 2030
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
Industry Insights
[205+ Pages Report] According to the report published by Facts 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. The report analyzes the global alkyd resin market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the alkyd resin market.
Market Overview
When a polyester resin is modified using fatty acids, alkyds are produced. They are derivatives of organic compounds and polyols, organic compounds made of multiple hydroxyl groups (-OH). The list of organic compounds contains carboxylic acid anhydride or dicarboxylic acids. Alcid was the original name that was modified to form alkyds. Fatty acids are added to the compounds to impart the property of flexible coating materials. The widest applications of alkyds can be found in varnishes, paints, and casting molds.
In most commercially sold oil-based coating, alkyd resins are the most dominant component. Originally, alkyds were known to be compounds of phthalic acid or glycerol which was sold under the name of Glyptal. These compounds were initially sold as alternatives for copal resins which were dark-colored. The subsequent alkyd varnishes were lighter in shade. The modern-age alkyd resins are produced from the original compounds. Alkyd resins can be produced using two methods. One involves the use of fatty acid and the other is termed alcoholysis, however, the former method is mostly used due to the high-performance output delivered from the process.
Key Insights
- As per the analysis shared by our research analyst, the global alkyd resin market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2022-2030)
- In terms of revenue, the global alkyd resin market size was valued at around USD 23 billion in 2021 and is projected to reach USD 39 billion, by 2030.
- The market is projected to grow at a significant rate due to the growing sales in the paint and varnishes industry
- Based on formulation type segmentation, high-solids alkyds were predicted to show maximum market share in the year 2021
- Based on process segmentation, the fatty acid process was the leading application in 2021
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021
Growth Drivers
- Growing revenue in the demand for high-quality paint and varnishes to drive market growth
The global alkyd resin market is projected to grow owing to the increasing demand for high-quality and high-performance paints and varnishes across industries and sectors. A paint is described as any colored liquid or a composition that is solid mastic in properties when applied to a surface or a substrate and converts into a solid structure. Paint is most significantly used to provide color, protection, and improve the overall texture of the substrate. Multiple factors are currently influencing the demand for paints. For instance, as the building & construction or architecture industry grows, the requirement for high-grade paints will grow together. As the players in the paint market have increased their spending on research & development, new products can be expected in the future catering to the growing demand and expectations of the end consumers. For instance, in October 2022, Asian Paints, one of the largest paint providers globally, announced an investment of INR 2,650 crore to set up a greenfield vinyl acetate plant along with a joint venture with the United Arab Emirates (UAE) for the production of white cement. The new project is expected to help the backward integration process for paint makers.
Restraints
- Poor chemical resistance as compared to alkylic resin to restrict market expansion
Acrylic resin offers better water and chemical resistance as compared to alkyd resin which means that the number of people preferring the substitute is increasing significantly. Acrylic resins are made of methacrylate, which also acts as the main monomer imparting significant chemical, heat, and light stability. The coating prepared using acrylic resin is low in cost and shows excellent resistance to weather conditions while also limiting pollution impact to a great degree making them highly preferred. This is expected to damage the global market growth as the demand for substitutes increases in the coming years.
Opportunities
- Growing investment in the development of combination properties to provide growth opportunities
As alkyd and acrylic resins both have desirable qualities and are beneficial to the coating industry in their chemical and physical ways, the business players are focusing on the development of products that have combination properties. This could lead to higher growth opportunities during the projection period as the investments in the development of alkyd and acrylic binders grows during the forecast period. As of 2022, various research facilities and groups have conducted theoretical and practical experiments to develop a combination binder that is stable and provides excellent performance. The use of polyester technology to improve the overall properties of the ester could also lead to more revenue.
Challenges
- Growing concerns over the removal of solid content from coating products to pose a major challenge
Driven by the increasing impact of industrial and commercial activities on the environment and their long-lasting effects, the coating industry is recommended to remove the solid contents from coating products, and alkyds are included in the list too. The move is projected to reduce solvent vapor emissions resulting in a considerable amount of market players looking for other solvents that can be used leading to a loss of revenue.
Segmentation Analysis
The global alkyd resin market is segmented based on formulation type, type, process, application, and region
Based on formulation type, the global market divisions are waterborne alkyds and high-solids alkyds. In 2021, the global market registered the highest growth in the high-solids alkyds market as the demand for sustainable energy grows along with high-performing output. However, the waterborne alkyds could also register higher growth due to growing efforts toward minimizing the use of volatile organic compounds (VOCs) that are used extensively in building and maintaining residential structures or units. In 2021, the US emitted more than 12 million tons of VOCs; however, the emissions in the region have decreased by 47% since the 1990s.
Based on process, the global market segments are the glyceride process and fatty acid process. In 2021, the highest growth was generated by the fatty acid process because the end products are better performing and higher quality products. In this process, it is easier to control the final composition of the resulting mixture. The process makes use of acid anhydride and unsaturated fatty acid. As per official estimates, over 210,000 tons of alkyd resins are produced annually.
Recent Developments:
- In March 2022, Groupe Berkem, a global leader in the bio-based chemicals industry, launched a new range of 100% bio-based alkyd resins specifically targeting the construction paints market
- In November 2019, Perstorp, a chemical maker company, inaugurated a new production facility in India. The company planned to commercially produce its Penta material in the first quarter of 2022
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 23 Billion |
Projected Market Size in 2030 |
USD 39 Billion |
CAGR Growth Rate |
7.5% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2030 |
Key Market Players |
DSM, Arkema SA, Mancuso Chemicals Limited, Macro Polymers, Polynt SpA, D.S.V Chemicals Pvt Ltd., DowDuPont Inc., Cytech Solvay Group, BASF SE, Spolchemie, Nord Composites., and others. |
Key Segment |
By Formulation Type, Type, Process, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
Request customized purchase options to meet your research needs. Explore purchase options |
Regional Analysis
- Asia-Pacific to lead with a highest growth rate
The global alkyd resin market is projected to witness the highest growth in Asia-Pacific owing to the growing chemical industry of China and India, two of the largest contributors in the regional market. Businesses operating out of China are some of the most dominating players in terms of producing alkyd resin.
Sinopec, one of the largest chemical producers in the world, is housed in China. In 2020, the country generated more than USD 294.4 billion in revenue. The company is currently wholly owned by the Chinese government and is entirely operated by the state, making it a powerful entity. China has a list of major producers of alkyd paints with clients across the globe. Growth in Europe could be driven by the increase in the construction & building sector revenue as well as growing restoration projects driving the need for coating and paints.
Competitive Analysis
- DSM
- Arkema SA
- Mancuso Chemicals Limited
- Macro Polymers
- Polynt SpA
- D.S.V Chemicals Pvt Ltd.
- DowDuPont Inc.
- Cytech Solvay Group
- BASF SE
- Spolchemie
- Nord Composites.
The global alkyd resin market is segmented as follows:
By Formulation Type Segment Analysis
- Waterborne Alkyds
- High-Solids Alkyds
By Type Segment Analysis
- Drying Alkyd Resins
- Non-Drying Alkyd Resins
By Process Segment Analysis
- Glyceride Process
- Fatty Acid Process
By Application Segment Analysis
- Coil Coatings
- Electrical Insulating Enamels
- Maintenance Paint
- Automotive Refinishing Primers
- Exterior Trim Paints
- Packaging
- Drum and Metal Container Coating
- Others
By Regional Segment Analysis
- 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
Table of Content
Industry Major Market Players
- DSM
- Arkema SA
- Mancuso Chemicals Limited
- Macro Polymers
- Polynt SpA
- D.S.V Chemicals Pvt Ltd.
- DowDuPont Inc.
- Cytech Solvay Group
- BASF SE
- Spolchemie
- Nord Composites.
Copyright © 2023 - 2024, All Rights Reserved, Facts and Factors