Enjoy complimentary customisation on priority with our Enterprise License!
The alkyd resin market size is forecast to increase by USD 9.2 billion at a CAGR of 7.32% between 2023 and 2028. The market is experiencing significant growth due to the superior properties of alkyd resins, including impact resistance, water resistance, alkali resistance, and brine resistance. These resins are increasingly being utilized in various industries, most notably in automotive manufacturing, due to their versatility and durability. Additionally, market trends include fluctuating crude oil prices driving the need for solvent reduction and high solids compositions. Eco-labeling and the polymer structure of alkyd resins are also key factors, with a focus on esterification and drying oils to improve sustainability and performance. Overall, the market is expected to continue its growth trajectory, driven by these trends and the demand for high-performance coatings and resins.
Alkyd resins, derived from the reaction of polybasic acids and polyhydric alcohols, are a type of thermoplastic organic polyesters widely used in the coatings industry. The production process involves polycondensation of polybasic acids and polyhydric alcohols, often derived from fatty acids and triglyceride oils such as palm oleic acid, linseed oil, castor oil, soybean oil, and tall oil. The molecular weight and unreacted acids in alkyd resins impact their properties, including compatibility with other resins and pigments, brightness, color consistency, thermal stability, and drying characteristics. Alkyd resins are classified into three main types based on their drying properties: nondrying alkyds, semidrying alkyds, and drying alkyds.
Furthermore, drying alkyds are further divided into acrylated alkyds, waterborne alkyds, and silicon modified alkyds. The choice of raw materials and production process parameters can significantly influence the final product's performance in various coating applications. Polyols, which contain hydroxyl groups, are often used as co-monomers to modify the properties of alkyd resins.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The architectural segment is estimated to witness significant growth during the forecast period. Alkyd resins are essential components in architectural coatings, utilized in the production of paints, primers, lacquers, varnishes, and stains for both commercial and residential buildings. These coatings offer protection against environmental factors, including moisture, UV radiation, and microbes. The preference for alkyd resins stems from their desirable properties, such as thermal stability and compatibility with various vegetable oils, including linseed oil and castor oil. The molecular weight and unreacted acids in natural alkyd resins derived from palm oleic acid influence their performance. Hydroxyl groups present in these resins facilitate their bonding with other components in the coating formulation. The shift towards eco-friendly coatings has fueled the demand for alkyd resins with low volatile organic compound (VOC) content, which is a significant trend in developed regions like the US, the UK, and Germany, where regulations mandate low emission levels.
Furthermore, consumers in these regions are increasingly focusing on sustainable remodeling projects, further driving the demand for eco-friendly alkyd resins.
Get a glance at the market share of various segments Request Free Sample
The architectural segment accounted for USD 6.33 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market in the APAC region is experiencing significant growth due to rapid industrialization and expanding industries such as construction and automotive. Countries like China, Malaysia, Indonesia, Vietnam, Japan, South Korea, and India are driving the demand for alkyd resins in this region. In particular, the construction sector in countries such as India and China is expected to fuel the market's growth. Notable projects, including the Three George Dam, South-to-North Water transfer project, Beijing Airport expansion in China, and Navi Mumbai International Airport in India, among others, will require substantial amounts of alkyd resins. These resins are valued for their thermal stability and compatibility with vegetable oils, such as linseed oil and castor oil, which are commonly used in these applications.
Moreover, the unreacted acids and hydroxyl groups in natural alkyd resins derived from palm oleic acid contribute to their desirable properties. The molecular weight of these resins can be adjusted to enhance their performance in various applications, making them a versatile choice for industries.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Superior properties of alkyd resins is the key driver of the market. Alkyd resins are thermoplastic organic polyesters derived from the reaction of polyhydric alcohols with polybasic acids or their anhydrides. These resins are widely utilized in coating applications due to their excellent weathering properties and compatibility with various other coating polymers. Alkyd resins are the primary components in the production of synthetic paints, valued for their versatility and cost-effectiveness. Their ability to blend seamlessly with other resins, such as vinyl resins, enhances the overall performance of the coatings. Vinyl resins, which are copolymers of vinyl chloride and vinyl acetate, can be formulated with alkyd resins to improve application properties, including adhesion.
Furthermore, this combination is frequently used in the manufacture of marine top-coat paints. The brightness and color consistency of coatings formulated with alkyd resins make them a preferred choice for various industries, including automotive, construction, and packaging.
Growing product utilization in automotive manufacturing is the upcoming trend in the market. The global market for alkyd resins is experiencing significant growth due to their extensive usage in various coatings applications, particularly in the automotive sector. Alkyd resins are thermoplastic organic polyesters produced through the process of polycondensation, which involves the reaction of polybasic acids and polyhydric alcohols with fatty acids or triglyceride oils. The resulting resins offer desirable properties such as excellent initial gloss, strength, and superior gloss retention, even in challenging environmental conditions. The burgeoning automotive industry, growing at a moderate pace, is fueling the demand for alkyd resins. The increasing popularity of electric vehicles (EVs) and the promotion of their adoption by governments through incentives and tax benefits are further driving the demand for these resins.
Furthermore, alkyd resins' superior properties make them an ideal choice for automotive coatings, contributing to the brightness and color consistency of the final product. The automotive industry's growth trajectory and the rising demand for EVs are expected to propel the adoption of alkyd resins during the forecast period.
Fluctuating crude oil prices is a key challenge affecting market growth. Alkyd resins are thermoplastic organic polyesters derived from the reaction of polyhydric alcohols and polybasic acids or their anhydrides. The primary raw materials for producing alkyd resins include crude oil, which is used to manufacture triglyceride oils for the production of polyols. The price volatility of crude oil significantly impacts the cost of alkyd resins in the global market. In 2020, the price of crude oil dropped to approximately USD38 per barrel, leading to a decrease in alkyd resin prices. Conversely, the price increased to around USD71 per barrel in 2021, which is the highest since 2018. Alkyd resins are widely used in coating applications due to their excellent properties, such as brightness and color consistency.
Furthermore, the market for alkyd resins is expected to grow significantly due to their increasing demand in various industries, including automotive, construction, and packaging. Despite the price fluctuations of crude oil, the long-term outlook for the market remains positive.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allnex GMBH - The company offers alkyd resin such as Devlac 1437 premium traditional gloss alkyd enamel that delivers high film build, high solids, low VOC, and a reasonable dry time.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Alkyd resins are a type of thermoplastic, organic polyesters derived from the reaction of polybasic acids and polyhydric alcohols. The process involves polycondensation, resulting in the formation of ester bonds and the release of unreacted acids and water. Alkyd resins can be produced using various raw materials, including fatty acids from triglyceride oils such as linseed, castor, soybean, tall oil, and vegetable oils. The molecular weight and compatibility of alkyd resins can be adjusted by changing the type and ratio of raw materials used. The resins find extensive applications in surface coatings, particularly in industrial coatings for their brightness, color consistency, thermal stability, and resistance properties.
Moreover, these include nondrying alkyd, semidrying alkyd, drying alkyd, acrylated alkyd, waterborne alkyd, and silicon modified alkyd. The polymer structure of alkyd resins can be modified through various processes such as esterification, polymerization, etherification, and saponification. The resulting resins exhibit excellent properties like acid resistance, anticorrosive behavior, flexibility, impact resistance, water resistance, alkali resistance, and brine resistance. The use of renewable resources like vegetable oils in the production of natural alkyd resins is gaining popularity due to eco-labeling and solvent reduction trends. High solids compositions and chemical resistance are other desirable properties of alkyd resins. The fatty acid process and the phthalic anhydride and maleic anhydride routes are common methods for alkyd resin production.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
176 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.32% |
|
Market growth 2024-2028 |
USD 9.2 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.94 |
|
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 50% |
|
Key countries |
US, China, Japan, Germany, and France |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Allnex GMBH, Arakawa Chemical Industries Co. Ltd., Arkema Group, BASF SE, Bayer AG, Evonik Industries AG, Matapel Chemicals, MEGARA RESINS SA, Mitsui Chemicals Inc, OPC Polymers, Polynt Spa, PPG Industries Inc., Solvay SA, Synpol Products Pvt. Ltd., Synthomer Plc, Synthopol Chemie Dr. rer. pol. Koch GmbH and Co. KG, Wacker Chemie AG, Akzo Nobel NV, Uniform Synthetics Pvt. Ltd., and Worlee Chemie GmbH |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
