Alkyd Resin Market 2019 | Challenges, Key Players, Industry Segments, Development, Opportunities, Forecast Report 2023
Market Research Future (MRFR) has revealed in its latest study that the Global Alkyd Resin Market is set to expand at 3.32% CAGR, in terms of value, during the forecast period. The market valuation is expected to reach a valuation of USD 3,257.7 Mn by the end of 2023 up from USD 2,610 Mn in 2016. In terms of volume, the market is projected to register a CAGR of 3.07%. Although the market has entered a phase of maturity, the boom in the end-user industries is likely to generate demand for Alkyd Resins in the forthcoming years.
The increasing disposable income of the global population coupled with accelerated economic activities in the construction sector is projected to augur well for the Alkyd Resins Market players. The rising demand for paints and coating from the construction sector is likely to guide the growth trajectory of the alkyd resins market over the next few years.
The demand from the automotive industry for Alkyd Resins hold a significant share of the market. According to statistics released by OICA, 26% of the market share is owned by automotive refinishes. The increasing demand in the automotive industry is expected to drive the expansion of the Alkyd Resin Market over 2023.
The stringent regulations enforced by EPA and REACH regarding the VOC emissions in coatings industry is poised to hold the revenue creation of the alkyd resin market across the projection period. However, the shift witnessed towards water-based latex paints has opened new avenues of growth for the participants of the Alkyd Resin Market.
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In June 2018, self-healing performance of an epoxy coating consisting of microencapsulated alkyd resin based on coconut oil has been investigated in a study by scientists for its healing properties.
In September 2018, an industrial coating resins producer, Allnex, signed a strategic cooperation agreement with Guangdong Bardese Chemical Group, one of the most valuable Chinese brands for centralized development of green coatings in China.
By Type, the Global Alkyd Resin Market is segmented into oil-based, modified, water reducible, and others. Among these, the oil-based segment is leading the global market and is estimated to reach a valuation of USD 1,062.4 Mn by the end of 2023.
By End-Use Industry, the Alkyd Resin Market has been segmented into building & construction, automotive, industrial, furniture, and others. The building & construction segment is likely to exhibit significant growth owing to the surge in demand for paints & coatings.
By Region, the Global Alkyd Resin Market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounts for the largest share of 36% in the global market. The thriving automotive sector in the region is likely to intensify the demand for Alkyd Resin in the forthcoming years. The strong value maintained by the construction sector is prognosticated to favor the market expansion. Additionally, the efforts undertaken by the governments for reducing carbon emissions has paved the way for Alkyd Resin Market proliferation in the region.
Europe is the second largest regional Alkyd Resin Market. The U.K., Germany, and Russia are primary revenue generators in the regional market. The presence of established automotive hubs and favorable government regulations is likely to drive the growth of the automotive coatings market in the region. This, in turn, is expected to drive the growth of the Alkyd Resin Market in the region. Meanwhile, the Middle East & Africa is expected to register the highest CAGR of 3.44% during the forecast period. The growth is attributable to the increasing demand in the automotive and construction sectors.
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