Alkyd Resin Market Information By Type (Oil Based, Modified, Water Reducible, Others) End-Use Industry (Building & Construction, Automotive, Industrial, Furniture, Others) Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)- Forecast Till 2030

Alkyd Resin Market Overview

The production of alkyd resin is through the reaction of dibasic acid and their anhydrides polyols and drying oil; owing to its versatile nature and better weathering conditions alkyd resin is highly compatible with synthetic paint, with multiple specifications of resigns it is suitable for the production of paint and enamels, some of the propelling factors of the increasing market growth are surging demands of paints high consumption in the packing sectors for the printing ink, in addition to this demand of the automotive.

Refinishes are also the fueling factor to the growth of the market. It provides great surface protection, a good visual experience, and high resistance to extreme weather.

COVID-19 Analysis

Covid 19 has interrupted the economy badly. Government has to deal with both healthcare and gross domestic product. To deal with this recession period, the analysts are working their best to cope with the industry’s market insights and expertise are dealing with the various industrial reports to give a wider view to their clients of how the other industries are coping up with the situation.

Market Dynamics

If we go by the report of MRFR, in 2020, the value of the alkyd resin market was USD 2,610 million and is estimated to reach USD 3,349.9 million by the end of 2030. In terms of CAGR, it is expected to grow by 3.32%, and in terms of volume, it is expected to reach 3.07%. The fueling factors are the increasing demands for paints and printing ink, and furthermore, the increasing demands of automotive refinish. It has occupied  26% of the market share; also, there are more factors like high insurance cost, and growing investments in vehicle refinish which are adding the fuels to the market.

Value Chain Analysis

With the replacements of old vehicles from the household sector and with the advent of high insurance costs and growing investments, both the demand and supply of the alkyd resin market have increased.

Segment Overview

Type, End-Use Industry, and Region are the basis of segmentation of the Alkyd Resin Market.

On the basis of Type

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  Oil-based

  
  


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  Modified

  
  


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  Water reducible

  
  

On the basis of End-Use

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  building & construction

  
  


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  Automotive

  
  


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  Industrial

  
  


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  Furniture

  
  

Regional Analysis

On the basis of the MRFR Report, Asia Pacific holds the largest share in the Alkyd Resin Market with 36% and is predicted to reach USD 1213.5 million by the end of 2023. The Middle East is the fastest growing market with an estimation of 3.44%, increasing demands of the luxury cars and customization with a huge expense on infrastructure development is the driving force of the market. China is emerging as the major manufacturing hub by providing cheap labor force abundance of raw material, and ongoing industrial growth of the economies are some of the prominent factors behind the reasons of growth in the market. Russia, Germany, and the UK are coming forward as the potential market in the future; REACH has also given some specified norms related to carbon emission for increasing awareness of the alkyd resin; this also added fuel to the market.

Competitive Landscape

The eminent players of the market are Nord Composites, V Chemicals Pvt Ltd., Cytech Solvay Group, DSM, DowDuPont Inc.Polynt Spa, Mancuso Chemicals Limited.Recent DevelopmentOctober 2021- Paint supplier RPM International announced purchasing a huge chemical manufacturing facility in Corsicana, Texas, to increase resin production and reinforce its supply chain amid the shortages worldwide. The 178,000 square foot plant bought from ChampionX Corporation will aid RPM international to add capacity of alkyd resin, a vital raw material used in the company's Rust-Oleum paint. While the purchase will empower the company's supply chain, it isn't meant to substitute its main suppliers.July 2021- The Aditya Birla Group announced a state-of-the-art paint manufacturing unit at Dhanansu village in Ludhiana, India. The set involves the funding of over Rs 1000 crore and is likely to provide approximately 2,000 jobs, including direct employment of 600 persons. With more than 130 state-of-the-art production plants across the globe, including countries such as the UK, Thailand, South Korea, Vietnam, Australia, and the USA, apart from overseas operations crossing 36 countries, the group has presented to start its operations here with the manufacturing of over 300 MLPA water-borne paint, 40 MLPA alkyd resin, 120 MLPA co-polymer acrylic emulsion paint, and 60 MLPA enamel paint.

Report Overview:The Alkyd Resin Market is predicted to reach USD 3,349.9 million by the end of 2030 at a CAGR of 3.32%; with reference to the MRFR report, Asia Pacific is emerged as the largest shareholder of the market by holding 36% of the share in the market, as per this report the Europeans countries proved to be the promising countries in the coming years, these countries have given the highest revenue by generating automotive refinishes. The oil-based alkyd resin has dominated the market with an exorbitant share of 41.8% and is expected to drive the force in the coming future.