Alkyd Resin market is projected to grow at a CAGR of 3.32% to reach USD 3.756 Billion by the end of the forecast period 2023 - 2032

Pune, India, May, 2018 /press release/-Market Research Future (MRFR) announces the publication of its research report – Alkyd Resin Market 2023 - 2032

Market Research Future (MRFR) recognizes the following companies as the key players in the global Industrial Insulations Some of the key players operating in the global alkyd resin market are Polynt SpA, Nord Composites, Mancuso Chemicals Limited, D.S.V Chemicals Pvt Ltd., Macro Polymers, BASF SE, Spolchemie, DowDuPont Inc., DSM, Arkema SA, Cytec Solvay Group and others.

Market Highlights:

The global alkyd resin market was valued at USD 2.8 Billion in 2022 and is predicted to grow at a flourishing CAGR of 3.32% to reach USD 3.756 Billion by 2032, As per MRFR analysis, Asia Pacific is projected to be the largest market by 2025 due to rapidly growing automotive industry along with an increase in consumer spending on passenger cars. Moreover, residential construction activities are growing in various developing countries such as India, Indonesia, Malaysia, and Vietnam which is expected to augment the market growth.

Segment Analysis

MRFR in its report has offered a segmental analysis of the market based on type, end-use industry, and region. On the basis of the type, the market is segmented into oil-based, modified, water-reducible, and others. The oil-based alkyd resin is leading the market growth and accounted for a 41.8% share of the global market. The oil-based alkyd resins are further segmented into short oil, medium oil, and long oil. Among these, long oil is dominating oil-based alkyd resins by accounting for 58% share of the market and is estimated to value at USD 1,339 million by 2023. The long oil offers excellent properties to coatings such as durability, gloss retention, and flexibility. It also offers various application benefits such as faster drying capacity, easy brushing, and compatibility with a range of solvents and resins. Due to superior properties and environmental benefits, they are used in numerous applications such as architectural coatings, pigment dispersion, and metal primers among others. Long oil alkyd resin contains more than 55% of oil content. Medium oil-based alkyd resins are typically aliphatic and oxygenated and have faster drying capacity than long oil alkyds. Thus, gaining high importance in the global alkyd resin market. Further, rising demand for medium oil alkyd resin with different type of oil such as soya, sunflower, and TOFA is likely to fuel the market growth.

According to MRFR analysis, the building & construction industry accounted for the largest market share of 36.0% and is projected to reach USD 1,192.3 million by 2023. Growing investment in the residential as well non-residential construction activities across the globe is projected to drive the market growth further. Growing investment in the global commercial construction activities accounted for 40% of the overall investment in 2016. Automotive is the second leading end-use industry in the global alkyd resin market, which generated revenue of USD 663.7 million in 2016 and is projected to grow at CAGR of ~3.41% over the forecast period. A significant increase in the automotive production and sales is set to bolster market growth over the forecast period.

Regional Analysis

The global alkyd resin market is spanned across Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.

According to the MRFR analysis, Asia Pacific was the most promising region both in terms of market volume as well as market value as of 2016 and accounted for a one-third of the global market share, which is closely followed by Europe with 28%. The region is likely to grow both in terms of value and volume at a CAGR of 3.82% and 3.04% respectively during the forecast period due to rapid adoption of waterborne latex resin in the paints & coating industry, government commitments towards increasing housing sector, and rising modern infrastructure activities.

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