Alkyd Resin Market Size was valued at USD 2.89 Billion in 2023. The alkyd resin industry is projected to grow from USD 2.99 Billion in 2024 to USD 3.756 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.91% during the forecast period (2024 - 2032). A significant market driver anticipated to fuel market growth is the rising demand for alkyd resins in architectural coatings and wood furniture.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for alkyd resin in the paint and coatings sector is rising significantly. This increased focus might be attributed to the outstanding qualities, adaptability, and abundance of alkyd resin, a favored option for many industrial applications. A film-forming ingredient in some paints and transparent coatings is alkyd resin, an oil-modified polyester. These resins are compatible with various other resins used in the paint industry, such as amino resin, phenolic resin, rosin resin, and polyurethanes, making it simple to modify them to obtain desired qualities. Additionally, modified alkyd resin-based varnishes and enamels are useful for painting automobiles, airplanes, railroads, and agricultural machinery. These products are made of alkyd resins mixed with urea- and melamine-formaldehyde. Enamels made from resins can be used to paint numerous pieces of equipment, including bicycles, cars, and other vehicles. High application is anticipated to boost market CAGR in response to ongoing research and development by manufacturers.
Another main factor propelling the growth of the alkyd resin market is the excellent features of alkyd resins. Polyhydric alcohols are heated with polybasic acids or their anhydrides to create alkyd resins, which are thermoplastic polyester resins. Due to their excellent weathering characteristics, alkydresins produce protective coatings. Due to their adaptability and affordability, these resins are the most vital components in producing synthetic paints. Alkyd resins' compatibility with numerous different coating polymers is a key quality. For instance, alkyd resins can improve vinyl resins' application qualities, such as adhesion, which are copolymers of vinyl chloride and vinyl acetate and include hydroxyl groups. The production of marine top-coat paints frequently uses vinyl resins. However, the demand for alkyd resins is anticipated to rise during the projected period because of their excellent qualities. According to major paint and coating producers, Alkyd resins are a crucial component of paint and coating applications. The demand for alkyd resins and paint and coating applications will increase during the projection period.
Furthermore, the economy has grown due to increasing urbanization and industrialization. Urbanization frequently causes a rise in construction activity, including the creation of homes, businesses, and other structures and infrastructural initiatives. Alkyd resin-based paints and varnishes are necessary for these applications. Specialty resins are used in applications including adhesives, sealants, and coatings (architectural, ornamental, and protective) in the building and construction industry to meet strict quality standards. These resins have outstanding qualities, such as good chemical resistance and resilience to high temperatures. Therefore, it is anticipated that a sizable amount of these resins will be used in the construction of residential and non-residential structures and in impending infrastructure projects. Thus, driving the alkyd resin market revenue.
On February, 2024, JAT Holdings PLC, Sri Lanka's market leader in wood coatings and brushes, and emerging regional paint manufacturer, reached a crucial milestone with the official start of operations at its new Alkyd Resin Plant in Bangladesh. JAT Holdings PLC designed and built the factory through its wholly-owned subsidiary in Bangladesh, Asia Coating (Private) Limited. This achievement is a great development for JAT Holdings PLC, as its new Alkyd Resin Plant will help to increase the Group's profits through improved backward vertical integration.
The alkyd resin market segmentation, based on type includes oil based, modified, water-reducible and others. The oil-based segment dominated the market. These resins, which include a lot of oil, have great flexibility, strong adhesion, and high gloss. They are frequently employed in processes like architectural paints, enamels, varnishes, and wood finishes.
The alkyd resin market segmentation, based on end-use industry, includes building & construction, automotive, industrial and furniture. The automotive category generated the most income. Alkyd resins are used as a basecoat, a top-coat, and a primer in the automotive industry. As a bonding agent, the car primer helps the paint adhere to the vehicle's body more firmly. The paint primer also assists in avoiding corrosion and moisture damage to the car by giving a few more layers of defense. In order to create a rust-preventative barrier between the car's undercarriage and water, ice, and road salt, alkyd resins are employed as the basecoat on the car.
Figure 1: Alkyd Resin Market, by End-Use Industry, 2022 & 2032 (USD Billion)
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific alkyd resin market area will dominate this market due to the expanding chemical industries of China and India, two of the biggest contributors to the regional market. Some of the most powerful producers of alkyd resin are companies based in China. The alkyd resin market is anticipated to grow as passenger car sales increase in China, South Korea, Japan, and India.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ALKYD RESIN MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe alkyd resin market accounts for the second-largest market share. The increased use of cobalt-based dryers and growing environmental worries about VOC emissions have caused a change in the market towards water-based alkyd resins. Additionally, it is anticipated that the substantial auto manufacturing base and rising consumer spending power will strengthen the local economy. Further, the German alkyd resin market held the largest market share, and the UK alkyd resin market was the fastest growing market in the European region
North America Alkyd resin Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the expansion of the building sector. Additionally, during the course of the projected period, the region's urbanization and population growth would be accompanied by an increase in the market. Alkyd resin use is anticipated to contribute significantly to market growth in a number of end-use industries, including automotive, building and construction, marine, and aerospace. Moreover, US alkyd resin market held the largest market share, and the Canada alkyd resin market was the fastest growing market in the region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the alkyd resin market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, alkyd resin industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the alkyd resin industry to benefit clients and increase the market sector. In recent years, the alkyd resin industry has offered some of the most significant advantages to market. Major players in the alkyd resin market attempting to increase market demand by investing in research and development operations include Nord Composites, V Chemicals Pvt Ltd., Cytech Solvay Group, DSM, DowDuPont Inc., Polynt Spa, and Mancuso Chemicals Limited.
Technology-based materials and solutions are offered by DuPont de Nemours Inc, formerly known as DowDuPont Inc. It provides materials and printing systems to the advanced printing industry as well as materials and solutions for the manufacture of semiconductors and integrated circuits that address both the front-end and the back-end of the production process. Adhesives, advanced printing solutions, biomaterials, electronic solutions, textiles, fibers & nonwovens, animal nutrition, construction materials, food & beverage ingredients, medical devices, industrial films, resins, and other products are among the company's product offerings.
DSM-Firmenich AG is a science-based company that focuses on identifying environmental, social, and economic challenges and opportunities. After seizing these chances to have a long-lasting positive impact on people and the environment, it then concentrates on fostering growth through sustained, profitable growth. The business makes speciality plastics, fibre and resin solutions, nutritional lipids, carotenoids, vitamins, and other components. From agriculture byproducts and biochemicals, the company creates materials for renewable energy and medicinal devices.
In July 2024, BASF introduced a new line of resin with new friendly alkyds, which are designed to minimize airborne VOCs. The new products are expected to provide the performance characteristics of the traditional alkyds but will comply with more stringent environmental regulations.
In August 2024, PPG Industries was reported to have a structure update and move its alkyd resin production SHP Facility to the US because of PBG Industries’ growth. A report was recommended by the SHP Facility. The aim of the expansion is to increase production capacity and cater to the growing demand in the market for quality and durable coatings.
In May 2024, PPG spent $225 million on the construction of a new paints and coatings plant, which is 250,000 square feet large, the company’s first new facility in the US in over 15 years. The facility is expected to create 129 jobs and produce 11 million gallons of paint and coatings in a year. The proposed facility is part of the all-encompassing PPG $300 million growth strategies to improve coating and other components manufacturers targeting increased demands in the automotive and related industries across North America.
In May 2023, Polynt Group focus is also to increase its resin production capacity for the purpose of covering the North American Coatings Market and also to catch up with the rising demand of the paints and coatings industry. The company is going to sustain its growth strategy through augmenting its capabilities in conventional alkyds, oil modified urethanes, and water-based technologies.
In May 2023, Hempel A/S received recognition as a supplier engagement leader by CDP due to the environmental action taken within their supply chain. Hempel and his company also cleaned up with an A score from CPDs 2022 Supplier Engagement Rating (SER). This will assist the company in enhancing its market sustainability and the visibility of its brand in the market.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 2.89 Billion |
| Market Size 2024 | USD 2.99 Billion |
| Market Size 2032 | USD 3.756 Billion |
| Compound Annual Growth Rate (CAGR) | 2.91% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Nord Composites, V Chemicals Pvt Ltd., Cytech Solvay Group, DSM, DowDuPont Inc., Polynt Spa, and Mancuso Chemicals Limited |
| Key Market Opportunities | Surging demands of paints high consumption in the packing sectors for the printing ink |
| Key Market Dynamics | Increasing demands of automotive refinish |
Alkyd Resin Market Highlights:
Frequently Asked Questions (FAQ) :
The alkyd resin market size was valued at USD 2.89 Billion in 2023.
The alkyd resin market is projected to grow at a CAGR of 2.91% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the alkyd resin market
The key players in the alkyd resin market are Nord Composites, V Chemicals Pvt Ltd., Cytech Solvay Group, DSM, DowDuPont Inc., Polynt Spa, and Mancuso Chemicals Limited.
The oil based category dominated the alkyd resin market in 2023.
The automotive category had the largest share in the alkyd resin market.
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