Global Alkyd Resin Market Size To Worth USD 7.08 Billion By 2033 | CAGR OF 4.18%
Category: Chemicals & MaterialsGlobal Alkyd Resin Market Size To Worth USD 7.08 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Alkyd Resin Market Size is to Grow from USD 4.70 Billion in 2023 to USD 7.08 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.18% during the projected period.
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Browse key industry insights spread across 190 pages with 110 market data tables and figures & charts from the report on the "Global Alkyd Resin Market Size, Share, and COVID-19 Impact Analysis, By Product (Short Alkyd Resin, Medium Alkyd, and Long Alkyd Resins), By Formulation (High-Solids Alkyds, Waterborne Alkyds, Modifying Alkyds, Solvent Borne Coatings, and Others), By End Use (Automotive, Construction, Electrical & Electronics, Aerospace, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/alkyd-resin-market
Alkyd resin is a synthetic resin developed through a condensation reaction between polyhydric alcohol and dibasic acid. Alkyd resins are thermoplastic polyester resins produced by heating polyhydric alcohols with polybasic acids or anhydrides. Because of their versatility and low cost, they are utilized to create weather-resistant protective coatings and are crucial components for numerous synthetic paints. Because of their excellent qualities, alkyd resins are versatile and widely used in the creation of coatings and paints. They are generated using a chemical reaction between oil or fatty acids, polyhydric alcohols, and polybasic acids. The resulting resin can be enhanced with additives to achieve desired properties such as rapid drying, durability, and adherence. Various government initiatives intended for housing and urban development provide to this demand, with alkyd-based paints and coatings providing the necessary gloss, hardness, and weather resistance for building exteriors and interiors. Alkyd is a cutting-edge UV-resistant coating that is put over an appropriate base coat or primer. Due to increased applicability, continued research and development by researchers and manufacturers is expected to boost market growth. Furthermore, The unreliable price of raw materials will hamper market growth as consumers switch to alternative resins in a variety of applications, including paints, insulating enamels, and automobiles.
The short alkyd resin segment dominates the market with the highest market share of the alkyd resin market during the projected timeframe.
Based on the product, the alkyd resin market is divided into short alkyd resin, medium alkyd resins, and long alkyd resins. Among these, the short alkyd resin segment dominates the market with the highest market share of the alkyd resin market during the projected timeframe. Short alkyd resins are known for their quick drying time and exceptional durability, making them excellent for high-performance coatings. Short alkyd resins are related to the increased need for high-performance coatings in a range of applications.
The high-solids alkyds segment holds the highest market share in the alkyd resin market during the projected timeframe.
Based on the formulation, the alkyd resin market is divided into high-solids alkyds, waterborne alkyds, modifying alkyds, solvent borne coatings, and others. Among these, the high-solids alkyds segment holds the highest market share in the alkyd resin market during the projected timeframe. High-solid alkyds consist of a greater amount of solid components and less solvent, resulting in lower volatile organic compound emissions. High solids systems can be created by simple modifications to regular spray equipment.
The automotive segment accounted for the largest revenue share in the alkyd resin market during the projected timeframe.
Based on the end use, the alkyd resin market is categorized into automotive, construction, electrical & electronics, aerospace, and others. Among these, the automotive segment accounted for the largest revenue share in the alkyd resin market during the projected timeframe. Automotive suppliers require coatings that are long-lasting, protective, and visually appealing. Alkyd resins are known for their excellent adhesion, hardness, and weather resistance, making them ideal for automotive applications.
Asia Pacific is expected to hold the largest share of the alkyd resin market over the forecast period.
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Asia Pacific is expected to hold the largest share of the alkyd resin market over the forecast period. During the forecast period, the market is expected to be driven by rising building activity, along with increased demand from the automotive sector in emerging nations including South Korea, Japan, and India. This is due to an increased client base, easy access to products, and massive production. A wide range of end-use sectors that may benefit from using products containing alkyd resin are also made accessible due to the ease of access to raw ingredients.
North America is predicted to grow at the fastest pace in the alkyd resin market during the projected timeframe. Due to increased environmental concerns about volatile organic compounds (VOCs) and the extensive use of cobalt-based dryers, trends in alkyd resin have altered in favor of water-based alternatives. Furthermore, the region's market is expected to benefit from a substantial base of automobile manufacturing and expanding consumer buying power.
Major vendors in the alkyd resin market are Polynt SpA, D.S.V Chemicals Pvt Ltd., Nord Composites, Manusca Chemicals Limited, Cytech Solvay Group, Ratnaka Resins Pvt. Ltd., Synthopols, Deltech Corporation, Hempel A/S, Spolchemie, Coaline, Dow, White Group Public Co., Macro Polymers, and Others.
Recent Developments
- In June 2023, Groupe Berkem signed a letter of understanding with Groupe Dolidol, a prominent pan-African leader in polyurethane foam, bedding, and industrial joinery, to develop an alkyd resin manufacturing and sales facility in the Ivory Coast.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the alkyd resin market based on the below-mentioned segments:
Global Alkyd Resin Market, By Product
- Short Alkyd Resin
- Medium Alkyd Resins
- Long Alkyd Resins
Global Alkyd Resin Market, By Formulation
- High-Solids Alkyds
- Waterborne Alkyds
- Modifying Alkyds
- Solvent Borne Coatings
- Others
Global Alkyd Resin Market, By End Use
- Automotive
- Construction
- Electrical & Electronics
- Aerospace
- Others
Global Alkyd Resin Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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