Global Alkyd Resin Market Insights Forecasts to 2033

• The Global Alkyd Resin Market Size was Valued at USD 4.70 Billion in 2023
• The Market Size is Growing at a CAGR of 4.18% from 2023 to 2033
• The Worldwide Alkyd Resin Market Size is Expected to Reach USD 7.08 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Alkyd Resin Market Size is Anticipated to Exceed USD 7.08 Billion by 2033, Growing at a CAGR of 4.18% from 2023 to 2033.

Market Overview

Alkyd resin is a synthetic resin produced through a condensation reaction between polyhydric alcohol and dibasic acid. Alkyd resins are thermoplastic polyester resins that are formed by heating polyhydric alcohols with polybasic acids or anhydrides. Because of their versatility and low cost, they are used to generate weather-resistant protective coatings and are essential components in various synthetic paints. Because of their favorable properties, alkyd resins are flexible and commonly utilized in the production of coatings and paints. They are formed through a chemical interaction involving oil or fatty acids, polyhydric alcohols, and polybasic acids. The resulting resin can be supplemented with additives to achieve desired qualities such as fast drying, durability, and improved adhesion. Various initiatives by governments focused on housing and urban development add to this need, with alkyd-based paints and coatings providing the requisite gloss, hardness, and weather resistance for building exteriors and interiors. The adaptability of alkyd resins in architectural applications emphasizes their importance in satisfying the building industry's changing requirements. This increased adoption of automotive coatings is expected to contribute significantly to market growth. Similarly, the architecture industry has an increasing demand for dependable and cost-effective coatings. Alkyd resins are widely used in architectural paints because they offer a durable, weather-resistant coating that shields buildings from the elements. With the ongoing construction boom and the need for refurbishment in many areas, the need for high-performance architectural coatings is going to increase.

Report Coverage

This research report categorizes the market for the alkyd resin market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the alkyd resin market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the alkyd resin market.

Driving Factors

The rising need for automobile repaints is expected to drive market growth due to the high cost of insurance, household replacement demand, and higher expenditure on vehicle repainting. Alkyd is a modern, UV-resistant coating that is applied over a suitable base coat or primer. Due to the increasing application, ongoing research & development by researchers and manufacturers is estimated to enhance market growth.

Restraining Factors

The availability of alternatives to alkyd resins could restrict the growth of the alkyd resin market. Furthermore, the volatile price of raw materials will have a negative influence on market growth as consumers shift to alternate resins in a variety of applications such as paints, insulating enamels, and automotive, among others.

Market Segmentation

The alkyd resin market share is classified into product, formulation, and end use.

• The short alkyd resin segment dominates the market with the highest market share through the forecast period.

Based on the product, the alkyd resin market is categorized 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 through the forecast period. Short alkyd resins are known for their brief drying time and remarkable durability, making them excellent for high-performance coatings. Short alkyd resin can be associated with the growing need for high-performance coatings in a variety of industries.

• The high-solids alkyds segment holds the highest market share through the forecast period.

Based on the formulation, the alkyd resin market is categorized into high-solids alkyds, modifying alkyds waterborne alkyds, solvent borne coatings, and others. Among these, the high-solids alkyds segment holds the highest market share through the forecast period. High-solid alkyds have a higher proportion of solid components and less solvent content, resulting in fewer volatile organic compound emissions. High solids systems can be developed with simple modifications implementing standard spray equipment.

• The automotive segment is expected to hold the largest share through the forecast period.

Based on the end use, the alkyd resin market is categorized into automotive, construction, electrical & electronics, aerospace, and others. Among these, the automotive segment is expected to hold the largest share through the forecast period. Automotive suppliers demand coatings that are highly durable, protective, and visually appealing. Alkyd resins are praised for their superior adhesion, hardness, and weather resistance, making them beneficial for automotive applications.

Regional Segment Analysis of the Alkyd Resin Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the alkyd resin market over the orecast period.

Asia Pacific is projected to hold the largest share of the alkyd resin market over the forecast period. This is due to an increased client base, simple access to products and massive production. The market is anticipated to be driven over the forecast period by rising building activity and also by increased demand from the automotive sector in emerging nations such as South Korea, Japan, and India. The wide range of end-use sectors that may benefit from using products that contain alkyd resin is also made accessible through the simple accessibility of raw ingredients.

North America is expected to grow at the fastest CAGR growth in the alkyd resin market during the forecast period. Alkyd resin trends have shifted in favor of water-based alternatives due to growing environmental concerns about volatile organic compounds (VOCs) and the widespread usage of cobalt-based dryers. Additionally, it is anticipated that the large base of automotive production and rising consumer spending power will strengthen the market in the region.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the alkyd resin market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In May 2023, Polynt Group revealed an increase in resin production capacity to serve the North American Coatings Market and fulfill the expanding demands of the paints and coatings industry. This investment would enable the company to increase capacity in conventional alkyds, oil-modified urethanes, and water-based technologies.

• In May 2023, CDP recognized Hempel A/S as a supplier engagement leader for environmental action throughout its supply chain. Hempel received an A score in CDP's 2022 Supplier Engagement Rating (SER). This would assist the organization improve brand recognition and fulfill market sustainability goals.

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