The global alkyd resin market is estimated to value at USD 2,610 million in 2016 and is projected to reach USD 3,257.7 million by 2023. Growing demand for alkyd resins in architectural coating along with wood furnishing is expected to drive the market growth. Moreover, increasing demand for automotive refinishes are likely to augment the market growth owing to high insurance cost, replacement demand from household swapping their old vehicles, and rising expenditure in vehicle refinish.
According to MRFR analysis, the report offers segmentation analysis based on type such as oil-based, modified, water reducible, and others. Furthermore, the oil-based alkyd resin is sub-segmented into short oil, medium oil, and long oil. Among all the alkyd resins types, oil-based dominated the global market in 2016 with a significant market shares of 41.8% at highest CAGR of 3.07%. The long oil is leading the alkyd resin sub-segment owing to high durability, gloss retention, and flexibility. With superior performance of alkyd resins, they are used in numerous application such as building & construction, automotive, industrial, furniture, and others. Building & construction is a fastest growing segment and accounts for a market share of 36.0% by the end of 2016. Increasing expenditure on residential as well as non-residential activities across the globe is slated to drive the market growth. Nevertheless, shifting preference towards water-borne resin technology due to less VOC content are likely to provide a lucrative opportunity to market players.
FIGURE 1 Global Alkyd Resin Market, by End-Use Industry 2016 (%)
Based on geography, the global alkyd resin market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific is leading the global market by accounting for 36% market share and is projected to reach USD 1,213.5 million by 2023 owing to rapid urbanization and industrialization. Increasing sales of a passenger car in China, South Korea, Japan, and India are likely to propel the global alkyd resin market. Moreover, gaining importance of a digital color solution along with rehabilitation of old paint shops are expected to drive the product demand.
Europe is the second most promising region, which is accounted for the global market shares of 28% and is projected to grow at a CAGR of ~3.04% during the forecast period. Rising environment concern regarding VOC emission and high usage of cobalt-based driers has led to shifting trend towards waterborne alkyd resins. Moreover, huge automotive production base along with growing purchasing power of the consumer is projected to drive the regional market.
The Middle East & Africa is the fastest growing region and it is estimated to grow at CAGR of ~3.44% during the assessment period, 2017-2023. Rising sales of luxurious cars in the Middle East & Africa are likely to boost the demand for automotive refinishes, which, in turn, drive the alkyd resin market.
The alkyd resin market is fragmented on the basis of type, end-use industry, and region. On the basis of the type, the market is segmented into oil-based, modified, water reducible, and others. Furthermore, types are sub-segmented into short oil, medium oil, and long oil.
According to the end-use industry, the market is segmented into building & construction, automotive, industrial, furniture, and others. The building & construction industry is leading the global market followed by automotive industry.
Some of the major 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, and Cytech Solvay Group.
The report covers brief analysis of geographical region such as:
? North America
o Rest of Europe
? Asia Pacific
o Rest of Asia Pacific
? Latin America
o Rest of Latin America
? Middle East & Africa
o North Africa
o Rest of Middle East & Africa
? Global alkyd resin market is projected to reach USD 3,257.7 million by 2023 at a CAGR of 3.32%
? Asia Pacific emerged as the global leader in this market accounting for 36% share of the global market and is estimated to reach USD 1,213.5 million by 2023
? In 2016, China as an individual country accounted for the largest revenue of USD 586.3 million and is projected to grow at a CAGR of 3.83% over the forecast period
? U.S., China, India, Germany, and Mexico are key countries to be observed in the global alkyd resin market. Rising investments in the architectural coating and furniture segment are expected to drive the product demand
? With the development of waterborne latex resins, alkyd resin producers have gained significant importance in numerous industries such as building & construction, automotive, and furniture
? Alkyd resin manufacturers
? Traders and distributors of Alkyd resin manufacturers
? Production process industries
? Potential investors
? Raw material suppliers
? Alkyd paint
? Plastic resin
? Long oil alkyd resin
? Alkyd Resin properties
? Alkyd oil
? Alkyd medium for oil painting
? Medium oil alkyd
? Paint resin manufacturers