Alkyd Coatings Market size is forecast to reach $36.46 billion by 2025, after growing at a CAGR of 7.35% during 2020-2025. Alkyd Coatings has good compatibility with many other coating polymers such as vinyl resins to improve the adhesion and application property owing to which it is widely used in the architecture industry. The demand for alkyd coatings is powered by the low cost of alkyd resins, versatility in the formulation, and common usefulness to end users. Besides, owing to their flexibility and low cost, they are used for producing protective coatings with good weathering properties and are important ingredients in many synthetic paints. Due to these properties, the growth of the alkyd coatings industry is expected to accelerate in the forecast era.
By Resin Type – Segment Analysis
Non-Drying Alkyd Resins is extensively used in Alkyd Coatings Market. Non-Drying Alkyd Resins are used as plasticizers to increase the elasticity of coatings based on film-forming materials. Plasticizers are additives that improve a material’s plasticity or fluidity. For optimum film formation, the coating formulations based on physically drying binders such as nitrocellulose require external plasticizers. Non-Drying Alkyd Resins are used to monitor the coatings film formation process based on film-forming materials which are physically drying. Proper film formation is essential to meet demands on specific coating properties such as: dry film appearance, substratum adhesion, elasticity, and hardness. Due to the increasing demand of Non-Drying Alkyd Resins as additives in coatings, there will be an increase in Alkyd Coatings Market in the forecast period.
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By Process Type – Segment Analysis
Alkyds made from non-drying oils or their fatty acids have excellent stability in color and gloss and are often the alternative for white industrial baking enamels and lacquers. They are used to monitor the film-forming process of coatings based on physically drying film forming higher quality; higher performance alkyds are developed in the process of fatty acid, where the resulting resin composition can be controlled more precisely. In this process, an acid anhydride, a polyol, and an unsaturated fatty acid are mixed and cooked together until a predetermined viscosity level has been reached by the product. Also, the vast majority of monobasic acids used in alkyd resins are long-chain naturally occurring fatty acids.
By Formulation Type – Segment Analysis
High-Solid Alkyds held the largest share in the Alkyd Coatings Market in 2019 due to increasing market trends toward sustainability are creating a need to adapt the technology without sacrificing coating performance. High solids, exempt solvents, and waterborne approaches are often evaluated when aiming to reduce the VOC of alkyd coatings. Exempt solvents face limitations in odor, solubility, cost, flash point, and geographic compliance. High-solids alkyds are an option for compliance. High-solid systems with slight modifications can be implemented using traditional spray equipment. Also, high-solids alkyds can be blended with conventional alkyds to lower the total VOC emitted. To achieve a VOC of 250 g/L, the coating will require 72% of its volume to be comprised of non-volatiles. To achieve such high solids and allow for good atomization with normal sprayers, the resin must have a low viscosity while also having all the other required technical performance properties needed for each end-use application.
By Application Type – Segment Analysis
Automotive refinishing primers held the largest share in Alkyd Coatings Market in 2019. Alkyd coatings are used as primer, undercoat, and topcoat in the automotive industry. The automotive primer acts as a bonding agent to help the paint adhere more strongly to the body of the vehicle. Equally as important, paint primer helps prevent rust and moisture damage to vehicle by adding a couple of extra protective layers. Alkyd coatings are used undercoating a vehicle to create a rust-proof layer between the underside of the vehicle and the water, ice, and salt of the road. Also, top coatings are commonly used in the automotive industry, where the final coat is used in the painting process for both decorating and protecting the automobiles. Due to the properties such as Initial barriers to the environment, Resistance to chemicals, water and weather, Toughness and wear resistance to the surface, and Pleasant appearance the growth of Alkyd Coatings Market is estimated to rise in the forecast period.
By End Use -Segment Analysis
Architecture industry in the Alkyd Coatings Market is projected to grow at a CAGR of 6.25% during the forecast period 2020-2025. Building & construction application growth is driven by rising urbanization in Asia-Pacific, resulting in increased demand for residential, commercial, and industrial infrastructures. The construction industry is by far the largest consumer of alkyd coatings made from water. With a growing array of building codes supporting environmentally sustainable and energy-efficient buildings, home builders and customers are increasingly shifting towards construction strategies that offer long-term efficiency and energy savings. Hence, increasing demand for alkyd coatings for construction will lead to the growth of the market in the forecast period.
By Geography- Segment Analysis
Asia Pacific held the largest share with 42.65% in Alkyd Coatings Market in 2019. Countries such as China, India, Japan, and South Korea are expected to lead the Alkyd Coatings Market, with China accounting for the largest share in the regional demand for alkyd coatings. According to the National Development and Reform Commission and transport ministry in China, under the 13th five-year plan (2016-2020), the Chinese government is planning for infrastructure development of 30,000 km of railway lines and 30,000 km of expressways. Also, according to India Brand Equity Foundation, the Indian government has declared a target of US$ 1.4 trillion on infrastructure in the next five years, including USD 120.5 billion for developing 27 industrial groups, and Indian Railways received allocation under Union Budget 2020-21 at Rs 72,216 crore (US$ 10.33 billion). Hence, all these factors will propel the growth of the market in the forecast period.
Drivers –Alkyd Coatings Market
Increasing use of alkyd coatings in the marine industry
Alkyd is one part, durable, UV resistant, modern coatings that are designed to be applied over the appropriate undercoat or primer. Alkyd resin is complex oil-modified polyester that serves as the film formers agent in some paints and clear coatings. Alkyd coatings offer greater bonding, resistance to moisture, non-flammable, and corrosion prevention advantages due to which it is used in some areas of marine applications such as boat hulls and decking, bridges, steel, tanks, and wood. Also, increased world trade by sea, increased maritime navigation, increased demand for safety automation systems and increased maritime tourism is enhancing the growth of the marine industry in recent years. Hence, owing to these advantages the demand for alky coatings in the marine industry will propel the market growth in the forecast period.
Increasing use of alkyd coatings in the construction industry
The popularity of alkyd resin systems stems from their relatively low cost, flexibility, and long user familiarity. Promoters of alkyd resins note that they are partly made from renewable fatty acids or oils which make them greener than most competitive coating resins. Alkyd coatings are used for applying colors or decorative purposes in the interiors of buildings, along with a wide variety of other functions. It protects the buildings from blistering summers, icy winters, heavy rain, and constant UV radiation bombardment without fading, peeling, and cracking. Also, the use of water-based alkyd coatings in buildings is highly durable, lasting almost twice the normal time, with gradual oxidation rather than dangerous peeling and allowing for quick restoration when required without the need to sand or strip any previous stain.
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Challenges –Alkyd Coatings Market
Health Hazards from Alkyd coatings
With growing awareness of the need to protect the atmosphere, there has been a clear movement to increase the content in solids of all coating products, including alkyds, to minimize solvent vapor emissions. In some cases, solvent-borne coatings, including alkyds, has been effectively substituted with water-borne coatings to reduce solvent vapor emissions and improve protection from organic solvents against fire and health hazards. Such effort has resulted in a strong steady decrease in alkyd resin market share in favor of acrylic, polyurethane, and epoxy resins. Also, some of the products are considered to be irritants or skin sensitizers, such as phthalic anhydride, maleic anhydride, certain solvents and some of the vinyl monomers.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Alkyd Coatings Market. Major players in the Alkyd Coatings Market are 3M Co, Akzonobel N.V, Basfe Se, Hempel A/S, Kansai Paints Co , Ltd, Nippon Paints Co, Ltd, PPG Industries, Inc, The Dow Chemical Company, The Sherwin-Williams Company, and Wacker Chemie Ag among others.
APAC dominates the Alkyd Coatings Market due to the increasing use of 50% of volatile organic carbon-based (VOC) solvents in a paint formulation for architectures.
Increasing the use of alkyd coating is especially popular because of its ease of application and a high gloss characteristic which is expected to boost the demand of Alkyd Coatings Market in the predicted period.
The Use of alkyd coatings creates health hazards which can create hurdles for the Alkyd Coatings Market in the forecast period.
Production, as well as off take of Alkyd Coatings Market, is likely to virtually decline during 2020-2021 due to COVID-19 impact across various sectors.
Related Reports :
A.Decorative Coating Market
B.Protective Coatings Market
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