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Market Overview
In the projection period of 2021 to 2028, the Alkyd Resin Market is predicted to increase at a rate of 2.5 percent, reaching USD 3289.68 million. The study on the alkyd resin market by Data Bridge Market Research offers analysis and insights into the numerous aspects that are predicted to be present during the forecast period and their implications on the market’s development. The building industry’s expansion is propelling the alkyd resin market forward.
Alkyd resin is a synthetic resin created by releasing water from a condensation process between polyhydric alcohol (glycerol, for example) and dibasic acid (or phthalic anhydride).
Key Vendors:
Nord Composites, V Chemicals Pvt Ltd., Cytech Solvay Group, DSM, DowDuPont Inc.Polynt Spa, Mancuso Chemicals Limited.
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Polycondensation of fatty acid with dibasic acid is known to produce alkyds. In alkyd production, phthalic anhydride is commonly used as a dibasic acid. Alkyd resins are a type of synthetic resin that comes in various colours. Due to their versatility and inexpensive cost, they are used in various applications. Oil modified polyester resins are what they’re called.
Alkyds are being used in varnishes, paints, and casting moulds. In most commercial oil-based coatings, they are the most common resin or binder. Every year, around 200,000 tonnes of alkyd resins are manufactured. Glyptal was the brand name for the first alkyds made out of glycerol and phthalic acid.
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Market Segmentation
The Alkyd Resin Market is segmented based on Type, End-Use Industry, and Region.
Depending on the Type:
Depending on the End-Use:
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Regional Classification
According to the MRFR Report, Asia Pacific has the greatest share of the Alkyd Resin Market, having 36%, and is expected to reach USD 1213.5 million by 2023. The Middle East is the quickest growing market, with an estimated growth rate of 3.44 percent. The industry is being driven by rising demand for luxury cars and personalization and a large investment in infrastructure development.
China is establishing itself as a key manufacturing hub by offering a cheap labour force, availability of raw materials, and continued economic expansion. These are just a few of the major elements driving the market growth. Germany, Russia, and the United Kingdom are emerging as future prospective markets; REACH has also established some specific carbon emission requirements to raise alkyd resin awareness, which has added gasoline to the industry.
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Industry News
The improvement in living levels is projected to be one of the major factors driving the development of the alkyd resin market within the forecast year. Moreover, the alkyd resin industry is expected to benefit from rising consumer disposable income. Furthermore, the rise of the alkyd resin market is expected to be tempered by the increase in urbanization. The rise in crude oil prices, on the other hand, is expected to stifle the expansion of the alkyd resin market over the forecast period.
Furthermore, the rising demand for automotive repaints would provide additional significant growth opportunities for the alkyd resin market shortly. Nevertheless, the consumer-friendly coating material and rigorous restrictions may pose additional challenges to the alkyd resin market’s development.
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