Alkyd Resin Market Is Projected To Accelerate At A CAGR Of 3.32% To Reach USD 3,257.7 Million By 2030

The alkyd resin market was USD 2,610 million and is estimated to reach USD 3,257.7 million by the end of 2030. In terms of CAGR, it is expected to grow by 3.32%. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the alkyd resin market 2020 following the coronavirus disease outbreak.

Alkyd Resin Market Introduction

Alkyd resins are the result of the reaction between dibasic acid and polyols as well as drying oil. These are extremely compatible with a number of synthetic paints, due to its impressive weathering properties and versatility. With an array of certain characteristics, the polymer structure of alkyd resins finds use as a basis for paints and enamels production. Further, incorporating volatile organic solvents with these resins helps yield significant preeminence to polymer systems.

Alkyd Resin Market Trends

Automotive refinishes are in huge demand and can be a prominent trend in the global market. OICA suggests that automotive refinishes accounts for close to 26% share of the overall market. Automotive refinishes offer impressive visual appearance, excellent surface protection, resistance to adverse weather, water and temperature. Therefore, high insurance coverage, demand for replacement of old vehicles from households and the surge in investments in vehicle refinishes can foster the alkyd resin market application in the automotive industry and can be one of the major trends in the upcoming years.

Construction and building remain one of the fastest growing industries across countries. Improving living standard, increase in disposable income and the rapid growth rate of urbanization are bolstering the number of construction projects. Use of specialty resins in sealants, coatings (decorative, protective and architectural) and adhesives is important in a bid to adhere to the quality standards in the building and construction industry. Given their high resistance to extreme temperature and chemicals, resins are observing significant demand in the construction sector. Large amounts of alkyd resins are increasingly being used in construction projects as well as in commercial or residential buildings. Adhesives with high heat resistance are derived from specialty resins (amino and epoxy) and these are considered to be the better alternative for steel and concrete.

Some more growth rendering factors in the global industry can be the accelerated demand for effective waterborne coatings and printing inks. The considerable demand for coatings and paints combined with the surging uptake of printing inks in the packaging sector can be significantly favorable for the alkyd resins industry in the ensuing years. On the competitive front, the alkyd resins market is quite fragmented, wherein firms are highly focused on using the latest technologies during manufacturing process to gain the upper hand. Acquisition remains a significant alkyd resin market strategy followed by the top firms to garner impetus.