Alkyd Coating Market Report 2024

This Alkyd Coating market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The alkyd coating market size has grown strongly in recent years. It will grow from $23.34 billion in 2023 to $25.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth during the historic period can be attributed to several factors, including extensive industrialization, heightened infrastructure development, a demand for durable and cost-effective finishes, and an expansion in residential and commercial construction.

The alkyd coating market size is expected to see strong growth in the next few years. It will grow to $34.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to several factors, including a rising demand for durable finishes, increasing environmental awareness, a surge in industrial applications, growing urbanization, and regulatory changes promoting low-VOC formulations. Key trends expected during this period include the adoption of eco-friendly formulations, advancements in waterborne technology, the development of multifunctional coatings, the introduction of self-cleaning technology, and innovations in smart coating technologies.

The expanding automotive industry is anticipated to drive the growth of the alkyd coating market in the coming years. The automotive industry encompasses the design, manufacturing, and sales of motor vehicles, including cars, trucks, motorcycles, as well as their components and parts. The increasing demand within this sector is fueled by economic growth, which enhances vehicle affordability, and by technological advancements such as electric and autonomous vehicles that appeal to more consumers. Alkyd coatings are particularly beneficial for automotive applications due to their durability, flexibility, and outstanding resistance to weathering and wear. For instance, in May 2023, the European Automobile Manufacturers Association, a Belgium-based organization representing the automobile industry, reported that global motor vehicle production reached 85.4 million units in 2022, reflecting a 5.7% increase from the previous year. Thus, the growth of the automotive industry is positively influencing the alkyd coating market.

Key players in the alkyd coating market are concentrating on creating innovative solutions, such as biobased waterborne alkyd coatings, to improve sustainability and minimize environmental impact. Biobased waterborne alkyd coatings are environmentally friendly paints formulated from renewable natural resources and water, which help reduce VOC emissions and promote sustainability. For example, in January 2024, Worlée Chemie GmbH, a German provider of chemical raw materials, partnered with Baril Coatings, a U.S. manufacturer of high-performance industrial coatings, to introduce the first biobased industrial coating - a high-performance, waterborne alkyd coating that utilizes bioMPA (3-methyl phthalic anhydride) as a substitute for the fossil-based phthalic anhydride. By transitioning from traditional coatings to biobased alternatives, this project aims to enhance environmental sustainability. The partners are dedicated to further advancing this technology and exploring its applications across various industries, indicating a significant shift towards greener coating materials.

In July 2024, Sheboygan Paint Company, a U.S.-based paint manufacturer, acquired Bradley Coatings Group for an undisclosed sum. This acquisition is intended to enhance Sheboygan Paint Company's product offerings in water, solvent, and radiation cure technologies by integrating Bradley Coatings' production capabilities, ensuring a smooth transition for customers and reflecting its commitment to expanding its product range. Bradley Coatings Group is a U.S. producer of specialty coatings, including water-based alkyd coatings.

Major companies operating in the alkyd coating market are The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paints Co Ltd, DIC Corporation, Axalta Coating Systems, Asian Paints, Jotun A/S, Hempel A/S, Benjamin Moore, Teknos Group., Chugoku Marine Paints Ltd., Safic-Alcan, Specialized Coating Systems, SpecialChem, Thomas Industrial Coatings, ArchiExpo, American Coatings Association, Aexcel Corporation, Angel Coating Pvt, Biorizon, Coatings World, G and C Coatings & Industrial Services, Goa Paints, Protek Paint Ltd.

Asia-Pacific was the largest region in the alkyd coating market in 2023. The regions covered in the alkyd coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the alkyd coating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Alkyd coating refers to a type of paint or protective layer created from alkyd resins mixed with solvents, pigments, and additives to achieve desired properties. It is valued primarily for its excellent adhesion and resistance to wear and weather, making it suitable for use on metal, wood, and masonry surfaces.

The main types of alkyd coatings include non-drying, drying, and semi-drying. Non-drying alkyd coatings are a specific variety that does not undergo a traditional drying or curing process. These coatings can be produced through various methods, such as the fatty acid process and the glyceride process, and they come in multiple formulations, including high-solids alkyds, waterborne alkyds, modifying alkyds, solvent-borne coatings, and powder coatings. Alkyd coatings are utilized across various industries, such as decorative coatings, industrial coatings, and automotive coatings, serving a diverse range of end users, including the automotive sector, architecture, marine industry, food and beverage sector, and appliance manufacturing.

The alkyd coating market research report is one of a series of new reports that provides alkyd coating market statistics, including alkyd coating industry global market size, regional shares, competitors with an alkyd coating market share, detailed alkyd coating market segments, market trends and opportunities, and any further data you may need to thrive in the alkyd coating industry. This alkyd coating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The alkyd coating market consists of sales of architectural coatings, furniture finishes, floor coatings, wood stains, and agricultural equipment coatings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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