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India Alkyd Resin Market Size, Share, Competitive Landscape and Trend Analysis Report By Product, Formulation Type, and Application: Opportunity Analysis and Industry Forecast 2023-2032

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    Report

  • 167 Pages
  • March 2024
  • Region: India
  • Allied Market Research
  • ID: 6010421
UP TO OFF until Nov 15th 2024
The India alkyd resin market was valued at $342.3 million in 2022 and is projected to reach $753.4 million by 2032, registering a CAGR of 8.3% from 2023 to 2032.

Alkyd resin is a synthetic polymer that is derived through condensation reaction of polybasic acid and polyhydric alcohol. Alkyd resins exhibit versatility in formulations, which in turn boosts the utilization of alkyd resin in the production of paints, coatings, varnishes, and others. Alkyd resins are known for their significant properties such as excellent adhesion, durability, and resistance to weathering. These resins are commonly used in industrial and decorative applications, contributing to the development of durable finishes on various surfaces such as metal, wood, and concrete.

Key Takeaways:

  • The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence and key strategic developments by prominent manufacturers.
  • The India alkyd resin market is consolidated in nature among prominent companies such as Allnex GMBH, Arkema, Covestro AG, D.S.V Chemicals Pvt Ltd, Eternal Materials Co.,Ltd., Girdhari Chemicals & Resins, Krishna Resins & Pigments Pvt. Ltd., MACRO POLYMERS, Polynt SpA, Ratnaka Resins Pvt. Ltd., Synthopol, Uniform Synthetics, DIC Corporation, and Huntsman Corporation.
  • The study contains qualitative information such as the market dynamics (drivers, restraints, challenges, and opportunities), key regulation analysis, pricing analysis, and Porter’s Five Force Analysis. Moreover, the report covers sub-segments that is studied.
  • Additionally, the report covers historical market trend from 2018, SWOT analysis across key companies, PESTLE analysis, customer profiles, and import-export data for alkyd resin across India.
  • More than 2,200 alkyd resin-related product literatures, industry releases, annual reports, and other such documents of key industry participants along with authentic industry journals and government websites have been reviewed for generating high-value industry insights for India alkyd resin market.

Market Dynamics:

The alkyd resin market in India is driven by a combination of economic, industrial, regulatory, and technological factors. The construction boom, automotive sector expansion, infrastructure development, and changing regulatory landscapes all contribute to the growth and evolution of the market. The versatility of alkyd resins, coupled with their adaptability to meet environmental standards, positions them as a crucial component in the Indian paints & coatings industry, supporting various applications across different sectors. As India continues its path of economic development and industrialization, the alkyd resin market is poised to play a vital role in meeting the coating needs of diverse industries.

However, the alkyd resin market faces challenges stemming from increasingly stringent environmental regulations. Government initiatives to curb pollution and reduce volatile organic compound (VOC) emissions impact the use of traditional solvent-based alkyd coatings. As environmental concerns rise, industries are pushed toward adopting eco-friendly alternatives. This transition poses a restraint on the conventional alkyd resin market in India, necessitating innovation in formulations to align with sustainability goals.

On the contrary, ongoing R&D activities in the coatings industry have opened doors for technological advancements and product innovations related to alkyd resins. Formulators are continuously exploring ways to enhance the performance of Alkyd coatings, making them more environmentally friendly, cost-effective, and applicable to a broader range of substrates. Innovations such as low-VOC formulations, high-solid content resins, and improved curing mechanisms contribute to the market growth and competitiveness.

Segmental Analysis:

The India alkyd resin market is segmented on the basis of product, formulation type, and application. On the basis of class, the market is categorized into long alkyd resins, medium alkyd resins, and short alkyd resins. On the basis of formulation type, it is divided into waterborne alkyds, modifying alkyds, high solid alkyds, solvent borne alkyds, and others. By application, the market is classified into paints & coatings, diluent, and others.

In 2022, the long alkyd resins segment was the largest revenue generator and is anticipated to grow at a CAGR of 8.2% during the forecast period. Long-chain alkyd resins find extensive use in the formulation of high-quality paints, especially in architectural coatings and decorative finishes. The resins contribute to the production of glossy and durable coatings, meeting the aesthetic demands of consumers and providing long-term protection to surfaces. The rise in luxury homes in metropolitan cities such as New Delhi, Mumbai, Pune, Bengaluru, and Hyderabad fuels the demand for log alkyd resin-based paints & coatings for enhancing the aesthetics of buildings. According to an article published by Economic Times on October9, 2023, rise in income levels and aspirational buying have propelled the demand for luxury residences in India. These factors altogether fuel the demand for long chain alkyd resin.

By formulation type, the modifying alkyds segment dominated the market in 2022 and is anticipated to grow at a CAGR of 8.8% during the forecast period. Rapid shift toward sustainability has prompted industries to adopt eco-friendly practices and products. Modified alkyds play a pivotal role in this transition by offering formulations that are compliant with environmental regulations and align with the broader sustainability goals of companies & consumers. Sustainability-conscious industries prefer coatings that reduce environmental impact without compromising on performance and sustainable development goals (SDGs) laid by NITI Aayog, making modified alkyds increasingly attractive across several end-use sectors.

The paints and coatings India alkyd resin market size is projected to grow at the highest CAGR of 8.3% during the forecast period and accounted for 90.2% of India alkyd resin market share in 2022. The expanding automotive industry in India is a key driver for automotive coatings. With a rising middle class and increasing disposable income, there is a growing demand for cars and two-wheelers, boosting the need for alkyd resin-based automotive paints and coatings. According to a report published by the Press Information Bureau, Ministry of Information and Broadcasting on February 17, 2023, the automotive industry in India is one of the main pillars of the economy. The contribution of automotive sector to the national gross domestic product (GDP) has increased to around 7.1% in 2022. This factor boosts the growth of the alkyd resin market in the growing automotive sector in India.

Competitive Analysis:

The India alkyd resin market profiles leading players that include Allnex GMBH, Arkema, Covestro AG, D.S.V Chemicals Pvt Ltd, Eternal Materials Co.,Ltd., Girdhari Chemicals & Resins, Krishna Resins & Pigments Pvt. Ltd., MACRO POLYMERS, Polynt SpA, Ratnaka Resins Pvt. Ltd., Synthopol, Uniform Synthetics, DIC Corporation, and Huntsman Corporation.

The India alkyd resin market report provides in-depth competitive analysis as well as profiles of these major players.  

1.1. Key benefits for stakeholders

  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current paints and coatings market trends and future estimations from 2022 to 2032 to understand the prevailing opportunities and potential investment pockets.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1. Secondary research
1.4.2. Primary research
1.5. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Porter’s five forces analysis
3.3. Market dynamics
3.3.1. Drivers
3.3.1.1. Surge in demand for alkyd resin from architectural sector
3.3.1.2. Robust demand from automotive sector
3.3.1.3. Rise in demand for industrial coatings
3.3.1.4. Increase in demand from adhesive and sealants industry
3.3.2. Restraint
3.3.2.1. Volatility in prices
3.3.2.2. Limited resistance to harsh chemicals
3.3.3. Opportunity
3.3.3.1. Ongoing R&D and technological advancements
3.3.3.2. Sustainable and Eco-friendly Initiatives
3.3.4. Value chain analysis
3.4. List of value chain key players
3.5. Pricing analysis
3.6. Patent Analysis
3.7. Customer Profiles
3.8. PESTEL Analysis
CHAPTER 4: INDIA ALKYD RESIN MARKET, BY PRODUCT
4.1. Overview
4.1.1. Market size and forecast
4.2. Long alkyd resins
4.2.1. Key market trends, growth factors, and opportunities
4.3. Medium alkyd resins
4.3.1. Key market trends, growth factors, and opportunities
4.4. Short alkyd resins
4.4.1. Key market trends, growth factors, and opportunities
CHAPTER 5: INDIA ALKYD RESIN MARKET, BY FORMULATION TYPE
5.1. Overview
5.1.1. Market size and forecast
5.2. Waterborne alkyds
5.2.1. Key market trends, growth factors, and opportunities
5.3. Modifying alkyds
5.3.1. Key market trends, growth factors, and opportunities
5.4. High solid alkyds
5.4.1. Key market trends, growth factors, and opportunities
5.5. Solvent Borne alkyds
5.5.1. Key market trends, growth factors, and opportunities
5.6. Others
5.6.1. Key market trends, growth factors, and opportunities
CHAPTER 6: INDIA ALKYD RESIN MARKET, BY APPLICATION
6.1. Overview
6.1.1. Market size and forecast
6.2. Paints and coatings
6.2.1. Key market trends, growth factors, and opportunities
6.3. Paints and Coatings, By Application
6.4. Marine Paints
6.5. Aluminum Paint
6.6. Pigmented Finishes
6.7. Primer
6.8. Enamel
6.9. Enamel, By Application
6.10. Industrial Enamel
6.11. Architectural & Decorative Enamel
6.12. Varnish
6.13. Varnish, By Application
6.14. PU Varnish
6.15. Lithographic Varnish
6.16. Diluent
6.16.1. Key market trends, growth factors, and opportunities
6.17. Others
6.17.1. Key market trends, growth factors, and opportunities
CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. INTRODUCTION
7.1.1. Market player positioning, 2022
7.2. Top winning strategies
7.2.1. Top winning strategies, by year
7.2.2. Top winning strategies, by development
7.2.3. Top winning strategies, by company
7.3. PRODUCT MAPPING OF TOP 10 PLAYER
7.4. Competitive heatmap
7.5. Key developments
7.5.1. Acquisition
CHAPTER 8: COMPANY PROFILES:
8.1. ALLNEX GmbH
8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Product portfolio
8.1.4. Key strategic moves and developments
8.1.5. SWOT Analysis
8.2. ARKEMA
8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Operating business segments
8.2.4. Product portfolio
8.2.5. Business performance
8.2.6. SWOT Analysis
8.3. COVESTRO AG
8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Operating business segments
8.3.4. Product portfolio
8.3.5. Business performance
8.3.6. SWOT Analysis
8.4. D.S.V CHEMICALS PVT LTD
8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Product portfolio
8.4.4. SWOT Analysis
8.5. ETERNAL MATERIALS CO., LTD.
8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Operating business segments
8.5.4. Product portfolio
8.5.5. Business performance
8.5.6. SWOT Analysis
8.6. GIRDHARI CHEMICALS & RESINS
8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Product portfolio
8.6.4. SWOT Analysis
8.7. KRISHNA RESINS & PIGMENTS PVT. LTD.
8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Product portfolio
8.7.4. SWOT Analysis
8.8. MACRO POLYMERS
8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Product portfolio
8.8.4. SWOT Analysis
8.9. POLYNT SPA
8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Product portfolio
8.9.4. SWOT Analysis
8.10. RATNAKA RESINS PVT. LTD.
8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Product portfolio
8.10.4. SWOT Analysis
8.11. SYNTHOPOL
8.11.1. Company overview
8.11.2. Company snapshot
8.11.3. Product portfolio
8.11.4. SWOT Analysis
8.12. UNIFORM SYNTHETICS
8.12.1. Company overview
8.12.2. Company snapshot
8.12.3. Product portfolio
8.12.4. SWOT Analysis
8.13. HUNTSMAN INTERNATIONAL LLC.
8.13.1. Company overview
8.13.2. Company snapshot
8.13.3. Operating business segments
8.13.4. Product portfolio
8.13.5. R&D Expenditure
8.13.6. Business performance
8.13.7. SWOT Analysis
8.14. DIC CORPORATION
8.14.1. Company overview
8.14.2. Company snapshot
8.14.3. Operating business segments
8.14.4. Product portfolio
8.14.5. R&D Expenditure
8.14.6. Business performance
8.14.7. SWOT Analysis
List of Tables
Table 01. List of Raw Material Manufacturers/Suppliers:
Table 02. List of Alkyd Resin Manufacturers:
Table 03. List of Potential Consumers:
Table 04. Customer Profiles: India Alkyd Resin Market
Table 05. India Alkyd Resin Market, by Product, 2018-2032 (Inr Million)
Table 06. India Alkyd Resin Market, by Product, 2018-2032 (Kilotons)
Table 07. India Alkyd Resin Market, by Formulation Type, 2018-2032 (Inr Million)
Table 08. India Alkyd Resin Market, by Formulation Type, 2018-2032 (Kilotons)
Table 09. India Alkyd Resin Market, by Application, 2018-2032 (Inr Million)
Table 10. India Alkyd Resin Market, by Application, 2018-2032 (Kilotons)
Table 11. Key Acquisition (2020-2022)
Table 12. Allnex GmbH: Company Snapshot
Table 13. Allnex GmbH: Product Portfolio
Table 14. Allnex GmbH: Key Strategic Moves and Developments
Table 15. Allnex GmbH: SWOT Analysis
Table 16. Arkema: Company Snapshot
Table 17. Arkema: Operating Segments
Table 18. Arkema: Product Portfolio
Table 19. Overall Financial Status ($Million)
Table 20. Arkema: SWOT Analysis
Table 21. Covestro AG: Company Snapshot
Table 22. Covestro AG: Operating Segments
Table 23. Covestro AG: Product Portfolio
Table 24. Overall Financial Status ($Million)
Table 25. Covestro AG: SWOT Analysis
Table 26. D.S.V Chemicals Pvt Ltd.: Company Snapshot
Table 27. D.S.V Chemicals Pvt Ltd.: Product Portfolio
Table 28. D.S.V Chemicals Pvt Ltd.: SWOT Analysis
Table 29. Eternal Materials Co. Ltd.: Company Snapshot
Table 30. Eternal Materials Co. Ltd.: Operating Segments
Table 31. Eternal Materials Co. Ltd.: Product Portfolio
Table 32. Overall Financial Status ($Million)
Table 33. Eternal Materials Co. Ltd.: SWOT Analysis
Table 34. Girdhari Chemicals & Resins: Company Snapshot
Table 35. Girdhari Chemicals & Resins: Product Portfolio
Table 36. Girdhari Chemicals & Resins: SWOT Analysis
Table 37. Krishna Resins & Pigments Pvt. Ltd.: Company Snapshot
Table 38. Krishna Resins & Pigments Pvt. Ltd.: Product Portfolio
Table 39. Krishna Resins & Pigments Pvt. Ltd.: SWOT Analysis
Table 40. Macro Polymers: Company Snapshot
Table 41. Macro Polymers: Product Portfolio
Table 42. Macro Polymers: SWOT Analysis
Table 43. Polynt Spa: Company Snapshot
Table 44. Polynt Spa: Product Portfolio
Table 45. Polynt Spa: SWOT Analysis
Table 46. Ratnaka Resins Pvt. Ltd.: Company Snapshot
Table 47. Ratnaka Resins Pvt. Ltd.Product Portfolio
Table 48. Ratnaka Resins Pvt. Ltd.: SWOT Analysis
Table 49. Synthopol: Company Snapshot
Table 50. Synthopol: Product Portfolio
Table 51. Synthopol: SWOT Analysis
Table 52. Uniform Synthetics: Company Snapshot
Table 53. Uniform Synthetics: Product Portfolio
Table 54. Uniform Synthetics: SWOT Analysis
Table 55. Huntsman International LLC.: Company Snapshot
Table 56. Huntsman International LLC.: Operating Segments
Table 57. Huntsman International LLC.: Product Portfolio
Table 58. Overall Financial Status ($Million)
Table 59. Huntsman International LLC.: SWOT Analysis
Table 60. Dic Corporation: Company Snapshot
Table 61. Dic Corporation: Operating Segments
Table 62. Dic Corporation: Product Portfolio
Table 63. Overall Financial Status ($Million)
Table 64. Dic Corporation: SWOT Analysis
List of Figures
Figure 01. India Alkyd Resin Market Snapshot
Figure 02. India Alkyd Resin Market Segmentation
Figure 03. Moderate Bargaining Power of Suppliers
Figure 04. Moderate Bargaining Power of Buyers
Figure 05. Moderate Threat of New Entrants
Figure 06. Moderate Threat of Substitutes
Figure 07. Moderate Intensity of Competitive Rivalry
Figure 08. India Alkyd Resin Market Dynamics
Figure 09. Value Chain Analysis
Figure 10. India Alkyd Resin Market, Pricing Analysis, by Product, Inr/KG
Figure 11. India Alkyd Resin Market, Patent Analysis, by Applicant
Figure 12. India Alkyd Resin Market, Patent Analysis, by Year
Figure 13. India Alkyd Resin Market, by Product, 2022-2032 (Inr Million)
Figure 14. India Alkyd Resin Market, by Formulation Type, 2022-2032 (Inr Million)
Figure 15. India Alkyd Resin Market, by Application, 2022-2032 (Inr Million)
Figure 16. Market Player Positioning, 2022
Figure 17. Top Winning Strategies, by Year, 2020-2022
Figure 18. Top Winning Strategies, by Development, 2020-2022 (%)
Figure 19. Top Winning Strategies, by Company, 2020-2022
Figure 20. Product Mapping of Top 10 Players
Figure 21. Competitive Heatmap of Key Players
Figure 22. Arkema: Net Sales, 2020-2022 ($Million)
Figure 23. Arkema: Revenue Share by Segment, 2022 (%)
Figure 24. Arkema: Revenue Share by Region, 2022 (%)
Figure 25. Covestro AG: Net Sales, 2020-2022 ($Million)
Figure 26. Covestro AG: Revenue Share by Segment, 2022 (%)
Figure 27. Covestro AG: Revenue Share by Region, 2022 (%)
Figure 28. Eternal Materials Co. Ltd.: Net Sales, 2020-2022 ($Million)
Figure 29. Eternal Materials Co. Ltd.: Revenue Share by Segment, 2022 (%)
Figure 30. R&D Expenditure, 2021-2023 ($Million)
Figure 31. Huntsman International LLC.: Net Sales, 2021-2023 ($Million)
Figure 32. Huntsman International LLC.: Revenue Share by Segment, 2023 (%)
Figure 33. Huntsman International LLC.: Revenue Share by Region, 2023 (%)
Figure 34. R&D Expenditure, 2020-2022 ($Million)
Figure 35. Dic Corporation: Net Sales, 2020-2022 ($Million)
Figure 36. Dic Corporation: Revenue Share by Segment, 2022 (%)
Figure 37. Dic Corporation: Revenue Share by Region, 2022 (%)

Companies Mentioned

Key Market Players in the India Alkyd Resin Market include:
  • Allnex GMBH
  • Arkema
  • Covestro AG
  • D.S.V Chemicals Pvt Ltd
  • Eternal Materials Co.,Ltd.
  • Girdhari Chemicals & Resins
  • Krishna Resins & Pigments Pvt. Ltd.
  • MACRO POLYMERS
  • Polynt SpA
  • Ratnaka Resins Pvt. Ltd.
  • Synthopol
  • Uniform Synthetics
  • DIC Corporation
  • Huntsman Corporation

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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