Alkyd Resin Market Report 2024

This Alkyd Resin 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 resin market size has grown strongly in recent years. It will grow from $23.12 billion in 2023 to $24.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth during the historic period can be attributed to several factors, including the industrialization of manufacturing processes, the expansion of the construction industry, advancements in solvent-based coatings, heightened awareness of product longevity, and a growing consumer preference for high-quality finishes.

The alkyd resin market size is expected to see strong growth in the next few years. It will grow to $33.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth projected for the forecast period can be attributed to several factors, including the rising demand for eco-friendly coatings, expansion within the construction and automotive sectors, heightened awareness of environmental regulations, and the growth of the furniture and woodworking markets. Key trends anticipated during this period include an increased use of sustainable raw materials, advancements in formulations for enhanced performance, a shift towards low-emission products, rising demand for decorative and protective coatings, and the development of smart coatings with added functionalities.

The expanding automotive industry is projected to drive the growth of the alkyd resin market in the upcoming years. The automotive industry encompasses the design, manufacturing, and sale of motor vehicles, such as cars, trucks, and motorcycles. This sector is experiencing growth due to the increasing demand for electric vehicles (EVs), as consumers increasingly seek eco-friendly transportation options supported by government incentives. Alkyd resins play a crucial role in the automotive sector due to their exceptional durability and high-gloss finish, which provide long-lasting protection and an attractive appearance for vehicles. For example, in July 2023, the Society of Motor Manufacturers and Traders, a UK-based trade association, reported an 11.7% increase in British car production during the first half of 2023, totaling 450,168 units. Additionally, production of plug-in hybrid (PHEV) and battery electric vehicles (BEVs) surged by 71.6% to reach a record 170,231 units as of June, marking five consecutive months of growth. Thus, the growth of the automotive industry is significantly boosting the alkyd resin market.

Key players in the alkyd resin market are focusing on developing innovative solutions, such as bio-based alkyd resins, to improve product performance while reducing environmental impact. Bio-based alkyd resins are derived from renewable plant-based resources, providing a sustainable alternative to traditional petroleum-based resins without sacrificing performance. For instance, in March 2023, Groupe Berkem, a French chemical manufacturing company, introduced a new line of 100% bio-based alkyd resins aimed at the construction paints market, produced by its subsidiary Lixol. These innovative resins are made entirely from renewable materials, such as vegetable oils and bio-based solvents, eliminating petroleum-derived components. This formulation addresses environmental concerns associated with conventional chemical products while offering performance characteristics comparable to traditional alkyds, including durability, good drying performance, long-lasting hardness, and resistance to aging.

In March 2022, ErgonArmor, a U.S.-based provider of industrial protective coatings, acquired Sumter Coatings Inc. for an undisclosed amount. This acquisition aims to enhance ErgonArmor's industrial coatings line by integrating Sumter's expertise in various primers, thereby broadening its product range and expanding production capabilities at existing facilities. Sumter Coatings Inc. is a U.S. manufacturer of premium industrial coatings, including a variety of alkyd-based products.

Major companies operating in the alkyd resin market are Umicore Cobalt and Specialty Materials, Covestro AG, Solvay Group, Arkema SA, Eastman Chemical Company, Nippon Paint Co Ltd, Wacker Chemie AG, Huntsman Corporation, DIC Corporation, Polynt SpA, Macro Polymers Pvt Ltd, Hempel A/S, Amura Polymers Pvt Ltd, SpecialChem, Synthopol, Synthesia a.s., Subham Oils and Resins Pvt Ltd, Megara Resins, Dial4Trade, Neo-Pack Plast, Oman CHEMICAL, Orson Resins and Coatings Pvt Ltd, Prestige Coating Ltd, Uniform Synthetics, Krishna Resins and Pigments Pvt Ltd.

Asia-Pacific was the largest region in the alkyd resin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the alkyd resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Alkyd resin is a synthetic polyester resin created from polyols (such as glycerol), dibasic acids (like phthalic anhydride), and fatty acids (often derived from natural oils). It is widely used in paints, coatings, and varnishes due to its excellent durability, adhesion, and gloss retention. Alkyd resins can be modified to adjust their properties, such as drying time and hardness, and they are primarily oil-based, curing through a reaction with oxygen in the air.

The main types of alkyd resins include oil-based, modified, and water-reducible formulations, among others. Oil-based alkyd resins are synthetic materials made from oil, alcohol, and acid, valued in paints and coatings for their durability and flexibility. They encompass various types, including non-drying, drying, and semi-drying alkyd resins, with different formulations such as high-solids alkyds, waterborne alkyds, modifying alkyds, solvent-borne coatings, and powder coatings. These resins are utilized in various applications, including coil coatings, electrical insulating enamels, maintenance paints, automotive refinishing primers, exterior trim paints, and packaging. They serve a wide range of end users, including the automotive, architectural, marine, food and beverage, and appliance industries.

The alkyd resin market research report is one of a series of new reports that provides alkyd resin market statistics, including alkyd resin industry global market size, regional shares, competitors with an alkyd resin market share, detailed alkyd resin market segments, market trends and opportunities, and any further data you may need to thrive in the alkyd resin industry. This alkyd resin 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 resin market consists of sales of high solids alkyd resin, styrenated alkyd resin, amino alkyd resin, short oil alkyd resin, and long oil alkyd resin. 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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