Alkyd Resin Market by Type (High-Solid Alkyds, Solvent-Borne Alkyds, Waterborne Alkyds), Class (Long Oil Alkyd Resins, Medium Oil Alkyd Resins, Short Oil Alkyd Resins), Processing Method, Application, End-Use Industry - Global Forecast 2024-2030

Alkyd Resin Market by Type (High-Solid Alkyds, Solvent-Borne Alkyds, Waterborne Alkyds), Class (Long Oil Alkyd Resins, Medium Oil Alkyd Resins, Short Oil Alkyd Resins), Processing Method, Application, End-Use Industry - Global Forecast 2024-2030

The Alkyd Resin Market size was estimated at USD 4.29 billion in 2023 and expected to reach USD 4.52 billion in 2024, at a CAGR 5.66% to reach USD 6.31 billion by 2030.

Alkyd resin is an oil-modified polyester that acts as a key ingredient in the production of a versatile range of coatings and paints. It is acclaimed for its excellent adherence, chemical resistance, and durability. The expanding utilization of alkyd resin across various industries, including automotive, construction, and furniture, is primarily driven by its adaptability to different surfaces, eco-friendly nature, and enhanced protective features. However, one major challenge of alkyd resin is its relatively slow drying time compared to alternatives such as acrylic and epoxy resins, which can hinder productivity in fast-paced manufacturing environments. Furthermore, its formulation, which often includes volatile organic compounds (VOCs), raises environmental concerns. Thus, the industry is steadily moving towards waterborne and high-solid alkyd resins, significantly reducing VOC emissions and offering quicker drying times. This adaptation mitigates environmental impact and aligns with global escalating regulatory standards. Technological advancements and research investments aimed at developing more sustainable and efficient formulations of alkyd resins are expanding its market opportunities. The surge in demand for eco-friendly and durable coatings in emerging economies presents a fertile ground for expanding the alkyd resin market, fostering innovation that could redefine its applications and sustainability profile.

Regional Insights

In the Americas, particularly the United States, there is a strong demand for Alkyd Resin driven by the automotive and construction industries, with companies leveraging advanced technological processes for eco-friendly and high-performance resins. Major players in this region are focused on innovation and sustainability, aligning with stringent environmental regulations. In contrast, the APAC region, led by China and India, is witnessing rapid growth in Alkyd Resin production due to rising infrastructure development and the availability of raw materials at competitive prices. Companies in APAC are expanding their production capacities to meet the increasing demand, with a significant focus on exporting to meet global needs. The EMEA region presents a mature market with steady demand, particularly for specialized Alkyd Resins in high-end applications such as marine coatings and luxury automotive finishes. European companies are at the forefront of developing bio-based alkyd resins, driven by a stringent regulatory framework focused on reducing VOC emissions and promoting sustainable products. As such, the market dynamics across the Americas, APAC, and EMEA highlight diverse strategies by companies to navigate specific regional challenges and opportunities in the Alkyd Resin industry.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Alkyd Resin Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing demand in the paints and coatings industry
• Shift toward bio-based alkyd resins across industries

Market Restraints

• Complex production methods of alkyd resins

Market Opportunities

• Advancements in the formulation and performance of alkyd resins
• Investments in the expansion of alkyd resin production

Market Challenges

• Environmental impact of high VOC alkyd resins

Market Segmentation Analysis

• Type: Expanding preference for water-borne alkyds due to their low VOC nature
• Application: Exponential use of alkyd resins in paints & coatings

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Alkyd Resin Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Alkyd Resin Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

JAT Begins Operations At Alkyd Resin Plant In Bangladesh

JAT Holdings PLC initiated its new Alkyd Resin Plant in Bangladesh, managed by its entirely owned subsidiary, Asia Coating (Private) Limited. This milestone showcases JAT's commitment to enhancing manufacturing efficiencies, product quality, and sustainability through improved backward vertical integration. The facility is specifically designed for the production of essential raw materials for various wood coatings and paint, promising to elevate the group’s margins by reinforcing control over the supply and value chains.

Krishna Resins Launches State-Of-The-Art Production Facility NPK Colorants Pvt Ltd

Krishna Resins & Pigments Pvt. Ltd., a company with years of experience in manufacturing alkyd resins, wood coatings, and more, entered a joint venture with Nippon Paint (AR Division) to establish NPK Colorants Pvt Ltd. This partnership heralds a strategic venture aimed at innovating the automotive refinish paint sector. The inauguration of their state-of-the-art production facility in Bawal, Haryana, underscores their commitment to setting new benchmarks in paint manufacturing.

Polynt Group Announces Coatings Resin Plant Opening in Canada

Polynt Group announced a significant expansion of its resin production capabilities in its steadfast pursuit to cater to the burgeoning demands of the North American Coatings Market. The enhancement of production facilities is set to amplify Polynt’s offerings in conventional alkyds and oil-modified urethanes and introduce advancements in water-based technology. This expansion underscores Polynt's unwavering dedication to bolstering its support for clientele amidst the fast-paced dynamics of the resin marketplace, affirming its position as a pivotal ally in ensuring supply resilience and innovation in the coatings sector.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Alkyd Resin Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Alkyd Resin Market, highlighting leading vendors and their innovative profiles. These include Aban Chemicals, Akzo Nobel NV, Allnex GMBH, Arakawa Chemical Industries Co. Ltd., Arkema S.A., Bansal Trading Company, BASF SE, DIC Corporation, Dow Inc., Eagle Chemicals, Eternal Materials Co.,Ltd., Evonik Industries AG, IMCD N.V., Kansai Paint Co.,Ltd, Macro Polymers Private Limited, Mancuso Chemicals Limited, Mitsui Chemicals, Inc., Platinum Resins, Polynt S.p.A., PPG Industries Inc., Spolek, Synpol Products Pvt. Ltd., Umicore N.V., Uniform Synthetics Private Limited, and Worlee Chemie GmbH.

Market Segmentation & Coverage

This research report categorizes the Alkyd Resin Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
• High-Solid Alkyds
• Solvent-Borne Alkyds
• Waterborne Alkyds
• Class
• Long Oil Alkyd Resins
• Medium Oil Alkyd Resins
• Short Oil Alkyd Resins
• Processing Method
• Fatty Acid Process
• Glyceride Process
• Application
• Adhesives
• Paints and Coatings
• Plastics
• Printing Inks
• End-Use Industry
• Automotive & Aerospace
• Building & Construction
• Consumer Goods
• Industrial
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year