Alkyd Coatings Market By Technology (Solvent-borne Alkyds, Waterborne Alkyds, High-solids Alkyds, Others) , By Resin Type (Non-Drying Alkyd Resins, Drying Alkyd Resins, Semi-Drying Alkyd Resins) By Application (Decorative Coatings, Industrial Coatings, Automotive Coatings, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
The alkyd coatings market was valued at $24.1 billion in 2023, and is projected to reach $44.3 billion by 2032, growing at a CAGR of 7% from 2024 to 2032.
Alkyd resin is an oil-modified polyester that serves as the film-forming agent in paints and coatings due to its ability to dry through oxidative generation of free radicals. Alkyd resin paints and varnishes are durable, high-quality finishes that are used in exterior coating applications to protect a surface. They play a crucial role in industrial applications as they exhibit high resistance to corrosion and environmental degradation. According to the insights from S&P Global’s Chemical Economics Handbook—Alkyd-Polyester Surface Coatings, the global consumption of alkyd coatings is estimated to grow at an average annual rate of about 3% during 2020–25. This demonstrates that despite the availability and increasing use of other coatings, alkyd surface coatings are one of the most highly consumed types of coatings across the globe.
The growth of the global alkyd coatings market is driven by expansion of the automotive industry. Superior adhesion of alkyd coatings and resistance to chipping and cracking, make them well-suited for automotive applications. The use of alkyd coatings enhances the visual appeal and structural integrity of the vehicle's exterior, which are key considerations for both owners and potential buyers. According to the European Automobile Manufacturers Association, approximately 85.4 million motor vehicles were produced globally in 2022, demonstrating 5.7% increase as compared to 2021. Moreover, rapid urban infrastructural development significantly contributes toward the growth of the global market. This is attributed to the fact that they are used as protective coatings on bridges, pipelines, and other infrastructure to protect against environmental damage and extend their lifespan. However, the production of alkyd coatings release volatile organic compounds, which is a major environmental concern and is expected to hamper the growth of the market. To overcome this concern, manufacturers are focusing on developing environmentally friendly formulations such as waterborne alkyd coatings to replace traditional solvent-borne variants, which will reduce the emission of volatile organic compounds. Such developments are expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The global alkyd coatings market is segmented into technology, resin type, application, and region. On the basis of technology, the market is divided into solvent-borne alkyds, waterborne alkyds, high-solids alkyds, and others. By resin type, it is classified into non-drying alkyd resins, drying alkyd resins, and semi-drying alkyd resins. Depending on application, it is categorized into decorative coatings, industrial coatings, automotive coatings, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of technology, the solvent-borne alkyds segment is expected to exhibit fastest growth by 2032.
By resin type, the drying alkyd resin segment is expected to lead throughout the forecast period.
Depending on application, the decorative coatings segment is anticipated to dominate the alkyd coatings market in the coming years.
Region wise, Asia-Pacific is projected to govern the market in the future.
Competition AnalysisCompetitive analysis and profiles of the major players in the global alkyd coatings market include Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, BASF SE, Nippon Paint Holdings Co., Ltd., Axalta Coating Systems, LLC, Jotun, Kansai Paint Co., Ltd., Hempel (USA), Inc., and Tikkurila. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy TechnologySolvent-borne Alkyds
Waterborne Alkyds
High-solids Alkyds
Others
By Resin TypeNon-Drying Alkyd Resins
Drying Alkyd Resins
Semi-Drying Alkyd Resins
By ApplicationDecorative Coatings
Industrial Coatings
Automotive Coatings
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Akzo Nobel N.V.
PPG Industries, Inc.
The Sherwin-Williams Company
BASF SE
Nippon Paint Holdings Co., Ltd.
Axalta Coating Systems, LLC
Jotun
Kansai Paint Co.,Ltd
Hempel (USA), Inc.
Tikkurila