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Pulished Date March, 2021
ID: 11293
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Alkyd Resin Market Size, Share, Trends and Growth Analysis Report – Segmented By Resin Type (Non-Drying Alkyd Resins, Drying Alkyd Resins and Semi-Drying Alkyd Resins), By Process Type( Fatty Acid Process and Glyceride Process), By Formulation Type( High-Solids Alkyds, Waterborne Alkyds, Modifying Alkyds, Solvent Borne Coatings, Powder Coatings, and Others ), By Application ( Automotive Refinishing Primers, Coil Coatings, Drum and Metal Container Coating, Electrical Insulating Enamels, Exterior Trim Paints, Maintenance Paint, Packaging, and Others ), By End-Use Industry ( Automotive Industry, Architecture Industry, Marine Industry, Food and Beverage Industry, Appliances and Others) and Region - Industry Forecast | 2021 to 2026

Pulished: March, 2021
ID: 11293
Pages: 170

Alkyd Resin Market Size, Share & Growth (2021 - 2026)

The Alkyd Resin Market size is expected to reach $ 37.56 billion by 2026, after increasing at a CAGR of 8.32% in 2021-2026. Alkyd Coatings has good compatibility with many other coating polymers, such as vinyl resins, to improve adhesion and application properties, which is why it is widely used in the architectural industry.

Alkyd resin is the oil-modified complex polyester that acts as a film-forming agent in paints and clear coatings. Alkyd resins are made by reacting dibasic acid or its anhydrides with polyols and drying oil. They are widely used to make protective coatings due to their advanced weather resistance capabilities. Additionally, alkyd resins can be formulated with many coating polymers to improve their application properties. Alkyds are compatible with most resins used in the paint industry, such as rosin, epoxy, phenolic resin, amino resin, and polyurethanes. Alkyd resin paints were among the first to be used in the construction industry. To date, they represent a preferred option for processing various materials for exterior and interior use.

The latest trend that is gaining momentum in the market is the growth of the automotive industry. The automotive industry has grown the demand for alkyd resins which are used in automotive paints and coatings.

Recent Developments in the Alkyd Resin Market:

  • In October 2019, THE LATEST ACQUISITION OF GABRIEL PERFORMANCE expanded ITS RANGE OF PRODUCTS ALKYD, Gabriel Performance Products (“Gabriel”), a leading US specialty chemicals company serving the final coatings, adhesives, and composites, announce the acquisition of a select portfolio of alkyd resins from Deltech Resin Company ("Deltech")

  • In March 2013, the metal spiral material back paints alkyd resin was released. The invention relates to an improvement of the alkyd resin for the protective coating of a spiral metallic material (back paint) and a method of preparing the same; the alkyd resin is characterized in that: the alkyd resin is formed by esterification of 28-38% by weight of coconut oleic acid or soybean oil fatty acid, 22-30% by weight of phthalic anhydride, 22-30% by weight of glycerin, 3-8% by weight of benzoic acid, 24-33% by weight of terephthalic acid, 3-8% by weight of trimethylolpropane and the usual amount of hypophosphorous acid catalyst.

  • In June 2019, DSM introduced the new water-based coating resin and launched a new direct-to-metal water-based coating resin, NeoCryl XK-117. It offers a feasible alternative to solvent-based coating automation for the construction and heavy machinery segments and contains low levels of vaporous organic compounds and low odor.

Alkyd Resin Market Drivers 

The increasing demand for alkyd resins in architectural coatings as well as for wood furniture is expected to drive the market growth. In addition, the growing demand for automotive repaints is likely to drive the market growth due to the high cost of insurance, the replacement demand of households changing their old vehicles, and the increased spending on the repainting of vehicles. Alkyd is a modern, durable, UV-resistant coating designed to be applied over the appropriate basecoat or primer. Alkyd coatings provide increased adhesion, moisture resistance, non-flammability, and corrosion prevention as they are used in certain areas of marine applications, such as ship hulls and decks, decks, steel, tanks, and timber. In addition, increasing world trade by sea, increasing maritime navigation, increasing demand for security automation systems, and increasing maritime tourism are driving the growth of the l maritime industry in recent years. Hence, owing to these advantages, the demand for alkyl coatings in the marine industry will drive market growth during the forecast period. China accounted for the majority of the construction industry in Asia-Pacific in 2020. India followed. The demand for specialty resins is expected to increase in the residential segment of the construction industry in the near future due to increasing urbanization and growing population. The increasing demand for alkyd resins in architectural coatings as well as for wood furniture is expected to drive the market growth.

Alkyd Resin Market Restraints

The development of better film-forming agents and the environmental limitations of using solvent-based coatings are limiting the growth of the market. Fluctuations in crude oil prices lead to changes in manufacturing costs of alkyd resins which have a significant impact on prices for end-users; such developments have forced market suppliers to adopt various cost-cutting measures, which will negatively affect the market. The user-friendly coating material, along with the strict government regulations related to the use of inorganic chemical compounds, is playing a fundamental role in the growth of the alkyd resins market worldwide. With growing awareness of the environment, protection prompts manufacturers to increase the solids content of the coating material to reduce the emission of solvent vapors. The increasing replacement of solvent-based acrylic resin with other water-based resin to remove solvent vapor emissions for increased safety against fire risk may slow the growth of the alkyd market globally.

Opportunities in the Alkyd Resin Market

The increase in investments in the industrial sector and the preference for special coatings are the main opportunities of the industry. The building and construction industry in India is expected to grow at a rapid pace during the forecast period, owing to increased infrastructure development and government support. In addition, the commercial and infrastructure segments of the construction industry in Indonesia, Thailand, and Singapore are expected to provide significant opportunities for the alkyd market in the coming years.

Challenges in the Alkyd Resin Market

With growing awareness of the need to protect the atmosphere, there has been a clear movement to increase the solids content of all coating products, including alkyds, to minimize solvent vapor emissions. In some cases, solvent-based coatings, including alkyds, have been effectively replaced by water-based coatings to reduce solvent vapor emissions and improve protection against organic solvents against fire hazards. Such an effort has resulted in a steadily sharp decline in the market share of alkyd resins in favor of acrylic, polyurethane, and epoxy resins. In addition, some of the products are considered to be skin irritants or sensitizers, such as phthalic anhydride, maleic anhydride, certain solvents, and some vinyl monomers.

Alkyd Resin Market Segmentation 

By Resin Type

  • Non-Drying Alkyd Resins
  • Drying Alkyd Resins 
  • Semi-Drying Alkyd Resins

Non-drying alkyd resins are widely used in the alkyd coating market. Plasticizers are additives that improve the plasticity or fluidity of a material. Good film formation is essential to meet demands for specific coating properties, such as dry film appearance, adhesion to substrate, elasticity, and toughness. 

By Process Type

  • Fatty Acid Process 
  • Glyceride Process

They are used to control the film-forming process of coatings based on the physical drying of films that form a higher quality; High-performance alkyds are developed in the fatty acid process, where the resulting resin composition can be controlled more precisely. In this process, an acid anhydride, a polyol, and an unsaturated fatty acid are mixed and cooked together until the product reaches a predetermined viscosity level. In addition, the vast majority of monobasic acids used in alkyd resins are natural long-chain fatty acids.

By Formulation Type

  • High-Solids Alkyds
  • Waterborne Alkyds
  • Modifying Alkyds
  • Solvent Borne Coatings
  • Powder Coatings 
  • Others 

High solids alkyds held the largest share of the alkyd coatings market in 2020 as growing market trends towards sustainability create the need to adopt technology without sacrificing coatings performance. High solids, solvent-free, and water-based approaches are often evaluated when looking to reduce VOCs from alkyd coatings. High solids alkyds are an option for compliance. High solids systems with slight modifications can be implemented using traditional spray equipment. Additionally, high solids alkyds can be mixed with conventional alkyds to reduce the total VOC emitted. To achieve a VOC of 250 g / L, the coating will require 72% of its volume to be composed of non-volatile compounds. To achieve a high solids content and allow good atomization with normal sprays, the resin must have a low viscosity while having all of the other technical performance properties required for each end application.

By Application

  • Automotive Refinishing Primers Coil Coatings
  • Drum 
  • Metal Container Coating
  • Electrical Insulating Enamels
  • Exterior Trim Paints
  • Maintenance Paint
  • Packaging 
  • Others

Automotive refinish primers accounted for the largest share of the alkyd coatings market in 2020. Alkyd coatings are used as a primer, basecoat, and topcoat in the automotive industry. The automotive primer acts as a bonding agent to help the paint adhere more strongly to the vehicle body. Equally important, the paint primer helps prevent rust and moisture damage to the vehicle by adding a few extra layers of protection. Alkyd coatings are used as a vehicle basecoat to create a rust inhibitor layer between the underside of the vehicle and water, ice, and road salt. Additionally, topcoats are commonly used in the automotive industry, where the topcoat is used in the painting process to both decorate and protect automobiles. Due to properties such as initial environmental barriers, chemical, water, and weather resistance, surface hardness and wear resistance, and pleasing appearance, it is estimated that the growth of the alkyd coatings market will increase during the forecast period. 

By End-Use Industry

  • Automotive Industry
  • Architecture Industry
  • Marine Industry
  • Food and Beverage Industry
  • Appliances 
  • Others

The architecture industry in the Alkyd Coatings market is anticipated to grow at a CAGR of 5.23% during the forecast period 2021-2026. With an ever-growing range of building codes supporting environmentally sustainable and energy-efficient buildings, builders and customers are increasingly turning to build strategies that deliver energy efficiency and long-term savings. Hence, the increasing demand for alkyd coatings for construction will drive the market growth during the forecast period.

By Region

  •  North America 

  •  Europe 

  •  Asia Pacific 

  •  Latin America 

  •  Middle East & Africa 

The Asia Pacific leads the global market with a 38% market share and is expected to reach $ 1,414.5 million in 2026 due to rapid urbanization and industrialization. Rising passenger car sales in China, South Korea, Japan, and India are expected to boost the global alkyd resin market. In addition, the increased importance of a digital color solution associated with renovating old paint shops is expected to drive product demand.

Europe is the second most promising region, accounting for global market shares of 30%, and is expected to grow at a CAGR of 4.04% during the forecast period. Growing environmental concerns about VOC emissions and the high use of cobalt-based dryers have led to a shift in the trend towards water-based alkyd resins. In addition, the huge automobile production base coupled with the increasing purchasing power of consumers is expected to boost the regional market.

The Middle East and Africa is the fastest-growing region and is expected to grow at a CAGR of 5.34% during the assessment period, 2021-2026. Increasing sales of luxury cars in the Middle East and Africa is likely to boost the demand for automotive refinishing, which in turn drives the market for alkyd resins.

Impact of Covid-19 on Alkyd Resin Market:

The production, as well as the extraction of the alkyd resins market, is expected to decrease virtually between 2020 and 2021 due to the impact of COVID-19 in various industries. This has severely affected the market for alkyd resins market. However, with the unlock guidelines, the market shares to fall into a substantial growth rate by the end of 2021. 

Alkyd Resin Market Key Players:

  1. Polynt SpA

  2. Nord Composites

  3. Mancuso Chemicals Limited

  4. D.S.V Chemicals Pvt Ltd.

  5. Macro Polymers

  6. BASF SE

  7. Spolchemie

  8. DowDuPont Inc.

  9. DSM, Arkema SA

  10. Cytech Solvay Group

1. Introduction                                

               1.1 Market Definition                    

               1.2 Scope of the report                

               1.3 Study Assumptions                  

               1.4 Base Currency, Base Year and Forecast Periods                         

2. Research Methodology                                          

               2.1 Analysis Design                        

               2.2 Research Phases                      

                              2.2.1 Secondary Research           

                              2.2.2 Primary Research 

                              2.2.3 Data Modelling      

                              2.2.4 Expert Validation  

               2.3 Study Timeline                         

3. Report Overview                                       

               3.1 Executive Summary                

               3.2 Key Inferencees                       

4. Market Dynamics                                     

               4.1 Impact Analysis                        

                              4.1.1 Drivers      

                              4.1.2 Restaints  

                              4.1.3 Opportunities         

               4.2 Regulatory Environment                      

               4.3 Technology Timeline & Recent Trends                           

5. Competitor Benchmarking Analysis                                   

               5.1 Key Player Benchmarking                     

                              5.1.1 Market share analysis        

                              5.1.2 Products/Service   

                              5.1.3 Regional Presence

               5.2 Mergers & Acquistion Landscape                     

               5.3 Joint Ventures & Collaborations                       

6. Market Segmentation                                            

               6.1 Alkyd Resin Market, By Resin Type                   

                              6.1.1 Non-Drying Alkyd Resins    

                              6.1.2 Drying Alkyd Resins            

                              6.1.3 Semi-Drying Alkyd Resins  

                              6.1.4 Market Size Estimations & Forecasts (2021-2026)   

                              6.1.5 Y-o-Y Growth Rate Analysis              

                              6.1.6 Market Attractiveness Index           

               6.2 Alkyd Resin Market, By Process Type                             

                              6.2.1 Fatty Acid Process               

                              6.2.2 Glyceride Process 

                              6.2.3 Market Size Estimations & Forecasts (2021-2026)   

                              6.2.4 Y-o-Y Growth Rate Analysis              

                              6.2.5 Market Attractiveness Index           

               6.3 Alkyd Resin Market, By Formulation Type                     

                              6.3.1 High-Solids Alkyds

                              6.3.2 Waterborne Alkyds             

                              6.3.3 Modifying Alkyds  

                              6.3.4 Solvent Borne Coatings      

                              6.3.5 Powder Coatings  

                              6.3.6 Others      

                              6.3.7 Market Size Estimations & Forecasts (2021-2026)   

                              6.3.8 Y-o-Y Growth Rate Analysis              

                              6.3.9 Market Attractiveness Index           

               6.4 Alkyd Resin Market, By Applciation                  

                              6.4.1 Automotive Refinishing Primers Coil Coatings          

                              6.4.2 Drum        

                              6.4.3 Metal Container Coating   

                              6.4.4 Electrical Insulating Enamels           

                              6.4.5 Exterior Trim Paints            

                              6.4.6 Maintenance Paint              

                              6.4.7 Packaging               

                              6.4.8 Others      

                              6.4.9 Market Size Estimations & Forecasts (2021-2026)   

                              6.4.10 Y-o-Y Growth Rate Analysis           

                              6.4.11 Market Attractiveness Index         

               6.5 Alkyd Resin Market, By End-Use Industry                      

                              6.5.1 Automotive Industry           

                              6.5.2 Architecture Industry          

                              6.5.3 Marine Industry    

                              6.5.4 Food and Beverage Industry            

                              6.5.5 Appliances             

                              6.5.6 Others      

                              6.5.7 Market Size Estimations & Forecasts (2021-2026)   

                              6.5.8 Y-o-Y Growth Rate Analysis              

                              6.5.9 Market Attractiveness Index           

7. Geographical Landscape                                        

               7.1 Global Identity Governance and Administration Market, by Region                   

               7.2 North America - Market Analysis (2018 - 2024)                          

                              7.2.1 By Country              

                                             7.2.1.1 USA

                                             7.2.1.2 Canada

                              7.2.2 By Resin Type        

                              7.2.3 By Process Type    

                              7.2.4 By Formulation Type          

                              7.2.5 By Applciation        

                              7.2.6 By End-Use Industry            

               7.3 Europe                        

                              7.3.1 By Country              

                                             7.3.1.1 UK

                                             7.3.1.2 France

                                             7.3.1.3 Germany

                                             7.3.1.4 Spain

                                             7.3.1.5 Italy

                                             7.3.1.6 Rest of Europe

                              7.3.2 By Resin Type        

                              7.3.3 By Process Type    

                              7.3.4 By Formulation Type          

                              7.3.5 By Applciation        

                              7.3.6 By End-Use Industry            

               7.4 Asia Pacific                 

                              7.4.1 By Country              

                                             7.4.1.1 China

                                             7.4.1.2 India

                                             7.4.1.3 Japan

                                             7.4.1.4 South Korea

                                             7.4.1.5 South East Asia

                                             7.4.1.6 Australia & NZ

                                             7.4.1.7 Rest of Asia-Pacific

                              7.4.2 By Resin Type        

                              7.4.3 By Process Type    

                              7.4.4 By Formulation Type          

                              7.4.5 By Applciation        

                              7.4.6 By End-Use Industry            

               7.5 Latin America                           

                              7.5.1 By Country              

                                             7.5.1.1 Brazil

                                             7.5.1.2 Argentina

                                             7.5.1.3 Mexico

                                             7.5.1.4 Rest of Latin America

                              7.5.2 By Resin Type        

                              7.5.3 By Process Type    

                              7.5.4 By Formulation Type          

                              7.5.5 By Applciation        

                              7.5.6 By End-Use Industry            

               7.6 Middle East and Africa                         

                              7.6.1 By Country              

                                             7.6.1.1 Middle East

                                             7.6.1.2 Africa

                              7.6.2 By Resin Type        

                              7.6.3 By Process Type    

                              7.6.4 By Formulation Type          

                              7.6.5 By Applciation        

                              7.6.6 By End-Use Industry            

8. Key Player Analysis                                   

               8.1 Polynt SpA                  

                              8.1.1 Business Description           

                              8.1.2 Products/Service   

                              8.1.3 Financials 

                              8.1.4 SWOT Analysis       

                              8.1.5 Recent Developments        

                              8.1.6 Analyst Overview  

               8.2 Nord Composites                    

               8.3 Mancuso Chemicals Limited                

               8.4 D.S.V Chemicals Pvt Ltd.                      

               8.5 Macro Polymers                      

               8.6 BASF SE                       

               8.7 Spolchemie                

               8.8 DowDuPont Inc.                      

               8.9 DSM, Arkema SA                     

               8.10 Cytech Solvay Group                           

9. Market Outlook & Investment Opportunities                                 

Appendix                                          

               List of Tables                    

               List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Alkyd Resin Market By Region, From 2021-2026 ( USD Billion )

  2. Global Alkyd Resin Market By Resin Type, From 2021-2026 ( USD Billion )

  3. Global Non-Drying Alkyd Resins Market By Region, From 2021-2026 ( USD Billion )

  4. Global Drying Alkyd Resins  Market By Region, From 2021-2026 ( USD Billion )

  5. Global Semi-Drying Alkyd Resins Market By Region, From 2021-2026 ( USD Billion )

  6. Global Alkyd Resin Market By Process Type, From 2021-2026 ( USD Billion )

  7. Global Fatty Acid Process  Market By Region, From 2021-2026 ( USD Billion )

  8. Global Glyceride Process Market By Region, From 2021-2026 ( USD Billion )

  9. Global Alkyd Resin Market By Formulation Type, From 2021-2026 ( USD Billion )

  10. Global High-Solids Alkyds Market By Region, From 2021-2026 ( USD Billion )

  11. Global Waterborne Alkyds Market By Region, From 2021-2026 ( USD Billion )

  12. Global Modifying Alkyds Market By Region, From 2021-2026 ( USD Billion )

  13. Global Solvent Borne Coatings Market By Region, From 2021-2026 ( USD Billion )

  14. Global Powder Coatings  Market By Region, From 2021-2026 ( USD Billion )

  15. Global Others  Market By Region, From 2021-2026 ( USD Billion )

  16. Global Alkyd Resin Market By Application, From 2021-2026 ( USD Billion )

  17. Global Automotive Refinishing Primers Coil Coatings Market By Region, From 2021-2026 ( USD Billion )

  18. Global Drum  Market By Region, From 2021-2026 ( USD Billion )

  19. Global Metal Container Coating Market By Region, From 2021-2026 ( USD Billion )

  20. Global Electrical Insulating Enamels Market By Region, From 2021-2026 ( USD Billion )

  21. Global Exterior Trim Paints Market By Region, From 2021-2026 ( USD Billion )

  22. Global Maintenance Paint Market By Region, From 2021-2026 ( USD Billion )

  23. Global Packaging  Market By Region, From 2021-2026 ( USD Billion )

  24. Global Others Market By Region, From 2021-2026 ( USD Billion )

  25. Global Alkyd Resin Market By End-Use Industry, From 2021-2026 ( USD Billion )

  26. Global Automotive Industry Market By Region, From 2021-2026 ( USD Billion )

  27. Global Architecture Industry Market By Region, From 2021-2026 ( USD Billion )

  28. Global Marine Industry Market By Region, From 2021-2026 ( USD Billion )

  29. Global Food and Beverage Industry Market By Region, From 2021-2026 ( USD Billion )

  30. Global Appliances  Market By Region, From 2021-2026 ( USD Billion )

  31. Global Others Market By Region, From 2021-2026 ( USD Billion )

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