The Paint and Coatings Industry is Currently Seeing a Significant Increase in Demand for Alkyd Resin which is Expected to Drive the Growth of the Global Alkyd Resin Market

Alkyd resins are thermoplastic polyester resins which are polyhydric alcohols heated with polybasic acids or their anhydrides to create alkyd resins. Due to their adaptability and affordability, they are utilized to create weather-resistant protective coatings and are crucial components in many synthetic paints. Typically, they are created through the poly-condensation of alcohol (polyol) and a dicarboxylic acid or its anhydride. For instance, glycerol and phthalic anhydride react to create polyester glyptal. Alkyd resins are also utilized to provide surface coatings for transformers and electrical insulators. These coatings protect the components mechanically, withstand heat, and offer electrical insulation, ensuring the components' secure and dependable operation. Alkyd resins' adaptability extends to how well they work with other resins, colors, and additives. This feature enables formulators to modify the characteristics of alkyd-based products to suit certain needs.

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Data Bridge Market Research analyses that the Global Alkyd Resin Market is expected to grow at a CAGR of 4.1% in the forecast period of 2023 to 2030 and is expected to reach USD 5,341.71 million by 2030. Growing demand for sustainable coating is expected to create new opportunities for the global alkyd resin market to grow in the upcoming years.  

Key Findings of the Study

High-Quality Properties and Compatibility of the Alkyd Resin With a Wide Range of Polymers is expected to Drive the Market

Alkyd resins are highly versatile and cost-effective components used in the manufacturing of synthetic paints. One of the key advantages of alkyd resins is their compatibility with other coating polymers. They can be combined with vinyl resins, such as copolymers of vinyl chloride and vinyl acetate, containing hydroxyl groups, to improve application properties and adhesion, particularly in marine top-coat paints. Alkyd resins can be blended with acrylic resins, epoxy resins, polyurethane resins, and other coating polymers to achieve desired characteristics and meet specific application requirements. By combining alkyd resins with these polymers, manufacturers can modify the properties of the finished coatings, including gloss, hardness, chemical resistance, weather ability, and drying time.

For instance,

• In August 2020, an article published in PubMed Central focuses on the synthesis, characterization, and properties of a rapidly drying short oil length chain-stopped alkyd resin. Specifically, the study examines the utilization of gum resins a modifier in the alkyd resin (RA-GR), along with the preparation of a benzoic acid modified resin (RA-BA). Comparative analysis between the two modified resins revealed that the gum resin and modified resin (RA-GR) displayed notable advantages in paint applications. It exhibited superior adhesion to metal surfaces and demonstrated shorter drying times without compromising the gloss levels
• In May 2019, THE CREBONIT GROUP launched the CREBOKYD Monocoat KE83 E product which is specifically formulated for use in the industrial sector, catering to applications that require fast drying times and a high level of gloss. This product combines the proven short oil alkyd resin with specialized acrylic resins. This product has an exceptional high gloss finish (> 95% gloss in the 60° V), minimal haze (< 20), and a scratch-resistant surface, all while maintaining the renowned fast drying properties

Hence, the compatibility of alkyd resins with other polymers allows for the creation of versatile and high-performance coatings. By formulating coatings with the right combination of polymers, manufacturers can achieve a balance of properties that result in durable and protective coatings for various applications in the building and construction, automotive, marine, and industrial sectors, which is ultimately expected to boost the global alkyd resin market.

Report Scope and Market Segmentation

Segment Analysis:

The global alkyd resin market is segmented into six notable segments based on resin type, process type, class, formulation type, application, and end use industry. 

• On the basis of resin type, the global alkyd resin market is segmented into non-drying alkyd resin, drying alkyd resin, and semi-drying alkyd resin. In 2023, the non-drying alkyd resin segment is expected to dominate the global alkyd resin market with a 36.30% market share.

In 2023, the non-drying alkyd resin segment is expected to dominate the global alkyd resin market

In 2023, the non-drying alkyd resin segment is expected to dominate the global alkyd resin market due to its higher demand in the alkyd resin industries.    

• On the basis of process type, the global alkyd resin market is segmented into the fatty acid process and glyceride process. In 2023, the fatty acid process segment is expected to dominate the global alkyd resin market with a 56.17% market share.

In 2023, the fatty acid process segment is expected to dominate the global alkyd resin market

In 2023, the fatty acid process segment is expected to dominate the global alkyd resin market due to this is the most suitable and preferred process according to the manufacturers.

• On the basis of class, the global alkyd resin market is segmented into long alkyd resin, medium alkyd resin, and short alkyd resin. In 2023, the long alkyd resin segment is expected to dominate the global alkyd resin market with a 40.74% market share.
• On the basis of formulation type, the global alkyd resin market is segmented into high-solid alkyds, waterborne alkyds, modifying alkyds, solvent borne coatings, powder coatings, and others. In 2023, the modifying alkyds segment is expected to dominate the global alkyd resin market with a 30.28% market share.
• On the basis of application, the global alkyd resin market is segmented into building & construction, automotive OEM coatings, electrical equipment, furniture & décor, metal coatings, automotive refinish coatings, coil coatings, and packaging. In 2023, the building & construction segment is expected to dominate the global alkyd resin market with a 31.93% market share.
• On the basis of end use industry, the global alkyd resin market is segmented into the construction & architecture industry, automotive industry, electronics industry, aerospace industry, marine industry, and others. In 2023, the construction & architecture industry segment is expected to dominate the global alkyd resin market with a 44.63% market share.

Major Players

Data Bridge Market Research recognizes the following companies as the major market players in global alkyd resin market are OPC polymers (Ohio, U.S.), Covestro AG (Leverkusen, Germany), Uniform Synthetics (Gujarat, India), Synthopol (Buxtehude, Germany), Arkema (Pennsylvania, U.S.), BASF SE (Ludwigshafen, Germany), Allnex GMBH (Ludwigshafen, Germany), D.S.V Chemcials Pvt Ltd (Maharashtra, India), Ratnaka Resins Pvt. Ltd. (Kolkata, India), Hempel A/S (Kongens Lyngby, Denmark), Neo-Pack Plast (Gujarat, India), POLYNT SPA (Scanzorosciate, Italy), Krishna Resins & Pigments Pvt. Ltd.( New Delhi, India), Arakawa Chemical Industries,Ltd.,(Osaka, Japan) MACRO POLYMERS (Gujarat, India), Nord Composites Italia SRL (Gorizia, Italy), Girdhari Chemicals & Resins Pvt.Ltd (West Bengal, India), Eternal Materials Co.,Ltd. (Taiwan, Japan), US Polymers-Accurez, LLC, Spolek pro chemickou a hutní výrobu, akciová společnost (Usti nad Labem, Czech Republic), and Mancuso Chemicals Limited (Niagara Falls, Canada) among others.

Recent Developments

• In May 2023, Hempel was recognized as a supplier engagement leader by CDP for environmental action across its supply chain. Hempel is recognized with an A score in CDP’s 2022 Supplier Engagement Rating (SER). This will help the company to improve its brand recognition and meet its sustainability goals in the market.
• In May 2023, Polynt Group announced the expansion of resin production capacity to serve the North American Coatings Market and to meet the growing needs of the paints and coatings industry. This investment will help the company to expand its capacity in conventional alkyds, oil modified urethanes, and water based technologies.
• In March 2023, Synthopol launched Synthalat QWK5915, which is an emulsion of a short oil alkyd and be used in a versatile way for water-based coating formulations, sole binder in combination with other aqueous resins mainly in industrial coatings but also decorative systems. This will help the company to scale up its revenue and expansion of their product portfolio.
• In April 2022, at the 2022 American Coatings Show (ACS), which took place on April 5-7 in Indianapolis, Indiana, Arkema displayed a variety of coating materials for waterborne, high solids, UV/EB, and powder formulations in booth #1130. The company will address continuing activities focusing on sustainability, legal compliance, improved performance, new uses, and much more while introducing a number of new products. This has helped the company to gain more consumer base.
• In April 2021, Covestro completed the acquisition of the resins and functional materials business from the Dutch company Royal DSM. This acquisition will expand Covestro’s portfolio of sustainable coatings resins and will also add around EUR 1 billion in revenues.

Regional Analysis

Geographically, the countries covered in the global alkyd resin market are North America (U.S., Canada, and Mexico). Europe (Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Norway, Denmark, Finland, Switzerland, and Rest of Europe), Asia-Pacific (Japan, China, South Korea, India, Australia, Singapore, Thailand, Taiwan, Hong kong, New Zealand, Malaysia, Indonesia, Philippines, and Rest of Asia Pacific), Middle East and Africa (South Africa, Oman, Kuwait, Qatar, Bahrain, United Arab Emirates, Egypt, Saudi Arabia, Israel, and Rest of Middle East and Africa), South America (Brazil, Argentina, Rest of South America).

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant and fastest growing region in the global alkyd resin market during the forecast period 2023-2030

In 2023, the Asia-Pacific is expected to dominate the global alkyd resin market due to the presence of a large number of operating major players in the region and the increase in initiatives such as acquisitions, collaborations, and product launch by manufacturers to distribute their products efficiently to the consumer.

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