Alkyd resins are a complex polyester that has been modified with oil. In fact, alkyd resins are formed from the reaction of a fatty acid (oil), a polyhydric alcohol (polyol) and a polyhydric acid.
Therefore, at first these resins were known as Alcid. Alkyd resins are used in the production of protective coatings due to their good resistance to weather. Also, these resins are compatible with epoxy resins, phenolic resins, amino resins and polyurethanes that are widely used in the paint industry. For this reason, forecasts indicate the growth of the alkyd resin market in the coming years.
In 2021, the alkyd resin market was estimated at 22.8 billion dollars, and according to the report published by Verified Market Research, it is predicted that the market value of these resins will reach 38.12 billion dollars by 2028, and by 2030, it will grow at a CAGR of 7.54. % to be faced.
In this article, the analysis of the key parts of the alkyd resins market including trends, limitations and effective factors in the market of these resins has been discussed:
Global Alkyd Resins Market Trends and Restraints
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Consumption trend by application
According to the report of Verified Market Research, it is predicted that the increase in demand for alkyd resins in the construction industry and wood coating (furniture industry) will cause the growth of the market of these resins in the world. With the increase in population and as a result of the increase in construction, the need for building paints and protective coatings continues to grow. In addition, the increase in demand for car repair paints due to the high cost of cars and insurance is expected to influence the growth of the alkyd resins market.
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Consumption trends by region
Due to population growth, increased urbanization, and increased construction in developing countries, especially China and India, it is expected that the alkyd resin market in Asia and the Pacific will have the highest growth compared to other regions. In addition, the growth of chemical industries in China and India has no effect on the growth of the alkyd resin market in these regions. Sinopec, one of the largest chemical producers in China, has become a powerful entity in the world.
Alkyd resins market comparison in 2022 and 2030 by geographical region
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Limitations
Environmental restrictions related to the use of solvent-based coatings are one of the factors that can limit the growth of the alkyd resin market. Historically, alkyd-based paints have been associated with high levels of VOC (volatile organic compounds) and this has led governments to impose strict regulations on the production and use of alkyd resins.
Fluctuations in the price of crude oil also cause changes in the production costs of alkyd resins, which have a significant impact on the price of the final product. The continuation of such developments will have a negative impact on the alkyd resin market in the coming years.
Top producers of alkyd resins in the world
Among the top producers of alkyd resins in the world, the following companies can be mentioned:
- DSM
- Arkema SA
- Mancuso Chemicals Limited
- Macro Polymers
- Polynt SpA
- D.S.V Chemicals Pvt Ltd.
- DowDuPont Inc.
- Cytech Solvay Group
- BASF SE
- Spolchemie
- Nord Composites
Source:
Global Alkyd Resin Market Size By Type (Non-Drying Alkyd Resins, Drying Alkyd Resins), By Process (Fatty Acid Process, Glyceride Process), By Formulation Type (High-Solids Alkyds, Waterborne Alkyds), By Application (Metal Container Coating, Drum), By Geographic Scope And Forecast, (2022, September), Retrieved from Verified Market Research: https://www.verifiedmarketresearch.com/product/alkyd-resin-market/
