Modified Alkyd Resin Market - Forecast(2023 - 2028)
Modified Alkyd Resin Market Overview
Modified alkyd resin
market size is estimated to reach US$2.7 billion by 2027 after growing at a
CAGR of 4.1% during 2022-2027. Alkyd resins can be categorized into different
types such as modified, short oil type, medium oil type, and long oil type. Alkyd
resin is thermoplastic
polyester resin produced with heating of combination of polybasic acids
or their anhydrides with polyhydric alcohols. Alkyd resin is chemically
modified with the addition of other monomers in order to offer more value and
viability for its use in numerous applications. Few of the commercially
available modified alkyd resins are acrylic modified, rosin modified, phenolic modified, and urethane modified including others. This
type of alkyd resin owns several valuable properties such as high hardness,
chemical resistance, fast drying, oil water resistance, wrinkle resistance, and
high gloss owing to which these are used in range of industrial applications.
COVID-19 Impact
Many industries
across the globe have faced several challenges due to the COVID-19 pandemic.
The industries such as building and construction, automotive, paints and
coatings, wood industry, and electrical & electronics including many others
have experienced pitfalls. Many projects in such industries have been halted
due to an interrupted supply chain and employee shortages due to quarantines. Also,
the production and demand in paint and coatings industry has declined due to an
interrupted supply chain and cessation in transportation of raw materials.
According to The British Coatings Federation (BCF), the world coating industry
shows the decline of 2.3% in terms of volume in 2020 where North and Latin
America were amongst the worst hit regions. Moreover, there was a sharp decrease in the construction
projects due to unavailability of labor. Thus, the global pause in industrial production
and distribution, the demand and consumption of modified alkyd resin has
hampered to an extent in several industries.
Report Coverage
The “Modified Alkyd Resin Market Report –
Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the
following segments of the modified alkyd resin industry.
Key Takeaways
- Asia Pacific is the leading region in the global modified alkyd resin market. This growth is mainly attributed to the increased demand for modified alkyd resin in paints and coatings industry.
- Wood coating is expected to be the significant segment owing to the surge in demand for modified alkyd resin in its production.
- Modified alkyd resin plays an important role in several industries especially in the paints and coatings, wood industry, building and construction, and marine which is expected to provide significant growth opportunity to the industry players in the global modified alkyd resin market.
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Modified Alkyd Resin Market Segment Analysis – By Type
The polyurethane
modified alkyd segment held the largest modified alkyd resin market share in
2021 with a share on over 21%. Alkyd resin is a thermoplastic polyester resins
produced with the combination of polybasic acid or anhydrides heating with
polyhydric alcohols. It is considered as the preferred material in the
manufacturing of protective coatings and significant ingredient in synthetic
paints. Polyurethane modified alkyd resin are majorly utilized to produce fast
drying coatings possessing superior abrasion resistance. These coatings further
can be further used in range of applications such as furniture sealers and
coatings, floor varnish, and pigmented coatings. These are adopted in these
applications owing to their fast air drying, good gloss, chemical resistance,
good hardness, and abrasive resistance. Thus, superior properties along with
the several applications is increasing the demand for polyurethane modified
alkyd resin, in turn, supporting the growth of global market.
Modified Alkyd Resin Market Segment Analysis – By End Use Industry
The paints and coatings segment is expected to grow at a fastest CAGR of 4.7% during the forecast period in the global modified alkyd resin market. Alkyd resin is modified with the combination of different resin in order to improve properties such as high hardness, fast air drying, chemical resistance, weather resistance, wrinkle resistance, good toughness, and superior gloss. These modified resins are extensively used for floor paint, industrial finished and primers, clear wood varnishes, decorative paints, and marine paints including many other applications. The different modified alkyd resin is used in the production of protective coating for vehicles such as bus, car, trucks, etc. Also, it is utilized in steel pipe varnish and drying paints for steel. Along with this, other paints and coatings applications of modified alkyd resin are industrial baking enamels, metal primers, traffic paint, floor enamels, and furniture finishes. Thus, the wide range of applications of modified alkyd resin in paints and coatings industry is boosting the market growth.
Modified Alkyd Resin Market Segment Analysis – By Geography
The Asia Pacific region held the largest modified alkyd resin market share in 2021 and with a share of over 34%. This growth is mainly attributed to the increase in demand for modified alkyd resin in several end use industries in this region such as building & construction, agriculture, paints and coatings, electrical & electronics, and automotive including many others. These resins are widely used in the manufacturing of enamel for agricultural tools, mirror backing paints, acid curing wood coatings, and enamels for numerous machinery applications. Modified alkyd resin extensively used in paints and coatings industry for wide range of applications such as to produce industrial primer, wood coating enamel, and other industrial coatings. Thus, the significant base of end use industries is providing ample growth opportunities to industry players operating in global modified alkyd resins market.
Modified Alkyd Resin Market Drivers
Growth of Paints and Coatings Industry
Modified alkyd resin is considered as one of the widely used raw
material in the production of paints and coatings. It can be used for the
production of industrial primers, enamels, wood coating, can coatings, and
mirror backing paint including many others which is further utilized for agriculture
tools, industrial machineries, toys, kitchen cabinets, and can coating applications.
Alkyd based paints and coatings are considered as the notable products in
protective coatings market and used as suitable material for several industrial
applications. These paints and coatings are easy to apply with spray brush and
other methods and does not require any external mixing for enhanced
performance. According to Coatings World, Asia Pacific is the leading region in
world accounting for around 46% of global coating market by value in 2019 and
has grown with a CAGR of 3.3% during the same year. Superior corrosion
resistance, moisture resistance, and low cost makes it a preferred choice in
wide range of industries. Thus, the growth in paint and coatings industry is
fueling the growth of global modified alkyd resin market.
Increase in Demand from Wood Furniture Industry
Modified
Alkyd Resin is used in numerous industries such as building and construction, automotive
and transportation, paints and coatings, agriculture, and electrical and
electronics including many others. Alkyd coatings can be suitable for metal,
concrete, and wood surfaces, Modified alkyd resin is extensively used in the
production of finishes and furniture coatings for both metal and wooden
surfaces. In wooden furniture it can be utilized for wood coloring agent, wood
basecoat, wood primer, wood finishes, clear wood finishes, and acid curing wood
coatings. It offers fast drying wood finish which can also be used on metal
surfaces and used to produce steel furniture enamels. It enables production of
superior quality clear wood varnish suitable for exterior and interior wood
applications. There is an increase in demand for furniture owing to rise in
construction activities, increase in urbanization, and surge in disposable income.
For instance, Indian Brand Equity Foundation stated that according to World
Bank Study, organized furniture industry is estimated to grow with 20% every
year which is mainly attributed to surging consumer base in Asia. Thus, the
growth in furniture industry is driving the growth of global modified alkyd
resin market.
Modified Alkyd Resin Market Challenges
Volatile Crude Oil Prices
Modified alkyd resin is manufacturing using range of materials such as polyurethane, rosin, silicone, styrene, vinyl, and epoxy ester including many others. The production and prices of these materials are largely dependent on petroleum-based sources. Thus, any change or fluctuations in the crude oil prices directly affects the prices of modified alkyd resin. For instance, according to U.S. Energy Information Administration, prices of crude oil in 2021 have increased up to $71/lb from $42/lb in 2020. Thus, volatile crude oil prices or change supply demand of the other application market may impact the prices and supply of modified alkyd resin. Thus, volatile crude oil prices directly impact the prices of raw material for modified alkyd resin which is restraining the growth of global market.
Modified Alkyd Resin Industry Outlook
Modified alkyd resin market top
10 companies include -
- Sang Won Chem Co., LTD
- Eternal Materials Co., Ltd.
- HECCKEM
- Uniform Synthetics
- DIC Corporation
- Polynt S.p.A.
- Macro Polymers
- D.S.V. Chemicals
- Arakawa Chemical Industries, Ltd.
- Synpol Products Private Limited
Recent Developments
- In March 2022, Groupe Berkem, a leading bio-based chemicals manufacturer has launched a range of 100% bio-based alkyd resins to be used in the construction paints application.
- In September 2021, DIC Corporation has launched a new global common coating resins product finder. This product finder helps the customers to identify right product from more than 300 coatings resin along with their applications, key features, and product information.
- In May 2021, PPG Industries has announced the investment of a US$13 million in its Jiading, China paints and coatings facility including eight new powder coating production lines and expanded its Powder Coatings Technology Center. This will enhance the company’s capability of research and development.
Relevant Reports
Alkyd Coatings Market -
Forecast(2022 - 2027)
Report Code: CMR 54597
Protective Coatings Market - Forecast(2022 - 2027)
Report Code: CMR 1028
Paints and Coatings Market -
Forecast(2022 - 2027)
Report Code: CMR 0227
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global Modified Alkyd Resin Market, by Type Market 2019-2024 ($M)2.Global Modified Alkyd Resin Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Modified Alkyd Resin Market, by Type Market 2019-2024 (Volume/Units)
4.Global Modified Alkyd Resin Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Modified Alkyd Resin Market, by Type Market 2019-2024 ($M)
6.North America Modified Alkyd Resin Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Modified Alkyd Resin Market, by Type Market 2019-2024 ($M)
8.South America Modified Alkyd Resin Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Modified Alkyd Resin Market, by Type Market 2019-2024 ($M)
10.Europe Modified Alkyd Resin Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Modified Alkyd Resin Market, by Type Market 2019-2024 ($M)
12.APAC Modified Alkyd Resin Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Modified Alkyd Resin Market, by Type Market 2019-2024 ($M)
14.MENA Modified Alkyd Resin Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
LIST OF FIGURES
1.US Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)2.Canada Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
10.UK Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
12.France Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
16.China Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
17.India Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Modified Alkyd Resin Industry Market Revenue, 2019-2024 ($M)
21.North America Global Modified Alkyd Resin Industry By Application
22.South America Global Modified Alkyd Resin Industry By Application
23.Europe Global Modified Alkyd Resin Industry By Application
24.APAC Global Modified Alkyd Resin Industry By Application
25.MENA Global Modified Alkyd Resin Industry By Application