Eco-Friendly Alkyd Resin- Description
Fatty acid and dibasic acid are known to polycondensate to create alkyds. They are also known as polyester resins treated with oil. In order to create alkyds, phthalic anhydride is typically used as a dibasic acid. The class of synthetic resins includes alkyd resins. They are also used in a wide variety of applications due to their adaptability and affordability. The class of synthetic resins includes alkyd resins. They are utilised in a variety of applications because of their affordability and adaptability.
Most of the resins used in the paint industry, including rosin, epoxy, phenolic resin, amino resin, and polyurethanes, are compatible with alkyds. Consequently, they are easily modifiable to attain particular features.
Alkyd resin-based paints were among the first to be utilised in the sector of construction. They currently stand out as the treatment of choice for a variety of materials used for both interior and external uses.
Global Eco-Friendly Alkyd Resin Market- Overview
The Global Eco-Friendly Alkyd Resin Market is expected to grow at a considerable rate in 2030, with a growing CAGR of 3% over 2022-2030.
The rise in the level of living is one of the main factors anticipated to propel the growth of the alkyd resin market during the forecast period. Additionally, it is projected that rising consumer disposable income would further fuel the market for alkyd resin.
Additionally, it is predicted that urbanisation will slow the market's expansion for alkyd resin. On the other hand, the timeline period's expected growth of the alkyd resin market is further predicted to be hampered by the rise in crude oil prices.
The rising need for automobile repaints will also likely present prospects for the alkyd resin market to expand over the next few years. However, in the near future, the market expansion for alkyd resin may be further hampered by the user-friendly coating material and the rigorous restrictions.
Global Eco-Friendly Alkyd Resin Market- Key trends
Building and construction activity growth will propel the market for alkyd resins
One of the industries in Asia Pacific that is increasing quickly is building and construction. The region's construction industry is primarily driven by an improvement in living standards, an increase in consumer disposable income, and an expansion in urbanisation. To satisfy the quality criteria of the building and construction industry, speciality resins must be used in adhesives, sealants, and coatings (architectural, ornamental, and protective).
Rising consumer preference for environment-friendly coating material along with stringent government regulations will drive the market growth
Global demand for alkyd resin is growing significantly due to rising consumer preference for environmentally friendly coating materials and strict regulatory regulations regarding the usage of inorganic chemical compounds. Manufacturers are increasing the solid content in the coating material to prevent solvent vapour emission as environmental protection is becoming a more important concern. Alkyd resin market growth may be constrained by the increasing substitution of solvent-based acrylic resin with another aqueous resin in order to reduce solvent vapour emission for safety against fire dangers.
Global Eco-Friendly Alkyd Resin Market- Segmental assessment
By form
Sheets and films
Rods and tubes
Fibres
Tapes
Others
By end-use industry
Automotive
Aerospace and defence
Medical
Chemical
Electronics
Others
Global Eco-Friendly Alkyd Resin Market- Geographical landscape
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Asia-Pacific is projected to capture a substantial revenue share over 2022-2030. The expansion of urbanisation and the rise in population will also contribute to the region's alkyd resin market's expansion over the course of the forecast year.
Global Eco-Friendly Alkyd Resin Market- Competitive landscape
The prominent companies defining the competitive terrain of this marketplace are Polynt, Akzo Nobel NV, Arakawa Chemical Industries Ltd., Arkema Group, BASF SE, Eternal Materials Co. Ltd., and Evonik Industries AG.
Report scope
Global Eco-Friendly Alkyd Resin Market: Historical Years- 2018-2021
Global Eco-Friendly Alkyd Resin Market: Forecast Years- 2022-2030
Global Eco-Friendly Alkyd Resin Market CAGR- 3%
Key segments covered-
1) By form (Long Oil Alkyd (LOA) Containing 56% Fatty Acids, Medium Oil Alkyd (MOA) Containing 46-55% Fatty Acids, Short Oil Alkyd (SOA) Containing Less Than 35-45% Fatty Acids, and others).
2) By end-user industry (online sales, offline sales, and others).
Major regions and countries reported-
1) North America (U.S., Canada, and Mexico)
2) South America (Brazil, Argentina, and Colombia)
3) Europe (Germany, U.K., France, Italy, Spain, and Russia)
4) Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
5) Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
Top players profiled- Polynt, Akzo Nobel NV, Arakawa Chemical Industries Ltd., Arkema Group, BASF SE, Eternal Materials Co. Ltd., and Evonik Industries AG.
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