The alkyd resin market share will post an incremental growth of 280.16 thousand MT, progressing at a CAGR of 3.57% during the forecast period. The superior properties of alkyd resins will offer immense growth opportunities to market vendors. The alkyd resin market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Alkyd Resin Market by Application and Geography - Forecast and Analysis 2020-2024” provides a detailed market analysis of the prevalent market forces, trends, and challenges that are likely to impact the market in focus.
The alkyd resin market is segmented by application (architectural, industrial, automotive, and others) and geography (APAC, North America, Europe, MEA, and South America).
The growth of the alkyd resin market in the architectural segment will be significant during the forecast period. Alkyd resins are used in architectural coatings that are used in commercial and residential buildings. They protect buildings from elements such as moisture, UV radiation, and microbes.
By geography, 67% of the market's growth will originate from APAC during the forecast period. The superior properties of alkyd resins will be instrumental in driving the alkyd resin market growth in APAC over the forecast period. China, Japan, and India are the key markets for alkyd resin in APAC.
The superior properties of alkyd resins will directly influence the sales of the alkyd resin. In addition, fluctuating crude oil prices are one of the major alkyd resin market trends that will positively impact market growth. However, the superior properties of alkyd resins will hamper the alkyd resin market growth.
Some of the major alkyd resin market vendors are Akzo Nobel NV, Arakawa Chemical Industries Ltd., Arkema Group, BASF SE, Eternal Materials Co. Ltd., Evonik Industries AG, Mitsui Chemicals Inc., Polynt Spa, Solvay SA, Synthomer Plc
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2020-2024.
CAGR of the alkyd resin market forecast during 2020-2024.
Market-level data on units, average selling prices, and values of the alkyd resin market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the alkyd resin market.
Alkyd Resin industry growth across APAC, North America, Europe, MEA, and South America