Technavio analyzes that the Alkyd Resin Market is expected to grow at a CAGR of 7.32% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9.2 billion.There are various factors that contribute to the growth of the market. Alkyd resins are renowned for their exceptional properties, making them a preferred choice in various industries. Their unique blend of toughness, flexibility, and resistance to heat, water, and chemicals sets them apart from other resins. Alkyd resins exhibit excellent adhesion and can be easily blended with a range of solvents, pigments, and additives, enhancing their versatility. These superior characteristics make alkyd resins an indispensable component in coatings, printing inks, and adhesives applications.
In the realm of industrial coatings, alkyd resins hold a significant position, particularly in architectural applications. These resins, derived from linseed oil, castor oil, soybean oil, tall oil, and other sources, serve as the backbone of various architectural coating products. These coatings, including paints, primers, lacquers, varnishes, and stains, safeguard commercial and residential buildings from environmental hazards such as moisture, UV radiation, and microbes. The adoption of alkyd resins in architectural coatings is on the rise, driven by stringent regulations in developed regions like the US, the UK, and Germany, which encourage low Volatile Organic Compound (VOC) emissions. Consumers in these regions are increasingly prioritizing sustainable remodeling practices, leading to a heightened demand for eco-friendly alkyd resins. The market for these resins encompasses a diverse range of products, from nondrying alkyds and semidrying alkyds to drying alkyds and acrylated alkyds, each catering to specific application requirements.
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Alkyd Resin Market Segmentation
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The Alkyd Resin Market encompasses Organic Polyesters, primarily Thermoplastic in nature, produced via Polycondensation. These resins are derived from Polyhydric Alcohols and Polybasic Acids, including Fatty Acids and Triglyceride Oils. Coating applications benefit from their Brightness, Color Consistency, Thermal Stability. Natural Alkyd Resins, like those derived from Palm Oleic Acid, possess unique characteristics such as Molecular Weight, Unreacted Acids, and Hydroxyl Groups. Vegetable Oils, including Linseed, Castor, Soybean, and Tall Oil, are key raw materials. Industrial Coatings incorporate various types like Nondrying Alkyd, Semidrying Alkyd, Drying Alkyd, Acrylated Alkyd, Waterborne Alkyd, and Silicon Modified Alkyd. Polyol plays a crucial role in the manufacturing process.
The Alkyd Resin market is a significant segment of the global Specialty Chemicals industry, which encompasses businesses specializing in high-value-add chemicals used in the production of various products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, the Specialty Chemicals market size is determined by the consolidated revenue of manufacturers producing high-value-add chemicals. Key growth drivers for this market include the increasing demand for specialty adhesives and sealants, with the Alkyd Resin market benefiting from the use of thermoplastic organic polyesters, derived from the reaction of polyhydric alcohols and polybasic acids, as well as fatty acids and triglyceride oils, in their production. This trend is expected to continue, driving market growth throughout the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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