Over the years Alkyd Resins have been seen using prominently by coating industry as protecting coatings and growing progressively. Due to their versatile nature, they are used increasingly favored in the coatings applications, as they employ a significant amount of renewable raw material and play a crucial role in the coating industry. In addition to this, the demand of this market is encouraged by low-cost associated with Alkyd Resins. Increasing global industrial output has created growth opportunities for industrial applications of alkyd resins. Specifically, China would be the major country providing growth prospects since it emerges as the industrial manufacturing hub.
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Competitive Analysis:
Some of the prominent players operating in the Alkyd Resins market are Polynt SpA (Italy), Nord Composites (UK), Isımsan Ltd. Şti. (Turkey) , Mancuso Chemicals Limited (Canada), D.S.V Chemicals Pvt Ltd (India), Macro Polymers (India), Shanghai Xin Hua uhan (China), IGM Resins (U.S.), Spolchemie (Czech Republic), Deltech Resins (U.S.) among others.
Market Segmentation:
The Global Alkyd Resins Market is segmented on the basis of Type, End-Use Industry, and Region. On the basis of the Type, the market is classified as oil-based alkyd resins, modified alkyd resins, water reducible alkyd resins, and others. Oil-based Alkyd Reins are the key stakeholders in this market and are further sub-segmented into short oil, medium oil, and long oil alkyd resins. Availability of a range of oil in alkyd resins itself has led to its larger adoption in pants and coating applications and growing their demand. Long oil alkyd resins majorly preferred as it decreases the hardness of film in the coating. As the oil length of the resin increases, generally the viscosity decreases, hence, the hardness of the film decreases, film flexibility increases and water resistance is reduced which collectively led to increased adoption of long oil Alkyd Resins. Modified alkyd reins is another potential segment growing at healthy CAGR and likely to provide growth opportunities in the coming years due to its frequently modified nature, in order to produce specific performance properties and finished film characteristics. Modified Alkyd Resins are further classified into vinyl toluene, silicone, and others.
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Furthermore, based on End-Use Industries, the Global Alkyd Resins Market has been segmented into building & construction, automotive, furniture, industrial and others. Among all building & construction industry emerged as a global leader and has acquired largest market share as of 2016. In this industry, alkyd resins are used in protective costing and in decorative walls. Growing governmental initiative in Asia Pacific regions and increasing foreign investment in this region for commercial construction activities have played the key role in this market. Besides this, addressable growth in population coupled with consistent growth in residential construction activities has led to growing demand for Alkyd Resins. Following building & construction industry, the automotive industry is another prominent consumer of Alkyd Resins and it is anticipated to progress in terms of global share. Increasing automotive production driven by economic development across the developing economies is anticipated to drive global demand.
Regional Analysis:
The Asia Pacific is expected to be the largest market of Alkyd Resins followed by Europe and North America on account of industrial expansion, economic growth along with increasing governmental initiatives. Emerging countries of the Asia Pacific such as China, India, Thailand, Japan, and South Korea are the fastest growing Alkyd Resins Market. Specifically, India, China, and Japan are the major economies and are likely to grow significantly in the coming years. Major industry’s expansion including building & construction and automotive have developed demand for alkyd resins and set trend for increased consumption. Moreover, growing governmental initiatives, specifically, in India is regarding new construction projects fueling the demand. Furthermore, South Korea along with Indonesia is expected to be the important economies for Alkyd Resins Markets in the coming years due to growing industrialization and increased consumption of Alkyd Resins in the various industrial applications.
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