Modified Alkyd Resin are Alkyd containing resin with exceptional high performance material characteristics. Alkyd Resin are a kind of thermoset polyesters produced through polycondensation reaction between an alcohol and an acid (or an anhydride). They exhibit superior properties such as excellent resistance to water, high weather durability, heat resistance, very high gloss, and resistance to stain which make them suitable for various application such as wood, general industry, architectural, automotive & transportation, and others.
Some of the prominent factors that positively influence the growth of Modified Alkyd Resin Market are rapid urbanization, continuous growth of packaging sector, and increasing industrialization. Rising middle class population coupled with growing demand for packaging products are expected to propel the demand for packaging material such as cans and containers, which in turn, fuel the growth of market. Moreover, increasing sales of high end vehicles and various electronics products are predicted to fuel the growth of the market over the assessment period, 2017 to 2023.
Key Players:
The major players operating in the Global Modified Alkyd Resin Market are BASF SE (Germany), The Dow Chemical Company (U.S.), Polynt (Italy), Wacker Chemie AG (Germany), PPG INDUSTRIES, INC (U.S.), Mitsui Chemicals Inc. (Japan), Royal Tencate N.V. (the Netherlands), Solvay S.A. (Belgium), Deltech Corporation (U.S.), Synpol Products Private Ltd. (India), Arakawa Chemical Industries,Ltd (India), Henkel AG & Co., KGaA (Germany), Eternal Materials Co.,Ltd. (China), and others.
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Market Segmentation:
The Global Modified Alkyd Resin Market is segmented into types, application, and regions. On the basis of type, the market is classified into acrylic, silicone, polyurethane, vinyl, and others. Silicone modified alkyd resin offer superior heat resistance and extreme weather durability, they are widely used as a binder for various kind of substrates such as metal and cement. Additionally, they are widely utilized as a coating for chimneys and exterior masonry work owing to their high heat resistance. Polyurethane modified alkyd resin are expected to grow with the healthy CAGR on account of wide utilization in wood, automotive & transportation sector. On the basis of application, the market is categorized into automotive & transportation, wood, architectural, general industry, and others. Among these segment, architectural application hold the largest market share followed by automotive & transportation due to increasing building & construction activities across the globe. Automotive & transportation sector is predicted to exhibit highest CAGR on account of growing automotive production and sales. Furthermore, growing general industries such as chemical, steel, and fertilizer along with the increasing application on architectural, equipment, and tools is expected to raise the consumption of modified alkyd resin in upcoming years.
Regional Analysis:
Regionally, Modified Alkyd Resin Market is segmented into five regions namely– North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among all the regions, Asia Pacific dominates the market and accounted for around 34% of the overall market share in 2016, and is estimated to grow significantly during the assessment period. Asia Pacific market is trailed by North America, which is followed by Europe. In Asia Pacific, countries such as India and China are estimated to be the dominant region on account of increased sales of high-end vehicles, and electrical & electronics appliances, and further predicted to drive the growth of market over the forecast period. Furthermore, the market for Modified Alkyd Resin in the Middle Eastern and Latin American countries are estimated to grow due to rising demand for automotive and woodworking sector. European and North American countries are expected to see moderate growth due to growing packaging sector, increasing demand from heavy and light duty vehicles, and rising exploration activities.
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