Wilmington, Delaware , Aug. 09, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Alkyd Coatings Market by Technology (Solvent-borne Alkyds, Waterborne Alkyds, High-solids Alkyds and Others), Resin Type (Non-Drying Alkyd Resins, Drying Alkyd Resins and Semi-Drying Alkyd Resins), and Application (Decorative Coatings, Industrial Coatings, Automotive Coatings and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the alkyd coatings market was valued at $24.1 billion in 2023, and is estimated to reach $44.3 billion by 2032, growing at a CAGR of 7% from 2024 to 2032.
Prime determinants of growth
The global alkyd coatings market is experiencing growth due to increasing infrastructure development activities. However, fluctuations in the prices of raw materials, such as resins and solvents, can impact the production costs of alkyd coatings. This is expected to restrain the growth of the alkyd coating market. Moreover, innovations in application technology, such as sprayable formulations or coatings with self-healing properties are expected to offer remunerative opportunities for the expansion of the global alkyd coatings market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $24.1 billion |
| Market Size in 2032 | $44.3 billion |
| CAGR | 7% |
| No. of Pages in Report | 300 |
| Segments Covered | Technology, Resin Type, Application, and Region |
| Drivers |
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| Opportunities |
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| Restraint |
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The solvent-borne alkyds segment is expected to exhibit fastest growth throughout the forecast period
Solvent-borne alkyd coatings are commonly used in industrial settings, particularly for metal protection in construction, automotive, and marine industries. These coatings provide a robust barrier against corrosion, making them ideal for structures and equipment exposed to harsh environmental conditions. In the architectural sector, solvent-borne alkyd paints are favored for their smooth finish and high-gloss properties. They are often used for trim, doors, and cabinetry where a durable and aesthetically pleasing finish is desired.
The drying alkyd resin segment is expected to lead throughout the forecast period
Drying alkyd resins, a key component of alkyd coatings, undergo a chemical reaction with oxygen in the air, leading to their hardening and forming a protective film. This drying process can be classified into two main types: air-drying and baking. Air-drying alkyd resins cure at ambient temperatures, making them convenient for a variety of applications, while baking alkyd resins require elevated temperatures to cure, providing enhanced performance characteristics for specific industrial uses.
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Decorative coatings lead the alkyd coatings market
Alkyd coatings offer excellent durability, making them a preferred choice for exterior decorative applications. They provide a tough, weather-resistant finish that can withstand harsh environmental conditions such as UV exposure, moisture, and temperature fluctuations. This durability ensures that the painted surfaces maintain their appearance and protective qualities over time, reducing the need for frequent maintenance and repainting.
Asia-Pacific to maintain its dominance by 2032
Alkyd coatings, known for their durability, versatility, and cost-effectiveness, have significant usage across the Asia-Pacific region. In China, the largest market in the Asia-Pacific region, alkyd coatings are extensively used in the construction and automotive industries. Additionally, China's automotive sector, one of the largest globally, demands alkyd coatings for vehicle protection and aesthetic purposes. Japan's market for alkyd coatings is characterized by high-quality standards and advanced technologies. The country's stringent environmental regulations necessitate the use of low-VOC and environmentally friendly coatings. Alkyd coatings in Japan are primarily used in the construction, automotive, and marine industries.
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Players: -
- Akzo Nobel N.V.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- BASF SE
- Nippon Paint Holdings Co., Ltd.
- Axalta Coating Systems, LLC
- Jotun
- Kansai Paint Co., Ltd.
- Hempel (USA) , Inc.
- Tikkurila
The report provides a detailed analysis of these key players in the global alkyd coatings market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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