Asia-Pacific Alkyd Resin Market, By Resin Type (Non-Drying Alkyd Resin, Drying Alkyd Resin, and Semi-Drying Alkyd Resin), Process Type (Fatty Acid Process and Glyceride Process), Class (Long Alkyd Resin, Medium Alkyd Resin, and Short Alkyd Resin), Formulation Type (Modifying Alkyds, Waterborne Alkyds, Solvent Borne Coatings, High-Solids Alkyds, Powder Coatings, and Others), Application (Building & Construction, Automotive OEM Coatings, Electrical Equipment, Furniture & Decor, Metal Coatings, Automotive Refinish Coatings, Coil Coatings, and Packaging), End Use Industry (Construction & Architecture Industry, Automotive Industry, Electronics Industry, Aerospace Industry, Marine Industry, and Others) - Industry Trends and Forecast to 2030.
Asia-Pacific Alkyd Resin Market Analysis and Size
Asia-Pacific alkyd resin market is being driven by the growing consumption in the paint and coating industry is an important driver for the Global alkyd resin market. Moreover, High-quality properties and compatibility of alkyd resin with a wide range of polymers is expected to boost the market growth. However, fluctuating prices of raw materials lead to change in the manufacturing cost of alkyd resins is expected to pose a challenge to market growth which may restrain the market growth.
Data Bridge Market Research analyses that the Asia-Pacific alkyd resin market is expected to reach the value of USD 2,268.22 million by 2030, at a CAGR of 4.4% during the forecast period.
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Report Metric |
Details |
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Forecast Period |
2023 to 2030 |
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Base Year |
2022 |
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Historic Years |
2021 (Customizable to 2015 - 2020) |
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Quantitative Units |
Revenue in USD Million |
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Segments Covered |
Resin Type (Non-Drying Alkyd Resin, Drying Alkyd Resin, and Semi-Drying Alkyd Resin), Process Type (Fatty Acid Process and Glyceride Process), Class (Long Alkyd Resin, Medium Alkyd Resin, and Short Alkyd Resin), Formulation Type (Modifying Alkyds, Waterborne Alkyds, Solvent Borne Coatings, High-Solids Alkyds, Powder Coatings, and Others), Application (Building & Construction, Automotive OEM Coatings, Electrical Equipment, Furniture & Decor, Metal Coatings, Automotive Refinish Coatings, Coil Coatings, and Packaging), End Use Industry (Construction & Architecture Industry, Automotive Industry, Electronics Industry, Aerospace Industry, Marine Industry, and Others) |
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Countries Covered |
Asia-Pacific (Japan, China, South Korea, India, Australia, Singapore, Thailand, Taiwan, Hong kong, New Zealand, Malaysia, Indonesia, Philippines, and Rest of Asia Pacific) |
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Market Players Covered |
OPC polymers, Covestro AG, Uniform Synthetics, Synthopol, Arkema, BASF SE, Allnex GMBH, D.S.V Chemcials Pvt Ltd, Ratnaka Resins Pvt. Ltd., Hempel A/S, Neo-Pack Plast, POLYNT SPA, Krishna Resins & Pigments Pvt. Ltd., Arakawa Chemical Industries, Ltd., MACRO POLYMERS, Nord Composites Italia SRL, Girdhari Chemicals & Resins, Eternal Materials Co., Ltd., US Polymers-Accurez, LLC, Spolek pro chemickou a hutní výrobu, akciová společnost, and Mancuso Chemicals Limited among others |
Market Definition
Alkyd resin is a synthetic resin made by a condensation reaction between a polyhydric alcohol and dibasic acid. Alkyd resins are thermoplastic polyester resins which are polyhydric alcohols heated with polybasic acids or their anhydrides to create alkyd resins. Due to their adaptability and affordability, they are utilized to create weather-resistant protective coatings and are crucial components in many synthetic paints.
Asia-Pacific Alkyd Resin Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:
Drivers
- Rising Demand in the Paint and Coating Industry
The paint and coating industry is currently seeing a significant increase in demand for alkyd resin. This increased attention can be associated with alkyd resin's notable characteristics, versatility, and the most abundant category of synthetic resins, which makes it a preferred choice for various industrial applications. Alkyd resin is an oil-modified polyester, which is used as a film-forming agent in certain paints and clear coatings These resins exhibit compatibility with a broad range of other resins used in the paint industry, including amino resin, phenolic, rosin, resin, and polyurethanes, facilitating convenient modifications to achieve desired properties. Furthermore, modified alkyd resin-based varnishes and enamels find utility in painting cars, airplanes, railroads, and agricultural machinery, while the composition of alkyd resins blended with urea-formaldehyde and melamine-formaldehyde. Resins produce enamels that are suitable for painting automobiles, bicycles, and various equipment. Due to high application, continued research and development carried out by researchers and manufacturers is expected to boost the market growth
- Growing Disposable Income and Lifestyle of Consumers
As consumer lifestyles improve, there is a growing emphasis on quality and durability. Alkyd resin-based coatings are known for their excellent adhesion, durability, and resistance to wear and tear. Consumers with higher disposable income are more likely to choose for a long-lasting coating that requires less frequent maintenance. The demand for alkyd resin-based coating increased as consumers seek products that align with their desired lifestyle. With higher disposable income, consumers are more likely to invest in premium and specialty coatings for specific applications. Alkyd resins can be formulated to meet specific requirements such as heat resistance, chemical resistance, and low VOC content. Consumers who prioritize specialized properties are willing to pay a premium for coatings that offer enhanced performance and contribute to the demand for alkyd resin-based specialty coatings.
- High-Quality Properties And Compatibility of the Alkyd Resin With A Wide Range of Polymers
Alkyd resins are highly versatile and cost-effective components used in the manufacturing of synthetic paints. One of the key advantages of alkyd resins is their compatibility with other coating polymers. They can be combined with vinyl resins, such as copolymers of vinyl chloride and vinyl acetate, containing hydroxyl groups, to improve application properties and adhesion, particularly in marine top-coat paints. Alkyd resins can be blended with acrylic resins, epoxy resins, polyurethane resins, and other coating polymers to achieve desired characteristics and meet specific application requirements. By combining alkyd resins with these polymers, manufacturers can modify the properties of the finished coatings, including gloss, hardness, chemical resistance, weather ability, and drying time.
- Growing Urbanization in the Developing Countries
Growing urbanization and industrialization has led to the growth of the economies. Urbanization frequently results in an increase in construction activity, including the development of residential properties, commercial and industrial buildings, and infrastructure projects. These projects require paints and varnishes that use alkyd resin as their binder. The building and construction sector relies on specialty resins to meet stringent quality standards in applications such as adhesives, sealants, and coatings (architectural, decorative, and protective). These resins exhibit exceptional characteristics, including high-temperature resistance and excellent chemical resistance. As a result, a significant volume of these resins is expected to use in upcoming infrastructure projects and the construction of residential and non-residential buildings.
Restraints
- Growing Awareness of the Harmful Impact of Alkyd Resins
Alkyd resins have been used as binders for paints since the 1930s. Their compatibility with many polymers and the extremely wide formulating latitude made them suitable for the production of a broad range of coating materials. The primary concern with the organic solvents used to formulate the product, various solvents are used in alkyd coatings including mineral spirits, toluene, xylene, and petroleum distillates. The evaporation of these solvents in both alkyd resin production and end use drying processes introduced significant environmental concerns. Conventional solvent based alkyd coatings have gone out of favor due to concerns over volatile organic compound (VOCs). The emission of potentially harmful VOCs has increased the number of health problems such as asthma, allergies, and other breathing problems and the environmental concerns associated with the global warming.
- Availability of Substitutes
The availability of alternatives to alkyd resins can hamper the growth of the global alkyd resin market. Moreover, the instability price of the raw materials will also negatively impact the market growth as consumers move towards the use of other resins in various applications such as paints, insulating enamels, and automotive among others.
Challenges
- The Fluctuating Price of Raw Material Leads to Changes in the Manufacturing Cost of Alkyd Resins
Volatile and unstable prices of raw materials have widespread implications for manufacturing organizations. From the rising energy costs to unexpected fluctuations in raw material costs, obstacles are destabilizing supply chains making it difficult for manufacturers to either absorb additional costs, or find new ways to mitigate the expenses. The Russia’s Invasion of Ukraine has disrupted oil industry which led to skyrocketing oil prices. Russia is one of the biggest producers of oil and natural gas. The price of crude oil was also inflated even before the war due to higher demand for fuel by the recovery of the global economies from the COVID-19 pandemic and low investment in the oil and gas industry. The high fluctuating raw material costs and ineffective price management can damage the company’s profitability factor. Such fluctuations in crude oil prices can negatively impact alkyd resin prices and their applications, moreover, the fluctuation in crude oil prices leads to variations in the manufacturing costs of alkyd resin to significantly impact prices for end-users.
Opportunities
- Growing Demand for Sustainable Coating in the Market
Consumers are becoming more conscious about products that impact the environment. They favor environmentally friendly products that reduce environmental damage and support sustainable lifestyles. As a result, there is a demand for coatings and paints developed with environmentally friendly alkyd resins. Sustainability is becoming a core principle that many businesses are adopting and incorporating into their business strategies. Through all of their supply chains, they strive to minimize the environmental effect, promote sustainable sourcing, and reduce carbon footprint. As sustainability becomes a more prominent factor in purchasing decisions, businesses are recognizing the market demand for eco-friendly products. Offering sustainable alkyd resin-based coatings and paints products provides a competitive advantage by meeting customer expectations.
- The Continuous Product Launches By Companies Boost Market Growth
A product launch strategy involves research, testing, and actions from different departments to ensure that the customers buy a product. The market players in alkyd resin manufacturing are constantly working towards new product launches in the market. The launch of new alkyd resin products helps to satisfy the preference of different consumers in the market. Launch strategies help in product launches, market understanding, trends analysis, and many more beneficial accepts which help the industry experts to expand. An important part of the launch plan is validating the product and its benefit quickly. Manufacturers consistently create new product launches which helps the company to grow, continuous collaborations between companies, strategic alliances, funding, and company expansion boost the company's growth globally which will ultimately boost the market growth.
Recent Developments
- In May, 2023 Polynt Group announced the expansion of resin production capacity to serve the North American Coatings Market and to meet the growing needs of the paints and coatings industry. This investment will help the company to expand its capacity in conventional alkyds, oil modified urethanes, and water based technologies.
- In May, 2023 Hempel A/S was recognized as a supplier engagement leader by CDP for environmental action across its supply chain. Hempel is recognized with an A score in CDP’s 2022 Supplier Engagement Rating (SER). This will help the company to improve its brand recognition and meet its sustainability goals in the market.
Asia-Pacific Alkyd Resin Market Scope
Asia-Pacific alkyd resin market is categorized into six notable segment, by resin type, process type, class, formulation type, application, and end use industry. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Resin Type
- Non-drying alkyd resin
- Drying alkyd resin
- Semi-drying alkyd resin
On the basis of resin type, the Asia-Pacific alkyd resin market is segmented into non-drying alkyd resin, drying alkyd resin, and semi-drying alkyd resin.
Process Type
- Fatty Acid Process
- Glyceride Process
On the basis of Process type, the Asia-Pacific alkyd resin market is segmented into fatty acid process and glyceride process.
Class
- Long Alkyd Resin
- Medium Alkyd Resin
- Short Alkyd Resin
On the basis of class, the Asia-Pacific alkyd resin market is segmented into long alkyd resin, medium alkyd resin, and short alkyd resin.
Formulation Type
- High-Solid Alkyds
- Waterborne Alkyds
- Modifying Alkyds
- Solvent Borne Coatings
- Powder Coatings
- Others
On the basis of formulation type, the Asia-Pacific alkyd resin market is segmented into high-solid alkyd, waterborne alkyds, modifying alkyds, solvent borne coatings, powder coatings, and others.
Application
- Building & Construction
- Automotive 0em Coatings
- Electrical Equipment
- Furniture & Decor
- Metal Coatings
- Automotive Refinish Coatings
- Coil Coatings
- Packaging
On the basis of application, the Asia-Pacific alkyd resin market is segmented into building & construction, automotive 0em coatings, electrical equipment, furniture & décor, metal coatings, automotive refinish coatings, coil coatings, and packaging.
End Use Industry
- Construction & Architecture Industry
- Automotive Industry
- Electronics Industry
- Aerospace Industry
- Marine Industry
- Others
On the basis of end use industry, the Asia-Pacific alkyd resin market is segmented into construction & architecture industry, automotive industry, electronics industry, aerospace industry, marine industry, and others.
Asia-Pacific Alkyd Resin Market Regional Analysis/Insights
Asia-Pacific alkyd resin market is categorized into six notable segment, by resin type, process type, class, formulation type, application, and end use industry.
The countries covered in the Asia-Pacific alkyd resin market report are Asia-Pacific (Japan, China, South Korea, India, Australia, Singapore, Thailand, Taiwan, Hong kong, New Zealand, Malaysia, Indonesia, Philippines, and Rest of Asia Pacific).
China is expected to dominate the Asia-Pacific alkyd resin market due to large production, easy availability of products, and increase in customer base.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Alkyd Resin Market Share Analysis
The Asia-Pacific Alkyd Resin Market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies focus on the Global alkyd resin market.
Some of the major players operating in the Asia-Pacific alkyd resin market are OPC polymers, Covestro AG, Uniform Synthetics, Synthopol, Arkema, BASF SE, Allnex GMBH, D.S.V Chemcials Pvt Ltd, Ratnaka Resins Pvt. Ltd., Hempel A/S, Neo-Pack Plast, POLYNT SPA, Krishna Resins & Pigments Pvt. Ltd., Arakawa Chemical Industries, Ltd., MACRO POLYMERS, Nord Composites Italia SRL, Girdhari Chemicals & Resins, Eternal Materials Co., Ltd., US Polymers-Accurez, LLC, Spolek pro chemickou a hutní výrobu, akciová společnost, and Mancuso Chemicals Limited among others.
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