Modified Alkyd Resin Market Overview
Modified Alkyd Resin Market is projected to reach approximately 2030 at a CAGR of over 3%.
The continuous growth witnessed in the packaging industry, coupled with rapid urbanization and industrialization are some of the primary growth stimulants of the Modified Alkyd Resin Industry Surging middle-class population and rising demand for packaging products are likely to trigger the demand for packaging material like containers and cans, thereby propelling the growth of the market globally. The increased sales of luxury and high-end vehicles and several electronics products are expected to influence the market growth in the foreseeable future. Moreover, the rising demand for paints and coatings across the globe will encourage the market growth in the years to come.
On the contrary, strict mandates imposed on solvent-based paints with high VOC content will vitiate the market growth in the years to come.
Modified alkyd resins are generally alkyd, which comprises resin with exceptional high-performance material attributes. They are a type of thermoset polyesters, generally produced through polycondensation reaction between an acid and alcohol. This type of alkyd possesses superior properties like high weather durability, excellent resistance to water, high gloss, heat resistance, and resistance to stain, thus making them ideal for applications like general industry, wood, automotive & transportation, architectural, and others.
Global Modified Alkyd Resin Market: Segmental Analysis
The modified alkyd resin market has been segmented on the basis of type and application.
By type, the modified alkyd resin market is segmented into silicone, acrylic, vinyl, polyurethane, and others. Of these, silicone modified alkyd resin is highly preferable as it offers superior heat resistance and durability against extreme weather conditions. They are extensively used as a binder for several substrates like cement and metal, which impacts the market growth positively in the segment. They are also largely used as a coating for chimneys and exterior masonry work due to high heat resistant properties. On the other hand, polyurethane modified alkyd resin will register a healthy CAGR as it is widely used in the automotive & transportation and wood sectors.
The application segment comprises wood, automotive & transportation, general industry, architectural, and others. Of these, the architectural segment commands the largest market share owing to rising building and construction activities globally. The automotive and transportation sector will register the highest CAGR due to rising automotive sales and production.
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The top players operating in the modified alkyd resin market include The Dow Chemical Company (U.S.), BASF SE (Germany), Wacker Chemie AG (Germany), Polynt (Italy), Mitsui Chemicals Inc. (Japan), PPG INDUSTRIES, INC (U.S.), Solvay S.A. (Belgium), Royal Tencate N.V. (the Netherlands), Synpol Products Private Ltd. (India), Deltech Corporation (U.S.), Henkel AG & Co., Arakawa Chemical Industries,Ltd (India), Eternal Materials Co.,Ltd. (China), KGaA (Germany), and others.
Geographically, the modified alkyd resin market spans across Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific is predicted to expand at the fastest CAGR, mainly due to the soaring demand from several applications like architectural, automotive & transportation, and wood. The demand for the product is estimated to rise in several nations of the APAC like Malaysia, India, Vietnam, China, and Japan, owing to the increased use in the automotive and transportation sector. Factors such as the easy availability of low-cost labor & raw materials, surging purchasing power, and reasonably regulatory framework are likely to offer the market a thrust.
Countries in Europe like Russia, France, Spain, the U.K., and Germany are likely to emerge as prominent consumer markets due to the presence of developed end use industries and constantly rising expenditure on research and innovation. In this region, Germany is likely to expand at the fastest rate owing to the surging demand for commercial and personal vehicles like buses, luxury cars, and trucks.
North America will witness significant growth in the modified alkyd resin market, mainly due to the presence of strong consumer base and increased investment to revitalize electronics and construction industry. Countries like Mexico, the U.S., and Canada are considered prominent contributors to the regional market. Mexico will register the fastest CAGR owing to substantial growth in the automotive industry. On the other hand, the U.S. will dominate the regional market due to extensive demand from the architectural and wood sectors.
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