Modified Alkyd Resin Market Size- Industry Analysis, Size, Share, Growth, and Forecast - 2023
Market
Overview
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.
Market
Segmentation:
The
Global Modified Alkyd Resin Market Size
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.
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.
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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