Global Alkyd Resin Market 2019-2023| Increasing Demand for Paints and Coatings to Boost Demand| Technavio
LONDON--(BUSINESS WIRE)--Dec 3, 2018--Technavio’s analysts forecast the global alkyd resin market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global alkyd resin market for the period 2019-2023. (Photo: Business Wire)
The growth of the automotive industry is one of the major trends being witnessed in the . The growing global automotive industry has augmented the demand for alkyd resin as they are used in automotive paints and coatings. These resins show superior properties such as good initial gloss, strength, and excellent gloss retention even during harsh climatic conditions. Increasing demand for alkyd resins through paints and coatings in the automotive industry will drive the growth of the market.
According to Technavio’s analysts, one of the key factors contributing to the growth of the global alkyd resin market is the increasing demand for paints and coatings.
Global alkyd resin market: Increasing demand for paints and coatings
Alkyd resins are polyester-based materials that are generally modified with oil or fatty acids. By using a variety of chemicals and materials, these resins can be further modified. Chemicals such as polybasic acids, polyhydric alcohols, oils, fatty acids, and modifying agents can be blended together to produce alkyds with specifically designed properties.
According to a senior analyst at Technavio for research on paints, coatings, and pigments, “Alkyd resins can greatly improve the weathering properties of protective coatings and are used to manufacture the same. Alkyd resin is one of the key raw materials used in making various synthetic paints and coatings. These resins are extremely compatible with an extensive range of coating polymers and are widely used in industrial coatings, concrete floors, and road paints.”
Global alkyd resin market: Segmentation analysis
The global alkyd resin market research report provides market segmentation by application (architectural, industrial, automotive, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The architectural segment held the largest market share in 2018, accounting for 34% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of 52%. This region is expected to dominate the market through 2023, with nearly 2% increase in its market share.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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