Global Modified Alkyd Resin Market Is Expected To Reach Revenue Of USD 4.4 Bn By 2033, At 2.9% CAGR: Dimension Market Research.

New York, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Overview

The Global Modified Alkyd Resin market is projected to reach USD 3.4 billion in 2024 which is further anticipated to reach USD 4.4 billion by 2033 at a CAGR of 2.9%.

The global modified alkyd resin market has been in the spotlight due to the high demand for paint and coating applications supported by the strength and adhesive qualities of alkyd resins. Medium oil alkyd resins dominate the trends for balancing cost performance balance, while the water-based formulation is forwarding growth by addressing environmental concerns issues.

Key players like BASF SE and PPG Industries practice eco-friendly innovation. Although facing many challenges, such as the volatility of raw material prices and competition from other alternative resins, versatile applications cause the market to grow extensively. North America dominated owing to strong adherence to environmental factors, high value-based applications, and strategic developments in shaping the market dynamics.

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The US Modified Alkyd Resin Market

The US Modified Alkyd Resin Market with an estimated value of USD 1.1 billion in 2024 is projected to increase at a compound annual growth rate of 2.7% until reaching USD 1.4 billion by 2033.

The United States is an active participant in the global marketplace and leverages its advanced infrastructure and innovation-driven strategies. The market dominance held by paints and coatings within the segment may be traced to the increasing demand from industries such as construction and automotive for durability with appealing surface qualities. Strict environmental regulations are driving the low-VOC and water-based resin-type adoptions. Key players like BASF SE and PPG Industries are focusing on R&D to achieve the goals of sustainability, while strong supply chains and close coordination between manufacturers and end users continue to drive market growth.

Important Insights

• The global modified alkyd resin market is valued at USD 3.4 billion in 2024, projected to reach USD 4.4 billion by 2033.
• The U.S. market holds USD 1.1 billion in 2024, forecasted to grow to USD 1.4 billion by 2033, reflecting a 2.7% CAGR.
• North America dominates the global market with a projected 38.2% market share in 2024, driven by regulatory and industrial advancements.
• Oil-modified alkyd resins lead the segment, commanding a 34.5% share by 2024, owing to performance-cost advantages in industrial applications.
• Paints and coatings dominate the application segment, holding a 40.0% market share by 2024, driven by high durability and aesthetics demand.
• Leading companies include BASF SE, Akzo Nobel N.V., PPG Industries, Arkema Group, Dow Inc., Asian Paints, Allnex Group, and Evonik Industries.
• The market exhibits a steady CAGR of 2.9% during the forecast period, fueled by sustainability trends and innovation.

Latest Trends

• Shift Towards Eco-Friendly Resins: The development of bio-based alkyd resins is a trend that recently has been on the rise, since concerns for the environment and regulatory standards have been on the increase and, consequently, the need to enhance the sustainability of coatings.
• Water-Based Alkyd Resins: The growing adoption of water-based formulations is changing the market dynamics as it provide low-VOC, eco-friendly solutions with no compromise on performance.

Modified Alkyd Resin Market: Competitive Landscape

• The global modified alkyd resin market is highly competitive, comprising several key players like BASF SE, PPG Industries, and Akzo Nobel N.V., which focus on sustainable and high-performance product innovations. Additionally, BASF SE has been focusing on low VOC bio-based resins, while PPG Industries has been developing niche products for automotive and industrial markets. Similarly, Akzo Nobel boasts a diversified portfolio of businesses with a global supply chain network.
• The emerging players in Asia-Pacific, such as Kansai Paint Co., Ltd., position themselves to benefit from this regional growth by offering lower-cost yet innovative products targeted at regional demand. The strategic partnership, technology, and digitalization enhance the efficiency of the supply chain, optimizing production and therefore defining the competitive advantage in this industry.

Some of the prominent market players:

• BASF SE
• Akzo Nobel N.V.
• PPG Industries, Inc.
• Arkema Group
• Royal Tencate N.V.
• Dow Inc.
• Asian Paints Ltd.
• Allnex Group
• Evonik Industries AG
• Sherwin-Williams Company
• Valspar Corporation
• Nuplex Industries
• Berger Paints India Limited
• Other Key Players

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Modified Alkyd Resin Market Scope

Market Analysis

Oil-modified alkyd resin is expected to continue leading the market share with 34.5% by 2024, due to the versatility, durability, and adaptability of alkyd resins in most industries.

These resins would be excellent in paints and coatings, automotive, construction, and marine industries-offering effective adhesion and resistance from the weather in harsh atmospheric conditions. Their medium oil formulations strike an ideal balance between cost and performance, commanding their indispensable place in architectural and industrial coatings.

Besides that, compatibility with pigments and additives allows for tailor-made solutions for specialized applications, such as automotive finishes and marine paints. On top of all these advantages, a shift to more eco-friendly products positioned these bio-based oil-modified alkyds as truly sustainable, high-performance options.

Modified Alkyd Resin Market Segmentation

By Type

• Oil-Modified Alkyd Resin
• Long Oil Alkyds
• Medium Oil Alkyds
• Short Oil Alkyds
• Silicone-modified alkyd Resin
• Urethane-Modified Alkyd Resin
• Epoxy-Modified Alkyd Resin
• Acrylic-Modified Alkyd Resins

By Technology

• Conventional Technology
• Advanced Coating Technology

By Application

• Paints and Coatings
• Decorative Coatings
• Industrial Coatings
• Adhesives and Sealants
• Printing Inks
• Other Application

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Growth Drivers

• Rising Demand in Construction: Growing construction in Asia-Pacific boosts the demand for modified alkyd resins in architectural coatings, and as such, drives overall growth in the market.
• Automotive Industry Expansion: The automotive industry continues to focus on durable and aesthetically superior coatings, driving the growth trajectory of the market.

Restraints

• Advancements in Resin Technology: Ongoing innovation in resin formulations creates several opportunities for high-performance products, catering to niche applications and driving market growth.
• Emerging Markets: New and unexploited opportunities are arising for modified alkyd resins in the construction and industrial coating segments due to rapid industrialization and urbanization of the emerging markets.

Growth Opportunities

• Advancements in Resin Technology: Ongoing innovations in resin formulations create opportunities for high-performance products to cater to niche applications, thereby driving market growth.
• Emerging Markets: There is still a lot of potential for modified alkyd resins in fast industrialization and urbanization in emerging economies, mainly in building and construction and industrial coatings.

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Regional Analysis

North America is expected to capture the major share in the global modified alkyd resin market with 38.2% by 2024, owing to the presence of advanced industrial infrastructure, strict regulatory frameworks, and a focus on innovation. Major manufacturers, such as BASF SE and PPG Industries, have their headquarters in the region and are using their market position and history of innovation.

The implementation of stringent VOC regulations accelerated the move toward bio-based, eco-friendly resins. The leading role of North America as a research hub ensures that the region is continuously developing resin formulation. High demand from building and automotive industries underlines the focus of the region on durable, aesthetic, and environmentally resistant coatings.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments in the Modified Alkyd Resin Market

• March 2024: BASF SE launched ultra-low VOC-modified alkyd resins for industrial coatings, targeting sustainability and compliance in Europe and North America.
• January 2024: AkzoNobel N.V. announced expanded alkyd resin production in China and India, addressing Asia's increasing demand for decorative paints.
• December 2023: Sherwin-Williams introduced bio-based alkyd resins in Europe, catering to customer preferences for environmentally friendly coating solutions.
• December 2023: BASF SE launched bio-based modified alkyd resins, aligning with the industry's growing focus on sustainable coatings.
• August 2023: Arakawa Chemical Industries expanded Asia-Pacific production facilities, enhancing supply chain efficiency and meeting increased regional demand for modified alkyd resins.
• August 2023: PPG Industries partnered with a specialty chemical provider to develop improved alkyd resin formulations for weather-resistant industrial coatings.
• April 2023: Arkema unveiled waterborne alkyd resins, balancing performance and environmental standards for architectural and automotive applications.

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