Alkyd resins are widely used to manufacture protective coatings due to their advanced weathering capabilities. It is also a key ingredient for the manufacture of synthetic paints due to its versatility and low cost. Moreover, alkyd resins can be formulated with many coating polymers to enhance their application properties. Vinyl resins are often formulated with alkyd resins to improve adhesion. Owing to many such benefits, they are used as raw materials in a wide range of paint and coating applications. This is one of the key factors driving the growth of the global alkyd resin market.
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As per Technavio, the growing automotive industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Alkyd Resin Market: Growing Automotive Industry
Alkyd resins exhibit superior properties such as good initial gloss, strength, and gloss retention in harsh climatic conditions. These properties have increased the use of alkyd resins in automotive paints and coatings. With growing production volumes of automobiles across the world, the demand for alkyd resin is bound to increase significantly during the forecast period. This will have a positive impact on the growth of the alkyd resins market during the forecast period.
“Factors such as the increasing demand for waterborne coatings, and the growing demand for printing inks will have a positive impact on the growth of the alkyd resin market value during the forecast period,” says a senior analyst at Technavio.
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Alkyd Resin Market: Segmentation Analysis
This market research report segments the alkyd resin market by application (architectural, industrial, automotive and others), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the alkyd resin market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid industrialization, a growing construction industry, and the burgeoning automotive industry, especially in countries such as China, Malaysia, Indonesia, Vietnam, Japan, South Korea, and India.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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