Global Solvent-Based Acrylic and Alkyd Resins Market Competition and Drivers: The Market Share of top companies is Around 30%

Global Solvent-Based Acrylic and Alkyd ResinsMarket Overview

According to Global Market Monitor, the global solvent-based acrylic and alkyd resins market size will reach $8625.13 million in 2024 with a CAGR of 4.42% from 2024 to 2029.Alkyd resins are thermoplastic polyester resins made by heating polyhydric alcohols with polybasic acids or their anhydrides. They are used in making protective coatings with good weathering properties and are important ingredients in many synthetic paints due to their versatility and low cost.

Market Drivers

With increasing regulatory focus and consumers demanding products that are more sustainable and eco-friendly, the coatings industry needs to evolve and, as such, there is a search for technologies that meet these requirements without compromising cost or performance.

Containing more than 50% of natural oils and carboxylic acids from renewable plant sources, alkyd resins are a logical choice for sustainable coatings compared to other petrochemical-based resin systems. Following a period of decline, the alkyd coatings market has stabilized in recent years and is currently enjoying a period of modest growth. As a thoroughly tested technology, alkyds offer several performance benefits that make them an attractive option for coatings formulators, particularly for wood applications. This is because the drying time is long enough to let the penetration into the wood substrate take place. Low-VOC solvent-borne systems are widely available as are water-based systems whose performance is constantly improving, with the added benefit of superior environmental credentials.

Market Competition

The industry is characterized by a high degree of innovation and increasing consumer awareness of sustainable solutions, resulting in a shift in consumer preferences, and driving innovation in the market. In addition, stringent regulations have affected the demand and supply dynamics of the alkyd resin market. For example, the EU's REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) regulation, which requires comprehensive data on the safety of chemical substances, has prompted manufacturers to innovate and produce safer alkyd resin formulations.

Regional Market

The Asia Pacific region dominates, with increasing construction activity in emerging countries such as India, Japan, and South Korea and growing demand from the automotive industry expected to drive the market over the forecast period. In addition, the availability of raw materials provides great opportunities for using alkyd resin-based products in various end-use sectors.

Europe is the major market for alkyd resins. The growing demand for products in various applications such as paints and coatings, construction, electrical and electronics, etc., is driving the European market. The German market occupies the largest market share. Germany is Europe's manufacturing hub and the region's largest producer of cars. Technological advancements such as electric vehicles and autonomous vehicles are expected to fuel the growth of the country's automotive industry, which is expected to create demand for paints and coatings in the coming years.

By Type	Solvent Based Acrylic
	Alkyd Resins
By Application	Industrial Fast-Dry Enamels
	Industrial Baking Enamels
	Metal Primers
	Traffic Paint
	Drum Coatings
	Aerosol Paints and Coatings
	Clear Wood Finishes
	Industrial Wood Primers

For more industry information, please refer to our latest released "2023 Global Alkyd Resins Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".