The alkyd coating global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Alkyd Coating Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The alkyd coating market size has grown strongly in recent years. It will grow from $23.34 billion in 2023 to $25.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to widespread industrialization, increased infrastructure development, demand for durable and cost-effective finishes, and growth in residential and commercial construction.
The alkyd coating market size is expected to see strong growth in the next few years. It will grow to $34.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to rising demand for durable finishes, growing awareness of the environment, increasing industrial applications, rising urbanization, and regulatory changes favoring low-VOC formulations. Major trends in the forecast period are adoption of eco-friendly formulations, advancements in waterborne technology, development of multifunctional coatings, self-cleaning technology, and smart coating technologies.
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Scope Of Alkyd Coating Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Alkyd Coating Market Overview
Market Drivers –
The growing automotive industry is expected to propel the growth of the alkyd coating market going forward. The automotive industry refers to the sector involved in designing, manufacturing, and selling motor vehicles, including cars, trucks, motorcycles, and their components and parts. The rising demand for the automotive industry is driven by economic growth, which boosts vehicle affordability, and technological advancements, such as electric and autonomous vehicles, which attract more consumers. Alkyd coatings benefit automotive applications due to their durability, flexibility, and excellent resistance to weathering and wear. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based main lobbying and standards group of the automobile industry, in 2022, global motor vehicle production reached 85.4 million units, marking a 5.7% rise from the previous year. Therefore, the growing automotive industry is driving the growth of the alkyd coating market.
Market Trends –
Major companies operating in the alkyd coating market are focusing on developing innovative solutions, such as biobased waterborne alkyd coating, to enhance sustainability and reduce environmental impact. Biobased waterborne alkyd coatings are eco-friendly paints made from renewable natural resources mixed with water, reducing VOC emissions and promoting sustainability. For instance, in January 2024, Worlée Chemie GmbH, a Germany-based provider of chemical raw materials, collaborated with Baril Coatings, a US-based producer of high-performance industrial coatings, to demonstrate the first biobased industrial coating, a high-performance, waterborne alkyd coating that incorporates bioMPA (3-methyl phthalic anhydride) to replace the fossil-based ingredient phthalic anhydride. By replacing traditional coatings with biobased alternatives, the project aims to enhance environmental sustainability. The partners are committed to further developing this technology and exploring its potential applications across various industries, signaling a promising shift towards greener solutions in coating materials.
The alkyd coating market covered in this report is segmented –
1) By Type: Non Drying, Drying, Semi Drying
2) By Process Type: Fatty Acid Process, Glyceride Process
3) By Formulation Type: High Solids Alkyds, Waterborne Alkyds, Modifying Alkyds, Solvent Borne Coatings, Powder Coatings, Other Formulation Types
4) By Application: Decorative Coatings, Industrial Coatings, Automotive Coatings, Other Applications
5) By End Use Industry: Automotive Industry, Architecture Industry, Marine Industry, Food And Beverage Industry, Appliances, Other End Use Industries
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Regional Insights –
Asia-Pacific was the largest region in the alkyd coating market in 2023. The regions covered in the alkyd coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the alkyd coating market are The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paints Co Ltd., DIC Corporation, Axalta Coating Systems, Asian Paints, Jotun A/S, Hempel A/S, Benjamin Moore, Teknos Group., Chugoku Marine Paints Ltd., Safic-Alcan, Specialized Coating Systems, SpecialChem, Thomas Industrial Coatings, ArchiExpo, American Coatings Association, Aexcel Corporation, Angel Coating Pvt, Biorizon, Coatings World, G and C Coatings & Industrial Services, Goa Paints, Protek Paint Ltd
Table of Contents
1. Executive Summary
2. Alkyd Coating Market Report Structure
3. Alkyd Coating Market Trends And Strategies
4. Alkyd Coating Market – Macro Economic Scenario
5. Global Alkyd Coating Market Size and Growth
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32. Global Alkyd Coating Market Competitive Benchmarking
33. Global Alkyd Coating Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Alkyd Coating Market
35. Alkyd Coating Market Future Outlook and Potential Analysis
36. Appendix
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