Global Alkyd Resin Market 2019-2023
About Alkyd Resin
Alkyd resin are polyester resins produced by heating polyhydric alcohols with polybasic acids/ anhydrides. Alkyd resins are the key ingredients used in paints and coating compositions. Alkyd resins are used as protective coatings owning to good compatibility, weathering properties, and low cost in various applications.
Technavio’s analysts forecast the global alkyd resin market to grow at a CAGR of 6.78% during the period 2019-2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global alkyd resin market for 2019-2023. To calculate the market size, the report considers the revenue generated from the use of alkyd resin in different applications
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Alkyd Resin Market 2019-2023
Technavio recognizes the following companies as the key players in the global alkyd resin market: Akzo Nobel, Arkema, BASF, Evonik Industries, PPG Industries, W. R. Grace.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing automotive industry. The automotive industry has increased demand for alkyd resin as they used in automotive paints and coatings.
According to the report, one of the major drivers for this market is the superior properties of alkyd resins. Alkyd resins ae used in manufacturing protective coatings given their good weathering properties. Major paint and coating manufacturers rely heavily on alkyd resins for use as raw materials in paint and coating application
Further, the report states that one of the major factors hindering the growth of this market is the fluctuations crude oil prices. Fluctuations in crude oil prices lead to variations in the manufacturing costs of alkyd resins to significantly impact prices for end- users such developments have compelled market vendors to adopt various cost- cutting measures, which will affect the market negatively.
W. R. Grace