Global Alkyd Resin Market 2019-2023 | 3% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 18, 2019--
The global alkyd resin market is expected to post a CAGR of more than 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global alkyd resin market 2019-2023. (Graphic: Business Wire)
Alkyd resins are widely used to manufacture protective coatings due to its advanced weathering capabilities. It is also a key ingredient for the manufacturing 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 affect market growth over 2019-2023.
Global 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.
“Increasing demand for waterborne coatings and printing inks will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Alkyd Resin Market: Segmentation Analysis
This market report segments the global alkyd resin market by application (architectural, industrial, automotive, and others) and geography (the Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to factors such as rapid industrialization and the growth of the construction and automobile industries in countries such as China, Malaysia, Indonesia, Vietnam, Japan, South Korea, and India.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 12/18/2019 07:30 AM/DISC: 12/18/2019 07:30 AM