Market Research Future published a Half Cooked Research Report on “Global Alkyd Resin Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
BASF SE (Germany), Arkema S.A. (France), Yuen Liang Industrial & Co., Ltd (Taiwan), Synthopol (Germany), Polynt Composites USA Inc. (U.S.), OPC Polymers (U.S.), Nuplex Industries Ltd. (U.S.), Emerald Performance Materials (U.S.), Regent (U.S.), and Brenntag Specialties, Inc. (U.S.) among others are some of the prominent players at the forefront of competition in the Global Alkyd Resin Market and are profiled in MRFR Analysis.
Alkyd Resin Market – Overview
The Global Alkyd Resin Market is expected to grow at moderate annual increment, driven by demand from application industries like printing ink, architectural coatings, furniture coatings, automotive paints, industrial coatings and others. The alkyd resin manufacturers are increasingly shifting towards Asia Pacific region in line with the shift of consumer demands in paints & coating sectors. As a result of this shift, China is the largest contributor and accounted for nearly half of the global production of alkyd resin. Significant refining and cracker capacity of the petrochemical has been added in China to address rapidly growing car fleet sales as well as the diverse needs of a growing Chinese middle class. Overall, the rate of Alkyd Resin capacity addition has been very high in Asia Pacific region while global consumption is expected to slow down, due to economic slowdown of many developing and developed countries. As a result of this, alkyd resin operating rates is expected to decline, leading to lower margins and pressure on the higher-cost producers.
The report analyses the degree of competition among the industry players as well as industry growth and market scenario in India and the world. The Global Alkyd Resin Market is at a growing stage, which represents moderate stats in terms of market value and overall volume. Over the past few years, alkyd resin market has witnessed healthy demand from end use industries such as pharmaceuticals textiles automobiles, paints, papers, soaps, detergents. Globally market for Alkyd Resin is fragmented and it is moving towards growth expansion by specifically adopting partnership, expansion and joint-venture strategies and product launch strategies.
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Industry/ Innovation/ Related News:
December 2017 – BASF and SINOPEC planned to expand the production capacity of Neopentylglycol (NPG) at the state-ofthe-art Verbund site, BASF-YPC Co., Ltd., a 50-50 joint venture in Nanjing, China. The plant was established in 2015 with an annual capacity of 40,000 metric tons. Following the expansion, the annual capacity is expected to doubled to 80,000 metric tons. The expanded capacity is expected to come on stream in 2020. NPG is a unique polyalcohol offering superior performance in many end-use applications such as powder coatings, textiles and construction due to its high chemical and thermal stability. It is mainly used as a building block in polyester resins for coatings, unsaturated polyester and alkyd resins, lubricants and plasticizers.
November 2017 – Royal DSM, a global science company active in health, nutrition and materials, announced to invest euro15 million for the expansion of its Coating Resins plant in Meppen, Germany. The facility is specialized in the production of liquid polyesters and other specialty resins. With this expansion, DSM Coating Resins reinforces its position in the can and coil coatings segment and ensures it remains fit for growth in the BPA-free market.
October 2016 – French specialty chemicals major Arkema planned to invest USD 15 million (approximately Rs 100 crore) for setting up a new polyester powder resin manufacturing facility, the first of its kind in India, on its existing resin platform in Navi Mumbai, Maharashtra. Arkema’s manufacturing site in Navi Mumbai also produces alkyd, acrylic solutions and oil-free polyester resins, as well as reactive polyamide resins. The investment in upgrading the capabilities of its Indian production facility is part of the ongoing commitment of the group to remain a leading and global supplier to the coating industry while at the same time providing customers with all of the benefits of cutting edge technology, locally manufactured with strong technical support.
Alkyd Resin Market India
Indian Alkyd Resin Market is estimated to grow with healthy growth rate of the world market. Globally, India ranks at significant level in consumption of alkyd resin. Regionally, western India has been the dominant region contributing approx. 50% to the Gross Value Added (GVA) for the Alkyd Resin sector.
Several initiatives taken by Government of India will support the growth of chemical industry in India. One of such initiative is ‘Make in India’. This initiative is expected to foster growth in Indian Alkyd Resin market by allowing duty rationalization for skill development, feedstock, improving infrastructure and tax incentives for R&D investments. Approval of the GST bill is another key reform which is expected to lower logistics cost by 10-15% and create a unified market across the country. The launch of Single Window Interface for Facilitating Trade (SWIFT) by government would help importers or exporters to file a common integrated declaration, instead of 9 forms across 6 agencies.
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The R&D investment and facility of Indian companies have been limited traditionally, but the situation is changing slowly with more and more companies looking at R&D as a key source of staying in competitive environment of Alkyd Resin market in India. The investment in R&D for Indian companies is expected to grow above 2% of the total revenue, thereby help to innovate them the product in the market. The industry is also observing increasing tie-ups with academia which will facilitate the technology applied research further.
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