The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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Global Alkyd Coatings Market: Introduction
Alkyd coatings are a type of polyester made by heating polyhydric alcohol with polybasic acids or their anhydrides. Alkyd coatings are one of the significantly consumed coatings across the globe, due to low cost, versatility, and prominence among end users. Further, alkyd coatings use oxygen in the air to complete a reaction that changes the coating from wet-flowing to durable and hard. An alkyd coating is a very good choice for industrial and low-end automotive applications. Additionally, alkyd coatings are less expensive than urethanes. Good gloss and color retention, corrosion resistance, and outstanding long-term flexibility are cited advantages of alkyd coatings. Alkyd coatings are used extensively in architectural, industrial, and special purpose coatings. In terms of technology type, the solvent-borne alkyd coatings segment continues to dominate the alkyd coatings market. Subsequently, the aim of the study is to analyze the most recent trends and dynamics in the global alkyd coatings market.
Global Alkyd Coatings Market: Dynamics
The demand for alkyd coatings mainly relies on the macroeconomic environment, and is fueled by industrial production. After a meager growth in the oil and gas sector in the past few years, a slight rebound is expected in the coming years, against the backdrop of economic expansions. Subsequently, healthy growth in the demand for alkyd coatings is anticipated. Furthermore, increasing industrial maintenance activities are assessed to bolster the demand for alkyd coatings. In a longer-term outlook, autonomous driving technology, new safety systems in the automobiles, and the prevalence of ride-sharing will likely pose a threat to the alkyd coatings market. Constantly changing VOC regulations also impact the global alkyd coatings market.
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Moreover, the demand for alkyd coatings in marine seems to be subdued in recent years with the decline in shipbuilding activity. Across the globe, producers of alkyd coatings continue to develop new and improved systems for waterborne and high-solid formulations, to meet increasingly stringent air pollution regulations. In addition, consolidation continues to be a prominent trend in the alkyd coatings market.
Global Alkyd Coatings Market: Segments
The global alkyd coatings market can be segmented on the basis of technology, application, end-use industry, and region.
On the basis of technology, the global alkyd coatings market can be segmented as:
- High Solids (SB)
On the basis of application, the global alkyd coatings market can be segmented as:
- Automotive Refinish
- Traffic Paints
- Metal and Wood Furniture
- Electrical Insulation
- Metal Furniture
- Machinery and Other Industrial Applications
On the basis of end-use industry, the global alkyd coatings market can be segmented as:
- Automotive & Transportation
- Building & Construction
- Electric and Electronics
- Oil and Gas
Global Alkyd Coatings Market: Regional Outlook
Germany outpaces other countries in Western Europe in terms of alkyd coating production and consumption, as a consequence of a well-established automotive industry. Further, Italy and France also spearhead the rest of Western European countries in terms of alkyd coating production. China, being a prominent consumer, is expected to remain at the forefront in the global alkyd coatings market. A growing automotive industry fueled by an advent of electric vehicles in South East Asia & Pacific will proliferate new opportunities in the alkyd coatings market. Furthermore, a positive outlook for the construction industry in India is foreseen to augment the sales of alkyd coatings. In Latin America, the imports of alkyd coatings are mostly observed due to limited manufacturing capabilities. Political uncertainty in Latin America impedes the demand for automobiles, and thereby, hinders the growth of the alkyd coatings market. In a nutshell, the global outlook for alkyd coatings looks promising. However, North America and Europe are expected to witness slow growth in the alkyd coatings market.
Global Alkyd Coatings Market: Key Participants
List of some of the prominent market participants in the global alkyd coatings market discerned across the value chain include:
- Sherwin-Williams Company
- PPG Industries, Inc.
- Akzo Nobel N.V.
- BASF Coatings
- US Coatings
- Benjamin Moore & Co.
- Jotun Group
- Valspar Inc.
- Kansai Paint Co., Ltd.
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