Alkyd Resins Market

The global alkyd resins market is expected to experience growth in both volume and value from 2022 to 2030, with consumption forecasted to increase at a CAGR of +1.5% and market value expected to rise at a CAGR of +3.5%. Consumption peaked in 2018, but remained relatively flat from 2019 to 2022. Major consuming countries include China, the United States, and Germany. Production levels mirrored consumption trends, with slight declines in 2022. Import and export statistics show fluctuations in trade volumes and prices across different countries. Overall, the market is projected to see gradual growth in the coming years.

Market Forecast

Driven by increasing demand for alkyd resins in primary forms worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 3.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $7.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Alkyd Resins In Primary Forms

Global alkyd resins consumption dropped to 2.9M tons in 2022, reducing by -1.7% on the previous year's figure. Overall, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the consumption volume increased by 3.7%. Global consumption peaked at 3.1M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global alkyd resins market revenue reduced slightly to $6B in 2022, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the market value increased by 7.7% against the previous year. Global consumption peaked at $6.5B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (645K tons), the United States (372K tons) and Germany (308K tons), together comprising 45% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Germany (with a CAGR of +4.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.2B), the United States ($1.1B) and Japan ($495M) were the countries with the highest levels of market value in 2022, with a combined 47% share of the global market. India, Germany, Brazil, Mexico, South Korea, Indonesia and Saudi Arabia lagged somewhat behind, together comprising a further 20%.

Among the main consuming countries, Germany, with a CAGR of +2.1%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of alkyd resins per capita consumption was registered in Germany (3,712 kg per 1000 persons), followed by Saudi Arabia (1,238 kg per 1000 persons), the United States (1,110 kg per 1000 persons) and Japan (968 kg per 1000 persons), while the world average per capita consumption of alkyd resins was estimated at 371 kg per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the alkyd resins per capita consumption in Germany totaled +4.4%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Saudi Arabia (+1.5% per year) and the United States (-0.7% per year).

Production

World Production of Alkyd Resins In Primary Forms

Global alkyd resins production declined slightly to 2.9M tons in 2022, which is down by -2.2% against 2021. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 3.8%. Global production peaked at 3.1M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, alkyd resins production reduced slightly to $5.9B in 2022 estimated in export price. In general, production continues to indicate a slight slump. The growth pace was the most rapid in 2021 with an increase of 12%. Over the period under review, global production reached the peak level at $7.2B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (646K tons), the United States (359K tons) and Germany (325K tons), together accounting for 46% of global production.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +4.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Alkyd Resins In Primary Forms

In 2022, approx. 444K tons of alkyd resins in primary forms were imported worldwide; reducing by -10% on the year before. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 7.1%. Over the period under review, global imports hit record highs at 512K tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, alkyd resins imports rose remarkably to $1.1B in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 27%. Over the period under review, global imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports By Country

The United States (34K tons), Vietnam (30K tons), Germany (24K tons), France (19K tons), the Netherlands (15K tons), Russia (13K tons), Spain (13K tons), the UK (13K tons), Canada (12K tons), Belgium (12K tons), Iraq (10K tons) and Myanmar (10K tons) represented roughly 46% of total imports in 2022. Malaysia (7.3K tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Iraq (with a CAGR of +31.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($110M), Vietnam ($80M) and Germany ($71M) appeared to be the countries with the highest levels of imports in 2022, with a combined 25% share of global imports. France, Canada, the Netherlands, Spain, the UK, Belgium, Russia, Malaysia, Myanmar and Iraq lagged somewhat behind, together comprising a further 28%.

Among the main importing countries, Iraq, with a CAGR of +22.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average alkyd resins import price stood at $2,396 per ton in 2022, jumping by 17% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 19% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($3,988 per ton), while Iraq ($856 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+4.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Alkyd Resins In Primary Forms

In 2022, global alkyd resins exports shrank to 435K tons, falling by -12.6% on the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 8.3%. As a result, the exports attained the peak of 498K tons, and then declined in the following year.

In value terms, alkyd resins exports fell to $1.1B in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 38%. As a result, the exports attained the peak of $1.1B, and then shrank in the following year.

Exports By Country

Germany (40K tons), the Netherlands (33K tons), Belarus (30K tons), Italy (23K tons), the United Arab Emirates (22K tons), the United States (20K tons), Turkey (20K tons), Malaysia (20K tons), Thailand (16K tons), Egypt (14K tons), Taiwan (Chinese) (13K tons) and Belgium (13K tons) represented roughly 61% of total exports in 2022. The Dominican Republic (13K tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +10.2%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($127M), the United States ($99M) and the Netherlands ($89M) constituted the countries with the highest levels of exports in 2022, with a combined 29% share of global exports. Italy, Turkey, Egypt, the United Arab Emirates, Malaysia, Belgium, the Dominican Republic, Taiwan (Chinese), Thailand and Belarus lagged somewhat behind, together accounting for a further 35%.

The United Arab Emirates, with a CAGR of +11.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average alkyd resins export price stood at $2,497 per ton in 2022, picking up by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 28%. The global export price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($4,890 per ton), while Belarus ($890 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform