Pune, India -- (SBWIRE) -- 03/28/2018 -- Synopsis of Modified Alkyd Resin Market:
Modified Alkyd Resin belongs to special class of Alkyd Resin with enhanced properties. Alkyd Resins are thermoplastic polyester resins which are manufactured by combination of polyhydric alcohols with polybasic acids and their anhydrides. Modified Alkyd Resin provide excellent properties such as superior outdoor durability, excellent adhesion, high gloss, fast drying, and excellent temperature withstand. They are widely utilized in numerous application such as wood, architectural, automotive & transportation, general industry, and others.
As per our analysis, some of the important market factors and trends identified in the Global Modified Alkyd Resin are rising construction activities, increasing automobile production and sales, and improved living standards. Moreover, expansion of wood industry in developed and developing countries is predicted to fuel the growth of the market over the forecast period, 2017 to 2023. Some other factors attributed to the growth of the market are increasing demand for architectural coatings, continuous growth of end use industries, and favorable governmental regulations. Moreover, heavy investment in construction of residential, commercial, and institutional is expected to fuel the growth of the market over the assessment period, 2017 to 2023. However, stringent regulation implemented on solvent based paints which possess high VOC content is estimated to hamper the growth of the market during the review period.
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Geographically, the Modified Alkyd Resin Market is categorized into five regions namely– Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific is estimated to grow with the fastest CAGR over the assessment period due to increasing demand from numerous applications such as automotive & transportation, architectural, and wood. The demand for modified alkyd resin is expected to surge in various countries of Asia Pacific such as India, Malaysia, China, Vietnam, and, Japan due to rising usage in automotive & transportation sector. Moreover, growing purchasing power, reasonably regulatory framework, and ease in availability of low cost raw material & labor are some other prominent factors for the regional modified alkyd resin growth of the market during the assessment period, (2017 to 2023).
Asia Pacific emerged as the largest market for the Modified Alkyd Resin followed by North America and Europe in 2016. European countries such as France, Russia, U.K, Spain, Italy, and Germany are predicted to be the prominent consumer markets on account of the developed end use industries and continuously increasing expenditure on innovation and research. Germany is expected to witness the fastest growing market due to rising demand for personal and commercial vehicles such as luxury Cars, buses, and trucks. North America is predicted to witness a significant growth in Modified Alkyd resin Market due to the strong consumer base for numerous industries along with the rising investment to revitalize construction & electronics industry over the forecast period, 2017 to 2023. U.S, Canada, and Mexico are among the prominent contributors in the Modified Alkyd Resin growth of the market and are estimated to register a significant demand for the market over the forecast period. Moreover, Mexico is estimated to exhibit fastest CAGR over the assessment period, due to substantial growth in automotive sector. U.S is estimated to dominate the regional growth of the market on account of strong demand from wood and architectural sector. Latin American countries such as Brazil, Argentina, Venezuela, Guatemala, and Colombia are expected to witness an average Modified Alkyd Resin Market growth due to the association of new business prototypes. Moreover, the Middle East & Africa is valued to witness a steady growth during the evaluation period, 2017 to 2023. Substantial investment in institutional, commercial, as well as residential sector in Israel, Qatar, Turkey, the United Arab Emirates (UAE), and Saudi Arabia are estimated to positively influence industry growth over the forecast period.
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