June 18, 2024
Phenoxy Resins Market

Phenoxy Resins Market Is Estimated To Witness High Growth Owing To Growing Demand From Paint & Coatings Industry

The phenoxy resins market has been gaining momentum over the past few decades, owing to the growing demand from paints and coatings applications. Phenoxy resins are widely used as a binder in solvent-borne paints and coatings owing to their excellent adhesion properties, flexibility, toughness, and weather resistance. They provide an excellent combination of chemical and solvent resistance along with heat resistance to coatings. The growing paints and coatings industry around the world is one of the major demand drivers for phenoxy resins.

The Global phenoxy resins market is estimated to be valued at US$ 1.71 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.


Key Takeaways

Key players operating in the phenoxy resins are VeriChip Corporation (a subsidiary of PositiveID Corporation), Biohax International AB, Dangerous Things LLC, Three Square Market, Kaspersky Lab, McAfee Corp., Symantec Corporation, ARM Holdings plc (a subsidiary of SoftBank Group Corp.), NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., BioTeq Limited, Chip In S.A., Tyco International Ltd. (a subsidiary of Johnson Controls International plc), Xerox Corporation. Key players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.

The key opportunities in the Phenoxy Resins Market Trends include rising demand from application industries like aerospace, transportation, wood industry, etc. and increasing R&D for the development of bio-based phenoxy resins.

The global phenoxy resins market is expanding owing to rising demand from countries like China, India, Brazil, among others. Major players are investing in these emerging markets to tap the growth opportunities.

Market Drivers

The growing demand from the paints and coatings industry is one of the major drivers for the phenoxy resins market. Phenoxy resins are used extensively in solvent-borne paints and coatings owing to their excellent adhesion and weather resistance properties. The rising demand for paints and coatings from various end-use industries like construction, automotive, aerospace, etc. is expected to propel the phenoxy resins market during the forecast period.

PEST ANALYSIS

Political: Phenoxy resins market is regulated by environmental agencies to ensure safe production and disposal of these resins as they contain hazardous chemicals. The regulations promote adoption of green production techniques.

Economic: The phenoxy resins market is impacted by cyclical demands from end-use industries like coatings, adhesives and plastics. Demand fluctuates with economic growth trends in these sectors.

Social: There is increasing demand for eco-friendly phenoxy resins from industries to meet sustainability goals. Producers are investing in developing bio-based and recyclable variants to satisfy socially conscious consumers.

Technological: Advancements in polymer chemistry aid development of modified phenoxy resin variants with superior properties like heat and chemical resistance. New production technologies help minimize environmental footprint.

Around 45% of the global phenoxy resins market value is concentrated in Asia Pacific due to presence of large production bases and end-use manufacturing industries in China, India, Japan and Southeast Asian nations. The region is also a major exporter.

North America region is poised to witness the fastest growth during the forecast period owing to rising use of phenoxy resins in wood coatings, industrial and automotive coatings industries in the US and Canada. Strict environmental norms are propelling manufacturers to introduce bio-based and low-VOC phenoxy resin products in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.