Phenoxy resins are used in applications such as coatings, inks, adhesives, plastics and laminates owing to their excellent heat and chemical resistance properties. They provide advantages like good adhesion to various substrates, glossy finishes, resistance to solvents and acids.
The Global Phenoxy Resins Market Size 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid industrialization drives demand for phenoxy resins
The phenomenal growth of industries such as construction, automotive and aerospace has propelled demand for phenoxy resins. They find wide usage in surface coatings, industrial paints and printing inks employed in these sectors. Phenoxy resins provide durable, scratch and chemical resistant coatings ideal for applications involving exposure to harsh environmental conditions. The construction industry in particular consumes significant amounts of phenoxy resin based coatings and adhesives for manufacturing prefabricated structures, machinery, fixtures and infrastructure. Rapid industrialization of developing nations is expected to remain a major driver of the global phenoxy resins market over the forecast period.
Strength: Phenoxy resins have excellent temperature and chemical resistance properties making them suitable for various industrial applications. They provide good electrical insulation and bonding strength.
Weakness: High costs of production and raw materials associated with phenoxy resins. Environmental regulations pertaining to emission of VOCs during production.
Opportunity: Growing demand for coatings, adhesives and inks from construction and automotive industries where phenoxy resins are used. Increasing R&D into bio-based phenoxy resins to reduce dependency on fossil-fuel based feedstock.
Threats: Availability of alternative resins such as epoxy and polyester resins offering similar properties at competitive prices. Stringent environmental norms restricting phthalate-based phenoxy resin production.
The global phenoxy resins market is expected to witness high growth over the forecast period of 2024 to 2031. 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 2024-2031.
The Asia Pacific region accounts for the largest share in the global phenoxy resins market due to high production of coatings, adhesives and inks in China, India, Japan and other Asian countries. China is the largest producer and consumer of phenoxy resins globally. Growing construction and automotive industries in the region are driving increased consumption of phenoxy resin based products.
Key players operating in the phenoxy resins market are VeriChip Corporation, Biohax International AB, Dangerous Things LLC, Three Square Market, Kaspersky Lab, McAfee Corp., Symantec Corporation, ARM Holdings plc, NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., BioTeq Limited, Chip In S.A., Tyco International Ltd., Xerox Corporation. These companies are focused on expanding their production capacities and developing new bio-based resin varieties using renewable feedstock.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it