The Phenoxy Resins Market is primarily driven by growing demand from paints and coatings industry where phenoxy resins are used as binders and additives for their high durability and strength properties. Phenoxy resins provide excellent chemical and heat resistance along with flexibility and adhesion to substrates which makes them ideal for applications in protective and marine coatings. They improve the viscosity, flow and film-forming ability of paints and extend their shelf life. Increasing demand for protective and durable coatings from industries such as construction, automotive and infrastructure development is fueling the growth of phenoxy resins market.
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. Phenoxy resins are increasingly being used in applications such as electrical laminates, printed circuit boards, molding compounds and wood coatings due to their unique flexibility and heat resistance properties.
The growing demand for paints and coatings from industries such as construction, automotive and infrastructure is also driving the phenoxy resins market. Rising disposable incomes and improving standards of living in developing countries are fueling residential and commercial construction activities thereby augmenting the demand for various decorative and protective coatings. Phenoxy resins are commonly added to coatings formulation to enhance their performance attributes.
Globally, Asia Pacific dominated the Phenoxy Resins Market Trends in 2021. Growing infrastructural investments and industrial activities in China, India and other South Asian countries have been boosting the coatings and composite demand which in turn is driving the phenoxy resins consumption. Substantial investments in end-use industries and rapid urbanization are expected to further propel the regional market over the forecast period.
Market drivers
Growing construction industry is one of the key drivers of phenoxy resins market. Phenoxy resins find widespread application as binders and additives in paints, coatings, adhesives, sealants and other construction products. Rapid urbanization and increasing investments in infrastructure development across developing nations are fueling residential and non-residential construction activities worldwide. This is positively impacting the demand for construction materials such as decorative and protective coatings where phenoxy resins are mainly utilized.
The current geopolitical uncertainties are impacting the growth of the phenoxy resins market. With rising tensions between major economies and regional conflicts happening across the world, international trade has become more complex. This is affecting the easy availability of raw materials as well as distribution of finished phenoxy resin products in the global market. Additionally, sanctions and trade protectionism being adopted by some countries pose challenges for manufacturers to find substitute import sources and forge new export partnerships. The market players need to carefully diversify their supply chains and build multiple supplier and customer networks across different geographic regions to mitigate such political risks in the long run. They also need to focus on developing innovative production technologies that can enhance input material self-sufficiency for locations facing geopolitical issues. Further investments in research activities aimed at utilizing alternative and locally available feedstocks can boost business continuity plans of companies amid changing international relations.
Europe currently dominates the phenoxy resins market in terms of value, leading with over 35% share of the global market revenue. This is attributed to presence of major manufacturing centers and robust coating industry demand from key end-use sectors such as automotive, aerospace and construction in countries like Germany, France, UK, Italy etc. Asia Pacific region registers the fastest growth and is estimated to expand at a CAGR of around 8% during the forecast period. Increasing manufacturing activities, infrastructure development projects and rising standards of living actively supporting paints & coatings usage are supporting the phenoxy resins market growth in Asia Pacific markets like China, India, Indonesia, Vietnam and Thailand. North America represents another substantial geographical market led by the US, while middle east & Africa and Latin America are identified as emerging regional markets with latent prospective opportunities.
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