by Phenoxy resins, which find widespread usage in industrial applications such as paints & coatings due to their excellent adhesion, flexibility, and water resistance properties. Phenoxy resins are thermosetting resins synthesized by the reaction of Bisphenol A and epichlorohydrin. They have superior properties such as high glass transition temperature, excellent chemical resistance, flame retardancy, and water resistance. Phenoxy resins are primarily used in industrial applications such as paints & coatings which has been a major growth driver for the market.
The global Phenoxy Resins Market is estimated to be valued at US$ 1.48 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Demand from the paints & coatings applications has been a major growth driver for the phenoxy resins market over the past decade. Phenoxy resins find extensive usage in protective & decorative coatings and are valued for their excellent adhesion, flexibility and water resistance properties which makes them suitable for coatings applications. Phenoxy resins make coatings long-lasting and corrosion-proof which increases their preference over other resins in paints & coatings industry. They are particularly used in automotive OEM coatings, industrial coatings, wood coatings and others which has significantly contributed to the increasing demand and growth of the overall phenoxy resins market. Various players are focusing on developing phenoxy resin variants specially designed for coatings applications to further boost their sales.
SWOT Analysis
Strength: Phenoxy resins offer superior properties such as high chemical and heat resistance. They also exhibit superior adhesion to various substrates.
Weakness: Phenoxy resins are less stain resistant and more prone to discoloration. Strict environmental regulations restrict their usage.
Opportunity: Increasing demand for environment friendly coatings and adhesives drives the demand for bio-based phenoxy resins. Growing construction industry especially in Asia Pacific creates new opportunities.
Threats: Availability of alternatives such as epoxy and polyurethane resins poses threats. Fluctuating raw material prices also affects the phenoxy resins market.
Key Takeaways
Global Phenoxy Resins Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the global phenoxy resins market. This can be attributed to the growing construction industry in countries such as China and India.
Key players operating in the phenoxy resins include 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. These key players are focusing on new product development and expansion in Asia Pacific to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
