May 29, 2024
Phenoxy Resins Market

Phenoxy Resins Market Driven By Growing Demand From Paints & Coatings Industry

The global phenoxy resins market is dominated by its application in industrial paints and coatings. Phenoxy resins are frequently used as reactive diluents to provide toughness, flexibility and adhesion in solvent and water-based coatings. They improve the properties of coatings by lowering viscosity and better film formation. Phenoxy resins are known for their excellent chemical and heat resistance which helps extending the durability of industrial and automotive coatings. With rapid industrialization and growing automotive industry worldwide, the demand for high-performance industrial coatings has increased substantially over the years.

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 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends observed in the phenoxy resins market is the increasing adoption of bio-based phenoxy resins. Conventional phenoxy resins are synthesized from non-renewable petroleum resources which have negative environmental impact. To promote sustainability, manufacturers have developed bio-based phenoxy resins produced from renewable raw materials like vegetable oils and tall oils. For instance, in 2020, Gabriel Performance Products introduced plant-oil based Priorez PX resin which delivers the performance properties of traditional phenoxy resins but with a much lower carbon footprint. Such eco-friendly product innovation is expected to drive the demand of bio-based phenoxy resins in the coming years amid growing environmental consciousness.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established distribution channels lower the threat of new entrants in the phenoxy resins market.

Bargaining power of buyers: Large buyers have significant bargaining power due to the consolidated nature and availability of substitutes.

Bargaining power of suppliers: The availability of substitutes provides significant bargaining power to suppliers in the phenoxy resins market.

Threat of new substitutes: The emergence of alternative bio-based substitutes poses a moderate threat to phenoxy resins.

Competitive rivalry: The phenoxy resins market exhibits high competitive rivalry due to established manufacturers and availability of substitutes.

Key Takeaways

The global phenoxy resins market is expected to witness high growth. The market size for 2024 is US$ 1.71 Bn forecasting a CAGR of 7.0% from 2024-2031 to reach US$ 2.61 Bn by 2031.

Regional analysis comprises Asia Pacific dominates the global market and is expected to maintain its lead position over the forecast period owing to the rising construction activities in China and India.

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. Key players focus on expansion in Asian markets to tap the growth opportunities.

Key players focus on new product development, expansion in emerging regions along with mergers & acquisitions to gain share and complement existing product portfolio in the phenoxy resins market over the forecast period. The demand for bio-based and recyclable phenoxy resins is expected to gain traction in coming years, subsequently boosting innovations in the phenoxy resins market.

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