Phenoxy resins are a class of epoxy resins that are primarily used in the formulation of industrial coatings, adhesives, and inks due to their excellent adhesion, flexural strength, chemical resistance, and weatherability properties. Phenoxy resins enhance abrasion and scratch resistance and significantly improve bonding properties when applied to substrates like wood, concrete, and metal. They are commonly used in coatings for automotive components, machinery, appliances and infrastructure projects to provide protection against wear and tear.
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:
One of the key trends driving growth in the global phenoxy resins market is increasing infrastructure development activities across both developed and emerging economies. Phenoxy resins find widespread application in protective industrial coatings for bridges, roads, buildings and other infrastructure assets due to their high strength and durability. Phenoxy resin coatings on these structures help safeguard them from environmental damage, degradation from moisture, chemicals and harsh weather conditions. Rapid urbanization and investments in modernization of civic amenities in developing regions has bolstered demand for protective infrastructure coatings containing phenoxy resins. Rising consumerism has also augmented the need for more durable and long-lasting coatings on appliances, machinery and automotive parts to extend product life cycles. These factors are expected to support ongoing demand dynamics for phenoxy resins over the forecast period.
Threat of new entrants: The threat of new entrants is moderate due to the requirement of substantial capital investment and technical know-how required to manufacture phenoxy resins.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes like epoxy resins and polyester resins. However, phenoxy resins have certain performance advantages over substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have limited options of switching to other suppliers due to switching costs involved.
Threat of new substitutes: The threat of new substitutes is low as phenoxy resins have established themselves in specific applications where substitutes have limitations.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous regional and international players operating in the market.
Global Phenoxy Resins Market Size is expected to witness high growth.
Regional analysis: Asia Pacific is expected to witness the fastest growth in the phenoxy resins market during the forecast period. This is attributed to the presence of emerging economies like China and India coupled with the increasing manufacturing activities and industrialization in the region. The easy availability of raw materials at a competitive price in Asia Pacific also contributes to the market growth in the region.
Key players: 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 are focusing on new product launches and strategic partnerships to gain a competitive edge in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it