The global phenoxy resins market is estimated to be valued at US$ 1.48 billion in 2024 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.
Phenoxy resins are a class of amorphous thermoplastic polymers that finds wide application in coatings, composites, adhesives, and laminates due to their excellent chemical, thermal, and mechanical properties. Phenoxy resins are used in insulation materials for electrical wires and cables, coatings for wood products, pigment dispersions, and conductive pastes. The rising demand for high performance adhesives and coatings from electrical and electronics industry is expected to drive the growth of global phenoxy resins market over the forecast period.
Market Dynamics:
Rising demand from electrical and electronics industry and superior properties of phenoxy resins are the major factors fueling the growth of global phenoxy resins market over the forecast period. Phenoxy resins have excellent heat and electrical insulation properties that make it an ideal material for electrical and electronics applications such as insulation of wires, cables, and circuit boards. According to various industry estimates, the sales of consumer electronics and electrical products are expected to grow significantly over the next decade driven by increasing disposable incomes in developing regions. This rising demand for electronics is expected to drive the consumption of phenoxy resins. In addition, phenoxy resins exhibit properties such as chemical stability, low moisture absorption, flame retardancy, and high tensile strength. These superior properties make phenoxy resins polymer of choice for applications requiring high performance materials. Thus, the growth of end-use industries coupled with excellent material properties are expected to boost the growth of phenoxy resins market over the forecast period.
Segment Analysis
The phenoxy resins market is segmented into water-based, solvent-based, and others. The water-based phenoxy resins segment dominates the market and accounted for over 50% share in 2019. Water-based phenoxy resins are environment friendly and contain low volatile organic compound (VOC) content. Hence, they are witnessing increasing demand from various end-use industries.
PEST Analysis
Political: The growing regulations regarding VOC emissions are driving demand for water-based phenoxy resins. Economic: The rising infrastructure development and construction activities in developing nations are propelling market growth. Social: Increasing consumer awareness about eco-friendly products is fueling the adoption of water-based phenoxy resins. Technological: Advancements in resin formulations are helping manufacturers develop low-cost and high-performance phenoxy resins.
Key Takeaways
Global Phenoxy Resins Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region dominated the global market in 2019 and is expected to grow at the fastest rate during the forecast period. The presence of developing economies like China and India and growth in end-use industries are contributing to the growth of 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it