The phenoxy resins market has witnessed significant growth owing to increasing demand from the paints & coatings industry. Phenoxy resins find wide application in paints, coatings, adhesives, inks, and other surface coatings applications due to their high heat and chemical resistance. These resins provide excellent adhesion, chemical and moisture resistance, thermal stability, and compatibility with a wide range of flexible and rigid substrates. Rising demand for surface coatings from various end-use industries such as automotive, construction, aerospace, and marine is expected to drive the demand for phenoxy resins.
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 Gabriel Performance Products, DIC Corporation, Kukdo Chemical, Mitsubishi Chemical Corporation, ShinA T&C.
Growing demand for lightweight and multifunctional composite materials from aerospace and automotive industries presents key opportunities in the market. Growing applications of phenoxy resins in composites used in aircrafts and electric vehicles will drive the demand.
Asia Pacific accounts for over 50% of the Phenoxy Resins Market Demand Growing manufacturing sectors in China, India, Indonesia, and Vietnam are expected to boost the phenoxy resins demand in the region during the forecast period.
Market Drivers
Rising demand from paints & coatings industry is the key driver for the phenoxy resins market. Phenoxy resins are used as binders and additives in marine, protective, automotive, and wood coatings due to their high corrosion and moisture resistance. Growing construction and automotive production in Asia Pacific and Central & South America regions is expected to drive the paints & coatings demand, thereby fueling the phenoxy resins market during the forecast period.
PEST Analysis
Political: Government policies and regulations on substances used in production of phenoxy resins can impact the market. Environmental regulations related to production processes would also affect players.
Economic: Changes in global and regional economy influence demand from end-use industries like adhesives and coatings which in turn impacts phenoxy resins demand. Fluctuations in raw material prices can affect players.
Social: Increasing infrastructure development and construction activities along with growth of automotive and electronics industries drive market growth.
Technological: Development of bio-based and eco-friendly phenoxy resins helps replace conventional petroleum-based variants. Advancements in production technologies lower manufacturing costs.
The geographical regions where the Phenoxy Resins Market Size And Trends is concentrated in terms of value are North America and Europe. North America accounts for the largest share mainly due to extensive usage of phenoxy resins in wood adhesives, industrial coatings and other applications in the US and Canada. Growth in the construction and automotive industries supports market expansion.
The Asia Pacific region is the fastest growing market for Phenoxy Resins globally. Factors such as rapid industrialization, infrastructure development activities, and increasing automotive production in China, India, Japan and other Asian countries drive market growth. Expanding coatings, adhesives and plastics industries present new opportunities for players. Rising disposable incomes also benefit consumption of end-use goods incorporating phenoxy resins.
Get More Insights On, Phenoxy Resins Market
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Comments
0 comment