Phenoxy Resins Market is Estimated to Witness High Growth Owing to Growing Demand from Paints and Coatings Industry

Phenoxy Resins Market



Phenoxy resins are thermoset resins that are soluble and fusible in a wide range of aromatic and aliphatic solvents. They exhibit excellent dielectric properties, heat resistance, and adhesion. Phenoxy resins find extensive application in the paints and coatings industry as binders and adhesives. They provide high gloss, durability, chemical and scratch resistance to paints and coatings. Increasing construction activities and growing automotive sector globally have augmented the demand for paints and coatings, which in turn has driven the phenoxy resins 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 Opportunity:

Growing demand from Asia Pacific region is expected to present lucrative growth opportunity for phenoxy resins market players. Rapid urbanization, rising disposable income and improving standard of living in developing countries such as China, India and Indonesia have accelerated infrastructure development and automotive production in the region. This has augmented the demand for paints and coatings application, which in turn is estimated to drive the phenoxy resins consumption significantly over the forecast period, thereby providing attractive market growth prospects.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the phenoxy resins market is moderately low due to the presence of established players and requirement of high initial investment for R&D and production facilities. Bargaining power of buyers: The bargaining power of buyers in the phenoxy resins market is moderately high. Buyers can negotiate prices owing to the availability of substitutes like epoxy resins. Bargaining power of suppliers: The bargaining power of suppliers is moderately low due to the availability of numerous raw material suppliers globally. Threat of new substitutes: The threat of substitutes like epoxy and polyester resins is moderately high as they provide similar properties. Competitive rivalry: The competitive rivalry in the market is high due to the presence global players.

SWOT Analysis
Strengths: Phenoxy resins provide high chemical and moisture resistance along with heat stability. They also offer excellent electrical properties.
Weaknesses: Phenoxy resins have low flexibility and impact resistance. They also exhibit high viscosity during processing.
Opportunities: Growing end-use industries like electrical, construction, and automotive offer significant growth opportunities. Developing economies also provide scope for market expansion.
Threats: Stringent environmental regulations associated with phenol could hamper market growth. Substitutes like epoxy resins also pose a threat.

Key Takeaways
Global Phenoxy Resins Market Size is expected to witness high growth over the forecast period.

Regional analysis: Asia Pacific region is anticipated to continue dominating the phenoxy resins market over the forecast period. Rapidly growing end-use industries such as construction, automotive, and semiconductors in countries like China and India are expected to propel the demand for phenoxy resins. Furthermore, presence of major players and availability of raw materials at economic prices further support market growth in the region.

Key players: Key players operating in the phenoxy resins market include 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., and Xerox Corporation. 

Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more

Monochloroacetic Acid (MCAA) Market Is Estimated To Witness High Growth Owing To Increasing Demand for Surfactants and Herbicides

Image
Monochloroacetic Acid (MCAA) Market The Monochloroacetic Acid (MCAA) Market is estimated to be valued at USD 676.52 Million in 2022 and is expected to exhibit a CAGR of 7.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Monochloroacetic Acid (MCAA) Market is driven by the increasing demand for surfactants and herbicides in several industries such as agriculture, pharmaceuticals, textiles, and personal care. MCAA is extensively used in the production of surfactants, herbicides, and carboxymethyl cellulose (CMC), which are essential in various applications. These applications include detergents, agrochemicals, pharmaceuticals, dyes, and cosmetics, among others. The versatile properties of MCAA, such as its ability to act as a raw material in the production of herbicides and surfactants, make it highly desirable in the market. Market Dynamics: The Monochloroacetic Acid (MCAA) Market is driven by two k
Read more