Market Overview
Phenoxy resins, or hydroxyl-functional phenoxy resins, are thermosetting resins
made from the reaction of epichlorohydrin and bisphenol A. They offer
properties like excellent heat resistance, low moisture absorption, dimensional
stability, and electrical insulation. Due to these characteristics, they are
used in applications such as printed circuit boards, casting molds, and
laminates. Phenoxy resin-based adhesives have high strength and heat
resistance, making them suitable for automotive and aircraft components. They
also serve as binders and modifiers in powder coatings.
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 TakeawaysKey players operating in the Phenoxy Resins market are VeriChip Corporation (a
subsidiary of PositiveID Corporation), Biohax International AB, Dangerous
Things LLC, Three Square Market, Kaspersky Lab, McAfee Corp., Symantec
Corporation, ARM Holdings plc (a subsidiary of SoftBank Group Corp.), NXP
Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., BioTeq
Limited, Chip In S.A., Tyco International Ltd. (a subsidiary of Johnson
Controls International plc), Xerox Corporation. The increasing demand from the
growing electrical and electronics industry is driving the phenoxy resins
market. Asia Pacific region currently dominates the phenoxy resins market and
is expected to maintain its lead position over the forecast period owing to
growing demand from countries like China, Japan and India.
The rising demand for smartphones, computers, televisions and other consumer
electronics have significantly increased the demand Phenoxy
Resins Market Demand offer heat resistance properties that make them
ideal for use in circuit boards and other electronic components. Key players
are focusing on expanding their production capacities to cater to the growing
demand from this application segment.
The Asia Pacific region represents the largest and fastest growing market for
phenoxy resins globally. Countries like China, India, Japan and South Korea
have witnessed rapid industrialization and emerging electronics industries.
This has boosted the consumption of in the region. Moreover, presence of major
players and availability of raw materials at competitive prices drive the
phenoxy resins market in Asia Pacific. The regional market is estimated to
surpass a valuation of US$ 1.1 Bn by 2031.
Market Key Trends
Growing demand for lightweight components in transportation sector has led to
increased adoption of phenoxy resins in motor vehicle bodies, car parts, and
aircraft components. Phenoxy resins can be blended with metals and fiberglass
to manufacture composites with high strength and heat resistance but lighter
weight compared to conventional materials. Their use in composites helps
automotive and airline companies reduce weight and improve fuel efficiency.
This emerging trend of lightweight materialization is expected to significantly
contribute to the sales of phenoxy resins over the coming years.
Porter’s Analysis
Threat of new entrants: Chemical companies have significant capital
requirements to enter this industry. Regulatory barriers also limit entry.
Bargaining power of buyers: Large buyers have significant bargaining power over
suppliers due to their purchasing scale in this commodity industry.
Bargaining power of suppliers: A few large chemical companies dominate supply,
giving them strong bargaining power over buyers.
Threat of new substitutes: New substitutes are continually developed but
customers are locked into existing phenoxy resin applications and formulations.
Competitive rivalry: The industry has many competitors but it is difficult to
differentiate products, leading to intense price competition.
Geographical regions: North America currently holds the largest share of the
phenoxy resins market in terms of value owing to high demand from construction
and paints & coatings industries in the US and Canada.
Fastest growing region: The Asia Pacific region is expected to be the fastest
growing market for phenoxy resins during the forecast period due to expanding
manufacturing industries and infrastructure development activities in major
countries such as China and India. Rapid urbanization and rising disposable income
will further drive the market in the region.
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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)
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