Phenoxy resins are thermosetting resins obtained by the condensation of bisphenol A and epichlorohydrin. They are highly miscible with various solvents and pigments. Phenoxy resins find wide applications in coatings, inks, adhesives, plastics, and others due to their excellent properties such as high chemical resistance, good adhesion and flexibility. Rising demand for protective and decorative coatings from construction and automotive industry is a major factor driving the growth of the phenoxy resins market.
Key Takeaways
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. and Xerox Corporation.
Growing demand for coatings from construction and automotive industries is projected to be a major driving factor for the Phenoxy Resins Market Trends over the forecast period.Phenoxy resins are excellent binders in wood coatings, industrial coatings, automobile coatings and decorative coatings.
Advancements in technology is leading to development of bio-based and green phenoxy resins with low toxicity profile and better sustainability. Evolving technologies to produce phenoxy resins from renewable resources is expected to offer new opportunities over the forecast period.
Market Trends
Increasing demand for waterborne coatings: Strict regulations regarding VOC emissions is shifting the focus towards waterborne coatings. Phenoxy resins are increasingly being used as key binders in waterborne protective and decorative coatings.
Rise of powder coatings: Powder coatings offer benefits such as zero VOC emissions and recyclability. Phenoxy resins are suitable candidates for use as binder resins in powder coatings for metal furniture and appliances.
Market Opportunities
Development of bio-based and sustainable phenoxy resins: Rising awareness about sustainability is fueling the demand for bio-based and eco-friendly phenoxy resins produced using renewable feedstock and green chemistries.
Growing infrastructure investment in Asia Pacific and Latin America: Infrastructure development activities in developing nations offer significant growth opportunities for coatings and inks industry. This will have a positive rub-off effect on the phenoxy resins market.
Impact of COVID-19 on Phenoxy Resins Market
The COVID-19 pandemic disrupted the global economy and impacted the phenoxy resins market in multiple ways. During the initial outbreak and subsequent lockdowns imposed across various countries from early 2020, the demand and supply chain were negatively impacted. The industrial activities and manufacturing slowed down significantly due to lockdowns affecting end-use industries like coatings, adhesives, and composites where phenoxy resins have applications. Many plants had to temporarily suspend their operations during the peak of the pandemic resulting in lower consumption of phenoxy resins.
However, as the economies are recovering post lockdowns and vaccination drives, the demand is gradually picking up, especially from the infrastructure sector. The increased spending on construction and renovation activities is fueling the coatings and adhesives market subsequently driving the phenoxy resins consumption. Moving forward, the demand is projected to rise further with resumption of industrial production and manufacturing activities globally. Still, disruptions in the supply chain remain a challenge and uncertainty around future virus mutants can impact the growth projections. companies need to focus on strengthening supply networks and explore alternative sourcing routes to mitigate risks.
Phenoxy Resins Market Geographical Concentration
In terms of value, North America represents the largest regional market for phenoxy resins accounting for over 30% of global market share. USA is a major consumer owing to strong presence of end-use industries like coatings, composites manufacturing. Europe is another prominent regional market led by Germany, UK, France. Asia Pacific is the fastest growing region fueled by infrastructure expansion and industrialization in China, India. Developing nations are focusing on energy, transport, building construction driving the demand.
Fastest Growing Region for Phenoxy Resins Market
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