By 2023, the global phenoxycyclophosphazene market is anticipated to be worth US$ 147.68 million, and by 2033, it is anticipated to be worth US$ 245.88 million, growing at a CAGR of 5.2%. There are now more building and remodeling projects than ever before due to the fast urbanization and development of the world’s population. The increase in projects has fueled the need for paints and coatings, which has in turn fueled the market for phenoxycycloposphazene.
The sales of phenoxycycloposphazene is expected to rise due to increasing demand for automobiles. In addition, as phenoxycycloposphazene is a key component in manufacturing epoxy resins used in electronic devices, the rising demand for electronic equipment further boosts the market. Epoxy resins’ versatile applications in various industries also contribute to the increased demand for phenoxycycloposphazene. Moreover, ongoing research activities to explore new applications are fostering market expansion. Companies are actively ramping up their manufacturing efforts, further propelling the market during the forecast period.
The market for phenoxycycloposphazene is projected to witness significant growth due to its rising demand as a halogen-free fire retardant in electronics manufacturing during the forecast period. Additionally, the increasing use of phenoxycycloposphazene in paint production, driven by the growing number of construction projects worldwide, is expected to further boost market growth in the coming years. Companies are dedicated to enhancing the product’s UV light resistance. These innovations are expected to expand the application of phenoxycycloposphazene in the forthcoming years.
Request Sample Report and Stay Ahead in Your Industry! https://www.futuremarketinsights.com/reports/sample/rep-gb-747
Key Takeaways
· The demand for phenoxycycloposphazene in the Asia Pacific is projected to grow with a promising CAGR of 5.1% during the forecast period.
· North America is expected to generate sales with a CAGR of 4.8% during the forecast period.
· Asia Pacific is expected to accumulate over 31% market share in 2023.
· By end-user, epoxy resins are expected to generate significant demand with a CAGR of 5.9% during the forecast period.
“Increasing demand for phenoxycycloposphazene as a halogen-free fire retardant in electronics manufacturing is expected to drive market growth during the forecast period,” comments an FMI analyst
Competitive Landscape
The market for phenoxycycloposphazene is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
Some recent developments in the phenoxycycloposphazene market are:
· In May 2021, DuPont announced a USD 5 million investment in its manufacturing units in Germany and Switzerland, aimed at boosting the production capacity of its high-performance automotive adhesives.
· In August 2021, Mitsubishi Chemical announced a USD 915 million investment to construct a new unit in Louisiana. As a prominent chemical manufacturer in Japan, the company is expanding its operations with this investment.
· In February 2023, the Mitsubishi Chemical Group (the MCG Group) revealed its plan to establish a new facility at the Okayama Plant, aimed at increasing the production capacity of GOHSENX™ and Nichigo G-Polymer™, specialty brands of polyvinyl alcohol resin (PVOH resin). The facility is set to begin operation in October 2024.
Top Key Players in the Global Market
· DuPont
· Mitsubishi Chemical
· Tianjin Zhongxin Chemtech Co., Ltd.
· Zibo Lanyin Chemical Co. Ltd.
· J & K Scientific Ltd.
· Chembridge International Corp Ltd
· T&W GROUP
· Skyrun Industrial
· Tokyo Chemical Industry Co., Ltd
· TCI EUROPE N.V
Key Segments Profiled in the Phenoxycycloposphazene Market
By End-User:
· Epoxy Resins
· Led Luminous Diode
· Copper Clad Plate
· Paints
· Encapsulating Material
By Application:
· Halogen Free Fire Retardant
By Region:
· North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· Middle East and Africa