The global epoxy curing agent market size reached US$ 4.1 Billion in 2022. Looking forward, the market is expected to reach US$ 5.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.70% during 2022-2028. The growing need to extend the lifespan of equipment, increasing utilization to manufacture lightweight automotive components, such as carbon fiber-reinforced composites for reducing vehicle weight and improving fuel efficiency, and thriving construction industry are some of the major factors propelling the market.
Epoxy curing agents serve as essential components in the curing or hardening process. They come in various types, including amine-based, anhydride-based, and polyamide-based, each offering unique properties and applications. They facilitate the transformation of liquid epoxy resins into durable and solid materials. They act as catalysts, initiating the cross-linking of epoxy molecules to form a robust and chemically resistant structure.
At present, the thriving construction industry due to rapid urbanization and infrastructure development is propelling the growth of the market. Besides this, epoxy curing agents are crucial in electronic components and printed circuit boards (PCBs), which is strengthening the market growth. In addition, epoxy curing agents find application in automotive coatings and composites, benefiting from the continuous innovation in the automotive industry and demand for lightweight and durable materials. Moreover, wind turbine blade production and solar panel encapsulation rely on epoxy systems, creating a substantial market niche within the renewable energy sector.
These agents are also utilized for manufacturing lightweight automotive components, such as carbon fiber-reinforced composites, reducing vehicle weight and improving fuel efficiency. They are formulated to be low in volatile organic compounds (VOCs), aligning with environmental regulations and sustainability goals.
Epoxy curing agents reinforce the structural strength of wind turbine blades, enabling them to withstand high wind loads while remaining lightweight.
The Asia Pacific region is experiencing significant industrial growth, particularly in countries like China, India, and Southeast Asian nations. This industrialization is driving the demand for epoxy-based products in various sectors. In addition, the region is a global manufacturing hub for various industries, including electronics, automotive, and consumer goods. Epoxy curing agents play a critical role in the production of lightweight, high-strength components, making them essential in manufacturing processes.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
In Jan 2021, Huntsman Corporation announced that it completed the acquisition of Gabriel Performance Products (Gabriel), a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
In Sep 2023, Aditya Birla Management Corporation Pvt. Ltd launched its paints business under the brand name 'Birla Opus'. It offered a full suite of high-quality products in the decorative paints segment.
2. What is the expected growth rate of the global epoxy curing agent market during 2023-2028?
3. What are the key factors driving the global epoxy curing agent market?
4. What has been the impact of COVID-19 on the global epoxy curing agent market?
5. What is the breakup of the global epoxy curing agent market based on the product type?
6. What is the breakup of the global epoxy curing agent market based on the application?
7. What are the key regions in the global epoxy curing agent market?
8. Who are the key players/companies in the global epoxy curing agent market?
Epoxy curing agents serve as essential components in the curing or hardening process. They come in various types, including amine-based, anhydride-based, and polyamide-based, each offering unique properties and applications. They facilitate the transformation of liquid epoxy resins into durable and solid materials. They act as catalysts, initiating the cross-linking of epoxy molecules to form a robust and chemically resistant structure.
At present, the thriving construction industry due to rapid urbanization and infrastructure development is propelling the growth of the market. Besides this, epoxy curing agents are crucial in electronic components and printed circuit boards (PCBs), which is strengthening the market growth. In addition, epoxy curing agents find application in automotive coatings and composites, benefiting from the continuous innovation in the automotive industry and demand for lightweight and durable materials. Moreover, wind turbine blade production and solar panel encapsulation rely on epoxy systems, creating a substantial market niche within the renewable energy sector.
Epoxy Curing Agent Market Trends/Drivers
Increasing demand in the marine industry
Epoxy curing agents adhere exceptionally well to various substrates, including metals, fiberglass, and wood. This property ensures strong and durable bonds in boat and ship construction and repair. They are highly resistant to water, chemicals, and corrosion, which makes them ideal for protecting marine vessels from the corrosive effects of seawater and harsh marine environments. In addition, epoxy-based materials offer high tensile and compressive strength, ensuring that marine structures and components can withstand the stresses of navigation and harsh weather conditions.Rising need to protect industrial equipment and infrastructure
Epoxy coatings provide a robust barrier against corrosion caused by exposure to harsh industrial environments, chemicals, and moisture. This protection extends the lifespan of equipment and infrastructure. They are highly resistant to a wide range of chemicals, making them ideal for facilities where exposure to corrosive substances is common, such as chemical processing plants and factories. Furthermore, epoxy curing agents offer excellent resistance to abrasion, protecting surfaces from wear and tear in industrial settings, including manufacturing floors and heavy machinery.Growing demand for lightweight and high-strength materials
Epoxy-based composites are used in aircraft and spacecraft construction for their lightweight yet robust properties, contributing to fuel efficiency and structural integrity. Besides this, epoxy curing agents are utilized to manufacture lightweight automotive components, such as carbon fiber-reinforced composites, reducing vehicle weight and improving fuel efficiency. In addition, epoxy composites are employed in the production of lightweight, high-performance sporting equipment, including tennis rackets, golf clubs, and bicycles. They also assist in manufacturing lightweight and durable medical device components, such as prosthetics and orthopedic implants.Key Market Segmentation
This research provides an analysis of the key trends in each segment of the market report, along with forecasts at the global, regional, and country levels from 2023-2028. The report has categorized the market based on product type, application, and end user.Breakup by Product Type:
- Amines
- Polyamides
- Anhydrides
- Amines dominates the market
Breakup by Application:
- Composites
- Paints and Coatings
- Adhesives and Sealants
- Electrical and Electronics
- Paints and coatings hold the largest share in the market
Breakup by End User:
- Building and Construction
- Transportation
- Wind Power
- Aerospace
- Marine
- A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes building and construction, transportation, wind power, aerospace, marine, and others.
These agents are also utilized for manufacturing lightweight automotive components, such as carbon fiber-reinforced composites, reducing vehicle weight and improving fuel efficiency. They are formulated to be low in volatile organic compounds (VOCs), aligning with environmental regulations and sustainability goals.
Epoxy curing agents reinforce the structural strength of wind turbine blades, enabling them to withstand high wind loads while remaining lightweight.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Asia Pacific exhibits a clear dominance, accounting for the largest epoxy curing agent market share
The Asia Pacific region is experiencing significant industrial growth, particularly in countries like China, India, and Southeast Asian nations. This industrialization is driving the demand for epoxy-based products in various sectors. In addition, the region is a global manufacturing hub for various industries, including electronics, automotive, and consumer goods. Epoxy curing agents play a critical role in the production of lightweight, high-strength components, making them essential in manufacturing processes.
Competitive Landscape
Key players in the market are focusing on developing innovative products to meet evolving customer needs. This includes the development of eco-friendly curing agents with lower VOC content and improved performance characteristics. Many companies are forming strategic partnerships and collaborations to expand their market reach and enhance their product portfolios. These collaborations combine the expertise of different companies in epoxy resin and curing agent technologies. In addition, key players are working on developing greener products and adopting sustainable manufacturing processes. They are also offering customized epoxy curing agent solutions to cater to specific customer requirements across various industries.The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Aditya Birla Management Corporation Pvt. Ltd.
- Atul Ltd.
- BASF SE
- Cardolite Corporation
- Cargill Incorporated
- Evonik Industries AG
- Hexion Inc.
- Huntsman Corporation
- Kukdo Chemical Co. Ltd.
- Mitsubishi Chemical Holdings Corporation
- Olin Corporation
- Toray Industries Inc.
Recent Developments
In 2022, BASF SE increased the production capacity for key specialty amines manufactured at its Geismar, Louisiana site. These amines are utilized as highly efficient curing agents and chain extenders in epoxy and polyurea applications for the wind, electrical, composites, adhesives and flooring industries.In Jan 2021, Huntsman Corporation announced that it completed the acquisition of Gabriel Performance Products (Gabriel), a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
In Sep 2023, Aditya Birla Management Corporation Pvt. Ltd launched its paints business under the brand name 'Birla Opus'. It offered a full suite of high-quality products in the decorative paints segment.
Key Questions Answered in This Report
1. How big is the global epoxy curing agent market?2. What is the expected growth rate of the global epoxy curing agent market during 2023-2028?
3. What are the key factors driving the global epoxy curing agent market?
4. What has been the impact of COVID-19 on the global epoxy curing agent market?
5. What is the breakup of the global epoxy curing agent market based on the product type?
6. What is the breakup of the global epoxy curing agent market based on the application?
7. What are the key regions in the global epoxy curing agent market?
8. Who are the key players/companies in the global epoxy curing agent market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Epoxy Curing Agent Market
6 Market Breakup by Product Type
7 Market Breakup by Application
8 Market Breakup by End User
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
Companies Mentioned
- Aditya Birla Management Corporation Pvt. Ltd.
- Atul Ltd.
- BASF SE
- Cardolite Corporation
- Cargill Incorporated
- Evonik Industries AG
- Hexion Inc.
- Huntsman Corporation
- Kukdo Chemical Co. Ltd.
- Mitsubishi Chemical Holdings Corporation
- Olin Corporation
- Toray Industries Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 143 |
Published | November 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 4.1 Billion |
Forecasted Market Value ( USD | $ 5.4 Billion |
Compound Annual Growth Rate | 4.7% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |